Best Balance Transfers Discussion Area

Moggles_2

CannyJock wrote: »

EDIT: Happy new year Moggles, Just noticed first cross-post of the year

You too, Canny & happy posting in 2010!
:beer:

jenbags1

Moggles wrote: »

Sounds like a plan. Provided that the catalogue firm accepts credit card payments (and most do), this will work.
No, you can shift the balance to a new card whenever you like.

FWIW, I doubt whether cc providers can distinguish BACS payments made by other banks (in this case NatWest) from those of their customers

Thanks for your help and advise! What did you mean about the BACS payments?! Can you tell me more?!

Moggles_2

jenbags1 wrote: »

Thanks for your help and advice. What did you mean about the BACS payments? Can you tell me more?

If you asked NatWest to transfer a balance from your 0%-on-purchases credit card (Tesco, perhaps?), the bank would send a BACS payment for that amount to your other cc provider, so you would owe the money to NatWest instead.

I doubt whether cc providers can distinguish BACS payments made by other banks (in this case NatWest) from those of their customers. As far as anyone at Tesco is concerned, you would have made a larger than normal purchase (ie. paid the catalogue firm) and afterwards settled your Tesco account

jenbags1

Ahh I see! Thank you!! I think I've done this all the wrong way round, I have been approved for the natwest credit card but do not have another credit card to make the 'purchase' on! I tried to get a tesco's card this morning but they declined my request!

So now I have a 0% for 3 months on purchases on my Natwest card and after that the interest rate it 15.9%, which is half of what I am currently paying to the catalogue.

I'm not sure what to do now regarding getting another card to make a purchase, the amount I owe on the catalouges is only £1000 so I do not need a huge limit, and only need to card for as long as it takes to transfer the balance!

What seemed to be a simple thing yesterday is now not looking so simple!!

Thank you all for your help tho it really is appreciated!

Moggles_2

jenbags1 wrote: »

I think I've done this all the wrong way round. I have been approved for the Natwest credit card, but do not have another credit card to make the 'purchase' on. I tried to get a Tesco card this morning, but they declined my request. So now I have a 0% for 3 months on purchases on my Natwest card and after that the interest rate it 15.9%, which is half of what I am currently paying to the catalogue. I'm not sure what to do now regarding getting another card to make a purchase. The amount I owe on the catalogues is only £1000 so I do not need a huge limit and only need the card for as long as it takes to transfer the balance. What seemed to be a simple thing yesterday is now not looking so simple.

Have you estimated how long it would take you to clear the debt, if it were transferred to a 0% card?

To help you further, we would need to know which credit cards (apart from NatWest obviously) you have at the mo or have held recently, also whether you've applied unsuccessfully for a cc other than Tesco.

jenbags1

Hi! I could easily clear it in 12 months, as long as nothing unforseen happens during that time! I only have the Natwest cc that I got yesterday, I have two catalogues and a mobile phone on contract... I haven't any other credit agreements! I'm not worried about putting the purchases on a higher interest card until it gets transfered to my Natwest one because i am paying so much interest at the moment on the debt...

I haven't applied for any others unsucessfully, Natwest was the first one I applied for... yesterday! I haven't had a credit card for about 4 years before this.

I can't believe how helpful you are on here, I know I keep saying it, but Thank You!!

CannyJock

jenbags1 wrote: »

Ahh I see! Thank you!! I think I've done this all the wrong way round, I have been approved for the natwest credit card but do not have another credit card to make the 'purchase' on! I tried to get a tesco's card this morning but they declined my request!

Does the "purchase" to clear the catalogue company need to be from your own card, or will any credit card will do?

If you've got a partner or family member who can help you out, you can get them to make the payment and you initiate the balance transfer to their card the same day.

If they're a bit suspicious that you're working an elaborate Machiavellian plot to defraud them, point them to your posts on here and our replies

jenbags1

CannyJock wrote: »

Does the "purchase" to clear the catalogue company need to be from your own card, or will any credit card will do?

If you've got a partner or family member who can help you out, you can get them to make the payment and you initiate the balance transfer to their card the same day.

If they're a bit suspicious that you're working an elaborate Machiavellian plot to defraud them, point them to your posts on here and our replies

My boyfriend has a credit card that I can use... but surely I can't transfer his balance to my credit card can I???!!

Moggles_2

jenbags1 wrote: »

My boyfriend has a credit card that I can use, but surely I can't transfer his balance to my credit card can I?

Yes, you can switch credit card balances from family, friends or Dave down the pub. You should be aware though, that the person whose card his balance is shifted to, becomes solely liable for the debt. If you were to fall out, you couldn't ask NatWest to charge him for any remaining balance.

From the bank's perspective, it's not a problem. You may be asked for the name on his card, but this is purely an additional verification check. At the end of the day, NatWest is after your business. The bank's not really interested in knowing who ran up the debt, as long as the card holder, their customer, pays up on time each month!

Caution: you cannot transfer balances between cards underwritten by the same bank (this would be trying to pay 'em off with their own money) so if your boyfriend's card were backed by Royal Bank of Scotland, NatWest could not accept a balance transfer.

jenbags1

WOW!!! Well I never knew that!! Awesome!! Thank you!! So I just have to pay off the catalogues with my partners card (HSBC)... then transfer the balance to my card (Natwest) and pay it off?! Sorted! No need for two cards then in my name! Brilliant... easy peasy!! That's absolutely fabulous.... you are all very clued up lovely people! :T