Is 0% or 4.9% life of balance my best option?

ElleWoods

I've currently got balances on two credit cards that I'm paying off. I've got £2168.83 on a 0% HSBC card and £3962.22 on a 4.9% life of balance M&S card. The 0% on the HSBC card is about to run out so I need to transfer the balance. I'm wondering whether to ask if I can transfer the £2k to my M&S card or try to get another 0% card - but I'm worrying about the credit crunch and the impact of another application on my credit rating.

What would you do?

Thanks,
CC x

Milarky

M&S is in the same 'stable' as HSBC - and therefore in general the wouldn't transfer a balance from there. And doing what you propose also assumes you have available credit on the M&S card and that the offer you are presently on is still available - which I doubt it would still be.

You've have a better bet applying for completely a new card to move the HSBC balance to

ElleWoods

Thanks, I didn't realise they were related as such.

CC x

Toastie

Cuba_Cat wrote: »

Thanks, I didn't realise they were related as such.

CC x

http://www.stoozing.com/cards.htm

The website shows you all the credit cards issuers

YorkshireBoy

This time last year M&S revised their T&C's. One of the changes made was as follows...

"We will currently permit you to transfer an amount owed to another member of the HSBC Group to your account. Accordingly, the words "(who must not be a member of the HSBC Group)" have been deleted from the definition of Balance Transfer."

However, 3 things could be working against you here...

1. M&S may have revoked this change in the last 12 months, although on checking the latest T&C's at http://www6.marksandspencer.com/pdf/CCTC.pdf that doesn't seem to be the case.

2. You need to make BT's within the first 6 months to enjoy the 4.9% rate.


3. M&S have been reported (many times) on here as not allowing further BT's at any rate.


Might be best if you call them. Use 0800 997996 for free.