Best Balance Transfers Discussion Area

Magic_M

Hello everybody. I've been reading this thread but what i don't understand is how you actually physically transfer your debt? Does the new credit card company do it for you or do you have to speak with your old credit card company?

Many thanks
Magic M

thenudeone

You give your new credit card company you old credit card number and tell them how much you want paid off.

The new card company makes a payment directly to the old card company.

You now owe the old company zero (more or less), but you owe the new company instead.

arranchallanger

I have been trying to transfer my M&S Personal Reserve to my new Halifax balance transfer card.

Had no problem moving my Mint total but there is no 'card' number associated with the M&S Personal Reserve - just an account number.

Halifax tell me that they MUST have a card number.

In the Halifax leaflet it says that you only need the account number to transfer?

Does anyone know of how to get this account transfer?

Thanks, in advance, for any help.

Steve

thenudeone

M&S personal reserve is not a credit card. It's more like a cross between a loan and an overdraft.

Balance transfers are only for credit cards. The banks use the 16-digit VISA or Mastercard credit card number to identify where to make the payments.
Since M&S Personal Reserve doesn't have a 16-digit VISA / MC no., it cannot be paid off with a BT, only with a "funds transfer" or "money transfer", often called a "super balance transfer" or SBT here.

Most CC offers are for BTs only, although some CCs (mbna & Natwest) often make offers for SBTs.

If you don't have an offer for SBTs, there's no easy way to do it.

If you have another card which offers SBTs (but no 0% offer), you could transfer the Personal reserve balance to that card; then transfer the balance to the Halifax card, but there would be two sets of transfer fees, although it could still be worthwhile.

It might be possible to use paypal to make a transfer to "a friend" (which incurs fees), which appears as a purchase on another credit card, which you could then transfer to Halifax. Again, two sets of fees but possibly worthwhile.

Magic_M

Thank you. I just need to get a yes now.
Thank you again.

MellieJ

Hi I am new to this forum as I have have just woken up to how bad my finances are and I want to do something about them.

I have nearly £9,000:shocked: on a Barclaycard and although I am paying well over the minimum each month the majorty of it goes on charges. I would really like to pay this off as soon as I can and so am looking for a balance transfer facility as low as possible.

My credit rating is pretty low, I score 351 with Equifax so I am struggling to find any company that will accept me.

Can you experienced members tell me if:

a) If there are any other options available to me other than balance transfers
b) Any low rate balance transfers available to people with not so great credit ratings.

Cheers :j

scootw1

Thought I'd post here to see if I could get more answers.
1. Is a balance transfer from aqua or vanquis to halifax allowed?
2. Can you transfer from a catalogue such as premier man?
3. If you don't specify. You want to do a transfer when you apply can you still do one at the 0% rate in the first couple of months?
4. Will the credit limit be lower if you don't specify a balance transfer when you apply?
Many thanks

mursur01

I have £5000 on my existing credit card and my 0% fee time has ran out and i have applied for a low fee transfer but i didn't complete the application due to having to go out so now i cant apply again for 30 days so i am going to be paying interest on my current card have you any advice what to do? will i have to wait the 30 days until i can apply again?

Nicki1979

Hi

I have recently tried to transfer my Virgin CC to my Barclaycard but it wont allow it - does anyone know a CC that will accept a balance transfer from Virgin. I need to sort it out before the end of this month otherwise I will be accruing interest.........please advise!!

blitzboy

mursur01 wrote: »

I have £5000 on my existing credit card and my 0% fee time has ran out and i have applied for a low fee transfer but i didn't complete the application due to having to go out so now i cant apply again for 30 days so i am going to be paying interest on my current card have you any advice what to do? will i have to wait the 30 days until i can apply again?

Phone them and complete the original application rather than start a new one. Just say you had a power cut or something so didn't have time to complete it or note down any reference numbers etc