Questions about Balance Transfers

dameedna_2

Thanks Moggles- what I should have added; once the 0% interest period expires, is the balance remaining treated as one homogeneous whole, or are the original cash advances charged at a higher rate than, say, normal purchases?
Sorry that wasn't made clear in my original post.


DE.

Moggles_2

dameedna wrote: »

Once the 0% interest period expires, is the balance remaining treated as one homogeneous whole or are the original cash advances charged at a higher rate than, say, normal purchases?

Provided that you haven't shopped with the new card or withdrawn cash since requesting your BT, any remaining balance would revert to your standard rate for BTs, whatever that happens to be.

I would aim to clear the balance either yourself or courtesy of another 0% BT card before the promo rate expires

Kashim

Dear MSE,

Please help!

I recently actioned a large BT from Amazon Credit Card to Halifax Mastercard and after paying off the debt in Halifax CC it seems that I have a surplus balance. When I asked Halifax mastercard to return the surplus fund, they refused and said that they can only transfer the surplus balance where the money came from i.e Amazon CC.

Obviously annoyed with the answer, I called them back again and asked them to close my Halifax Mastercard and send me the surplus funds via check or bank transfer, but they refused to do this either and pointed me to their claus 7.7 of their Terms and Conditions.

7.7 You must not make payments or transfer funds from another credit or store card to your account that would leave a credit balance on your account. We may return any funds that exceed the balance owing on your account to the account from which the money has been sent.

When I spoke to Amazon CC about this, they told me that Halifax cannot legallly hold on to this surplus balance and must return this to me. So now I'm planning on sending them a letter (recorded delivery) with the closure instruction and to return the surplus cash back to me either by cheque or bank transfer. I'm also threatening them with legal action if they fail to do this within 14 days and I also intend to charge them interest (15% or 18.9%) for keeping my cash after the 14 day notice period.

Please let me know if they can legally hold on to my cash by refusing to close my account with the surplus balance.

Your expert help in this matter would be greatly appreciated.

Regards, Kashim

dameedna_2

Thanks again Moggles.

bassthing

Dear all,

I've a question about the Nationwide building society card. Does it have any affiliation to any other company - eg, MBNA, Barclays? I need to transfer just under £7k from my MBNA to get the 0%, and I want to make sure Nationwide isn't provided by the same company, otherwise they'd reject me out of hand, I guess.

Same question re. Co-operative bank card really.

Does anybody know this? Are they affiliated to a larger group?

Thanks,
Bass-Thing.

dameedna_2

bassthing_

Try the stoozing.com site- sorry, as a new user I can't post a direct link.
I've a feeling the Nationwide just have their own card.

bassthing

Oh nice one Edna, that's handy. You hover your mouse over the cards in the tables, it tells you who supplies each card. Yes, according to that, they supply their own card.:T

I also learned that, for example, the Leeds BS LOB card is supplied by Barclaycard, so that rules that one out.

Many thanks!

lowtidesurf

Ok so you say never ever spend on a balance transfer card. However just got a sainsburys CC and done a balance transfer 0% for 10 months with a 3% fee. The card is also 0% for 10 months on new purchases plus double nectar points. Does this dont spend on a balance transfer card apply.

Cheers

NickX

lowtidesurf wrote: »

Ok so you say never ever spend on a balance transfer card. However just got a sainsburys CC and done a balance transfer 0% for 10 months with a 3% fee. The card is also 0% for 10 months on new purchases plus double nectar points. Does this dont spend on a balance transfer card apply.

No, in this instance you are fine to spend on the card even though there is a Balance Transfer balance.

It is an exception to this golden rule where the two promotions are for identical periods and identical rates.

So Happy Days :beer:

SaintMark

I've got no money. So I got a 0% interest credit card, and the 0% offer ends in about March. Presumably, I'll need to do a 0% balance transfer to another card if I've still got no money in March.
I'm a bit unsure what to do. Do I need to apply for 2 credit cards, so I've got another one for 0% interest on purchases aswell, or what do I do?

BTW, what are the chances of getting 0% interest on a balance tranfer and no fee?