help with balance transfer....

james3333

hi guys,
this will be the first time i have ever done a balance transfer and i would appretiate it if you could make sure i have my facts correct.

i have a halifax one card (0% expires in a month)
so i have applied for a barclays platinum 0% for 14 months.

now, do i simply wait for the confirmation to come through the post then stick my details of the halifax one card that runs out, on the form and post it back?
will this then automatically transfer the balance to the new card and close the halifax one account?

thanks very much for any advice.

Trying_to_be_good

James3333

I just applied for the Barlays Platinum card, too. Sometimes you enter the balance transfer information on the first application form, but not in this case. The confirmation screen I had said the card and pack would arrive in about 5 days, and would include the form for balance transfers. You won't know your credit limit until this arrives, and have to hope it will cover the amount you want to 'tart' onto it through balance transfer(s).

You just fill this in (the details of the card and the amount you want to transfer - there will be a 2.5% fee with this card), send it off, and keep checking the old card to check it's paid off. Importantly, if you get another statement for the old card before the transfer goes through, be prepared to pay the minimum amount due (check the day that you're going to pay this, though, in case the balance has transferred in the mean time).

The screen also said there's an option for doing the balance transfer online once the new card is activated - I'll probably be trying to do this.

Should be quite simple (fingers crossed).

james3333

excellent, yes, thats exactly what i got when i just applied.
the only thing that bothers me is the possible overlap of payments.
would you suggest making the last minimum payment on the existing card, then once this has completed, make the transfer?

Trying_to_be_good

ALWAYS make the minimum payments - but the clock will have started ticking on the length of the interest-free period on the new card, so I plan to move the balance across as soon as possible. I always set up a direct debit for the minimum amount - the worst that can happen is there's an overpayment on the old card which they will either give you back or send to the new card. You won't lose the money! Will go and check the post now...