balance transfer

becky2812

Hi,

i'm very new to this but have been reading these boards and getting loads of advice.

the thing is, i have a£3k balance on a halifax credit card and my interest rate is a huge 26%.

My sister has a halifax credit card with a limit of £1200 and no balance on it at all. they have offered her a balance transfer of 5.9% life of balance. she has said i can transfer some of my debt to it, so that i can become debt free quicker, but they wont do a halifax to halifax transfer..

I have a capital one card, but the limit is only £200 and i just use it for petrol every month (about £100) and pay it off in full.

Would i be able to do a balance tranfer of £1200 to my capital one so there was a minus balance of about £1k, then transfer my halifax to it to bring it back to a nil balance???

Hope you can follow that??!!

thanks you for your help!

beer_tins

You can transfer a balance onto a card so it has a "minus" amount. I'm not sure about balance transfers from one person to another though, I expect that should be OK though...

You'd probably get a better to response on the "credit card" board. If a passing mod sees this, could they move it?!

becky2812

Thnak you very much, that is a great help. we did a transfer from her card to my cap one card before as her interest rate when higher was still lower than mine. so this should work fine then.

beer_tins

No problem. Yes, it should work fine, but bear in mind that you will be charged a balance transfer fee for each transfer.