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Questions about Balance Transfers

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  • Hi, I have a couple of questions about my Tesco credit card which I have used for a number of years for purchases and always paid in full.

    There is a 0% money transfer offer until Nov 2020 (2.99% fee) that I am interested in, after the DD on May 1st there will be about £50 on the card from purchases I made since the last statement. Will I be charged interest on this balance if I was to switch to minimum repayment (assuming this is greater than £50)?
    This clause is what concerns me "Until you repay your transferred balance in full you will be charged interest on any purchases you make, even if you pay off the full purchase balance each month". If yes, can I just repay the £50 early and make the money transfer the following day?

    My second question only applies if I don't go ahead with transfer. I am due a refund from a 3rd party which will put my credit card a few hundred pounds in credit. I didn't realise this was an issue until reading the forum but apparantly this will breach the terms of the card? Is there a way of withdrawing/transfering the credit without incurring fees other than making purchases on the card?


    Thanks
  • Hi and welcome to the forum hartleystu1986 :)

    A second card provider may see a record of a credit search. They will not know who from and what the outcome was though...

    Thank you. So really it shouldn't effect the outcome then, as I am just shopping around!?
  • MallyGirl
    MallyGirl Posts: 7,201 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    kramer7 wrote: »
    Hi, I have a couple of questions about my Tesco credit card which I have used for a number of years for purchases and always paid in full.

    There is a 0% money transfer offer until Nov 2020 (2.99% fee) that I am interested in, after the DD on May 1st there will be about £50 on the card from purchases I made since the last statement. Will I be charged interest on this balance if I was to switch to minimum repayment (assuming this is greater than £50)?
    This clause is what concerns me "Until you repay your transferred balance in full you will be charged interest on any purchases you make, even if you pay off the full purchase balance each month". If yes, can I just repay the £50 early and make the money transfer the following day?
    you can - but 1 month's interest on £50 plus trailing interest the following month won't be very much if you don't.
    kramer7 wrote: »
    My second question only applies if I don't go ahead with transfer. I am due a refund from a 3rd party which will put my credit card a few hundred pounds in credit. I didn't realise this was an issue until reading the forum but apparantly this will breach the terms of the card? Is there a way of withdrawing/transfering the credit without incurring fees other than making purchases on the card?
    a refund putting you into credit is not breaking the T&Cs - only you doing it deliberately does that. You can ask for the positive balance from a refund to be paid to your bank account
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • maujohwai
    maujohwai Posts: 15 Forumite
    Every month Barclaycard sends me, on paper, the current fees and interest rates for balance transfers and money transfers. As long as there is a fee on these, I shall never want one (and I resent the waste of money sending the letters), so I think I should be entitled to stop Barclaycard making these offers, in the same way that you can stop at least some credit cards from offering you credit limit increases. Has anyone managed to stop a credit card promoting balance transfers to individual cardholders?
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Yes. Simply opt out of their marketing offers.
  • I'm wondering if there is a way to shift balance when the Card I ant to transfer from won't allow balance transfer? I have a Tandem card from which I'd like to transfer the balance but despite having a card that will accept i Tandem won't support the transfer out.

    Does anyone have some kind of hack to move the debt to a better place that doesn't involve the balance transfer process, for a situation like this?
  • Money transfer.
  • thanks for the speedy response. can you elaborate though? what do you mean?

    thanks.
  • You need a card that offers a money transfer. It lets your transfer funds from the card into your bank account, from where you can pay anyone you want.

    It typically has a 4% fee.
  • Hi, I have a simply be store catalogue/ store card which I’m finding hard to pay back with the interest. I can see I have been pre approved for a balance transfer card with 0% for 18 months and would like to transfer the balance of my simply Be account. I have searched and searched but I can’t find out wether simply be accept balance transfers? Is there anyone who knows this or is there a way to find out before I apply for the BT card?
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