Credit card transfer????

headinthesand_3

Hi everyone

I want to know if I transfer my morgan card ( bal £2700) onto my natwest card ( bal £1500) on a natwest 5.9% lifetime balance,

A) will my payments go of the £2700 transfer at 5.9% while the £1500 continues to rise at 17.9%?

If I transfer the morgan to the natwest that will make a total of £4200 on my natwest. Could I then transfer the whole £4200 back onto my morgan taking advantage of their life time balance offer??? Therefore cutting out the above split interest??

Any ideas???

CannyJock

Do B.

I think you need to wait and get a nil balance statement from Natwest for this to work - then move the balance back.

Then a month or so later, phone Morgan Stanley and ask them for a fee-free LOB transfer at 2.9%

Moggles_2

If I transfer my Morgan card ( bal £2700) onto my NatWest card ( bal £1500) on a NatWest 5.9% lifetime balance, will my payments go off the £2700 transfer at 5.9% while the £1500 continues to rise at 17.9%?

Yes. Your monthly payments would be used to pay off the 5.9% LOB transfer first, leaving your existing balance of £1500 sitting on successive monthly statements attracting interest at 17.9% APR. Remember this standard rate is variable. NatWest could decide to raise it at any time :eek:

Moggles_2

If I transfer the Morgan to the NatWest that will make a total of £4200 on my NatWest. Could I then transfer the whole £4200 back onto my Morgan taking advantage of their life time balance offer???

Yes.

Alternatively, to take advantage of the NatWest offer, you need to settle your existing NatWest debt in full (or shift the balance to another card.)

Once your NatWest balance is paid off, you can transfer your Morgan Stanley balance to NatWest. You'll then qualify for 5.9% APR on the entire balance for as long as it takes to clear.

Which is best depends on the LOB rate Morgan has quoted and NatWest's handling fees. I believe Morgan Stanley charges 3% at the mo.