Transfer from bank account to credit card?

YorkshireBoy

Irishorangutan wrote: »

Does that make sense?

It does, yes.

But there's an (IMHO) easier way. When you call to activate your card you can request the transfer with the CSA (so you don't have to wait for cheques to be posted). Indeed, 9 times out of 10 they'll offer it to you first before you've chance to ask if you say you don't have any credit card balances to transfer. Wierd isn't it?

Don't mention SBT or Super Balance Transfer. Just say you have an overdraft you'd like to transfer to the card. Confirm the transaction will be given at 0%. And Bob's your uncle!

Good luck.

Irishorangutan

Ah ok - I'll give that a go! What does CSA stand for?

YorkshireBoy

Customer Service Adviser/Assistant

Irishorangutan

Many Thanks!

Irishorangutan

Yessss! Just done it!! Thanks SO much - this will save me around £60 a month - I was paying for business account fees and bank charges. I've moved to Abbey's free business banking as well, so all in all, an absolute winner.

I can't believe they actually do it with your business account - apparently it the money will be in my business account in 5 to 7 days, and then I'll have the 15 months to pay off the debt.

I can't thank you enough.

YorkshireBoy

I like a happy ending.

Now, down to business...

1. Set up a minimum payment DD...you don't want to lose the 0% rate now do you?

2. Keep a close eye on your first statement for the message "your minimum payment will be collected from your nominated account on xx/xx/xx". Until you see this message, you MUST pay by other means.

3. The first minimum payment will be around 3%. Subsequent minimum payments will be £25.

4. Your 0% end date should be your 15th statement date...NOT a payment due date, or any other date. In my experience, you will not get a prior warning on your statements. However, the 0% end date is shown in your online secure area once you have registered.

5. DO NOT spend on the card now that you have BT'd to it.

6. If you have spare credit, why not stooz it?

Irishorangutan

Thanks for those! I will definitely stick to the rules - I've done the 0% balance transfer before and I'm good at making sure the DD is setup for minimum repayment and not using the card.

I'll also set a reminder through the website too - plus in my various diaries!!

Stoozing - I've looked at this many times and I may well do this very soon!

Thank you again, I'll probably be cross referencing with this thread for the next few weeks, while it is setting up!