Questions about Balance Transfers

maas

HeatherRM wrote: »

Hi, am I able to transfer a personal loan onto a 0% balance transfer credit card?

Also, if I am accepted for the credit card am I guaranteed to get the 0% or is it a 'representative rate' that only a small % of people get?

Thanks

I think if you get a Money Transfer card, like MBNA Platinum then you can do a "MT" to your bank account (and just pay the fee like a CC Balance Transfer). Then you have the cash in your current account to pay off the loan.

Im sure more clued up people will be along to clarify in more detail

grumbler

MSE guide: Money Transfers

loue79

My husband has a personal loan with HSBC. Would it be possible to pay this off with a 0% credit card? I know that he could possibly get a money transfer to a credit card but could he then apply for a 0% card (we have a 123 current account) and balance transfer from the original credit card?


Thanks in advance.

grumbler

loue79 wrote: »

My husband has a personal loan with HSBC. Would it be possible to pay this off with a 0% credit card?

See three posts right above yours?

I know that he could possibly get a money transfer to a credit card

What do you mean?
Common terms are:
Balance transfer to/from a credit card.
Money transfer to a current account.

but could he then apply for a 0% card (we have a 123 current account) and balance transfer from the original credit card?

I don't understand your plan.
Do you mean a cash advance from the 'original' card, than a BT to a new card? This is possible, but can be expensive: cash advance fee + BT fee.

PartyPoison

OK, I may have missed something further back in the thread, and if so I apologise, but if somebody could answer this I'd be very grateful.

I have a balance of ~£1700 on a Capital One card @ 34.08% (I know, OUCH!).

I am looking at applying for a 0% card to transfer the balance onto and have found a card on this site I'm 70% likely to get accepted for. If I apply and get the card, if I transfer my balance over when I open it (assuming that's possible) how will the interest on my old card work? My statement is due this week so it wont be paid off in time, so I assume I will have to pay the interest on my old card as the minimum payment and then the minimum payment on my new card?

On top of that, is the transfer fee added to the balance or is it classed as a default charge and likely to be added this month as a one off payment? Its a bad month for me moneywise but I do need to shift from that card as quickly as possible for obvious reasons!

Thank you in advance.

grumbler

PartyPoison wrote: »

...
I am looking at applying for a 0% card to transfer the balance onto and have found a card on this site I'm 70% likely to get accepted for. If I apply and get the card, if I transfer my balance over when I open it (assuming that's possible) how will the interest on my old card work?

A BT is in fact just a payment from the new CC company to the old card. The exact date of the payment is difficult to predict, so you have to make sure that the minimum payment isn't missed.
As you tell the new company how much to pay (what balance to transfer) - within, typically, 90% of your new limit, the payment can be smaller or a little bigger than the current balance. In the latter case it can cover the later interest. Make sure that you pay the full amount you owe to the old card, including the trailing interest.

On top of that, is the transfer fee added to the balance or is it classed as a default charge

I am pretty sure it's a charge that will be included into the minimum payment, but don't take my word for this.

PartyPoison

Thank you. So, what I get from that is that if I pay off my full balance on a 0% card and work out the extra interest that would be due (theres usually an estimate on the statement) and add that to the payment from the new card, I can potentially leave it at £0.00 owing (roughly) as of the next statement date, meaning my only payments going forward would be the new card?

grumbler

IMO it's worth transferring a little in excess, then, after a while, just spend the credit balance if any.

Alternatively, transfer a little less or the exact balance, than just pay the next statement balance in full and take care of the trailing interest.

ror

Can I transfer the balance of a 'buy now pay later' credit agreement to a 0% credit card before the interest-bearing payment date becomes due?

scott_lithgows

ror wrote: »

Can I transfer the balance of a 'buy now pay later' credit agreement to a 0% credit card before the interest-bearing payment date becomes due?

Only by using a money transfer card and paying the balance off cash.