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Questions about Balance Transfers

edited 30 November -1 at 12:00AM in Credit Cards
483 replies 104.4K views
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  • zx81zx81 Forumite
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    It's the fee you pay for transferring money into your account from your card.
  • MallyGirlMallyGirl Forumite, Board Guide
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    It means that you will pay a one off fee of 4% of the amount transferred.
    I'm a Board Guide on the Debt-free Wannabe, Loans & Credit Cards boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to [email protected]
    Any views are mine and not the official line of MoneySavingExpert.com.
  • thebusylizziebeethebusylizziebee Forumite
    1 posts
    First Post
    MoneySaving Newbie
    Hi. I have a low balance to capacity ratio on my credit card (50%) and my credit score has gone up as a result. If I do a balance transfer will this affect my ratio and therefore my credit score?
  • zx81zx81 Forumite
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    Probably, but that's not important.

    Your debt will remain the same, so lenders will view you as the same risk.
  • SimonBradleySimonBradley Forumite
    1 posts
    First Post
    MoneySaving Newbie
    Can you do a balance transfer to pay off a Next account?
  • edited 27 June 2020 at 9:39AM
    zx81zx81 Forumite
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    edited 27 June 2020 at 9:39AM
    No, but you can do a money transfer or even a straight purchase with Next, I believe.
  • LucynalLucynal Forumite
    1 posts
    First Post
    MoneySaving Newbie
    How do I do a balance transfer to an existing credit card without a promotional rate of interest on balance transfer, just a standard rate transfer?
    All links to balance and money transfers on my several credit cards disappeared in the last couple of months! Don't understand...
  • zx81zx81 Forumite
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    Contact the card provider in question. They'll let you know how and if they'll process if for you.
  • LinaGLinaG Forumite
    3 posts
    First Post
    MoneySaving Newbie
    Hello,
    I have just applied and got my first Balance transfer credit card. However, I did not know that I cannot make a balance transfer if it is from the same bank/provider. I am with RBS for many years and I assumed I could transfer my old credit card amount to the new cc. I tried to open another one a few days later from another bank, but I was rejected probably because I just got a new one. Do I close this new card and try again for another bank in the future? What are my options? Thank you, Lina
  • LinaGLinaG Forumite
    3 posts
    First Post
    MoneySaving Newbie
    My partner is a guarantor for his friend who suddenly passed away. We have been repaying his loan for more than toi year. Can we get out money back? 
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