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Questions about Balance Transfers

edited 30 November -1 at 1:00AM in Credit Cards
478 replies 103.8K views
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  • Not sure if this is a daft question or not but not thought i'd ask anyway, have a student overdraft facility (£500) that expires in 2 months, already got £500 on egg cardand have just received natwest credit card that gives 0% on BT for 13 months and 0% on purchases for 6 months, following martins rules i see that shouldn't use card for purchases and balance transfers, what was wondering was if i balanced transferred from my egg card now, could i then use the egg card to spend for the next month and balance transfer again (hence clearing my overdraft) and only using the new card for BTs?

    i hope this makes sense to someone out there.
  • Moggles_2Moggles_2 Forumite
    6.1K posts
    Pepper82 wrote: »
    I have a student overdraft facility (£500) that expires in 2 months. Already got £500 on Egg card and have just received Natwest credit card that gives 0% on BT for 13 months and 0% on purchases for 6 months. Following Martin's rule that shouldn't use card for purchases and balance transfers, if i balance transferred from my Egg card now, could i then use the Egg card to spend for the next month and balance transfer again (hence clearing my overdraft) and only using the new card for BTs?

    Nothing wrong with your plan in principle. I believe NatWest charge a 2.9% BT fee for the first 3 months from account opening, but it's still a good deal.

    As you say, it's important to keep BTs and purchases on separate credit cards.
    People who don't know their rights, don't actually have those rights.
  • MABLEMABLE Forumite
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    NickX wrote: »
    Sounds like you are getting there, although I can't see its fair that they expect you to pay a Minimum Payment on a balance that is over-inflated due to their mistakes.

    Good idea asking for the BT fee to be refunded, at least that would mean you should be financially better off than you would have been if they had put the BT through correctly.

    Well checked my online account today and they have refunded the £12.00 over limit fee. They have adjusted the min payment down to £113.76. Also when the bt's are returned they will refund the remaining fees. They advise my promotional rate would not be affected.

    However I am still amazed how with a £3200 credit limit they could allow this to happen. As previously stated I am approx now £5600 over the agreed limt.

    One other thing I need to make sure when the monies are returned this does not affect my credit rating with Goldfish or the Credit agencies. I know my last rating was 1000.

    Also its not fair I have to pay the min payment of £113.76 when the true payment should be about £56.00. However this is a great improvement on the £2500.00 min payment they were asking for.
  • NickXNickX Forumite
    3K posts
    MABLE wrote: »
    Also its not fair I have to pay the min payment of £113.76 when the true payment should be about £56.00. However this is a great improvement on the £2500.00 min payment they were asking for.

    Well Done on perservering with this, you have made some good progress.

    Yes I guess £113.76 isn't the end of the world, but still not fair as it wasn't your mistake, and you are quite right in that they could have reported the Credit Limit breach to the CRA's so definitely worth checking.
  • this might be a stupid question but if you get a super balance transfer card, like virgin, can i ask them to transer money into my bank account as a balance tranfer even if i do not have any overdraft to pay off. That way i can do balance transfers to several cards without having to pay several transfer fees.
  • MABLEMABLE Forumite
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    this might be a stupid question but if you get a super balance transfer card, like virgin, can i ask them to transer money into my bank account as a balance tranfer even if i do not have any overdraft to pay off. That way i can do balance transfers to several cards without having to pay several transfer fees.

    You can indeed.
  • NickXNickX Forumite
    3K posts
    this might be a stupid question but if you get a super balance transfer card, like virgin, can i ask them to transer money into my bank account as a balance tranfer

    Not a stupid question and the answer is YES you can.

    Bear in mind Virgin will probably apply a Balance Transfer fee to the total amount transferred.
  • thanks, i see what you are saying the fee would be the same whether i did one large tranfer or three smaller transfers adding up to the same amount, as it is a percentage rather than fixed fee for transfers.
  • NickXNickX Forumite
    3K posts
    thanks, i see what you are saying the fee would be the same whether i did one large tranfer or three smaller transfers adding up to the same amount, as it is a percentage rather than fixed fee for transfers.

    That is correct, but you do have more flexibility if you Balance Transfer the lot to your Bank Account. You can then pay whoever you want off when you want, but if it is all going to other Credit Card Debts, then you won't actually save any money on the fee.
  • MABLEMABLE Forumite
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    NickX wrote: »
    Well Done on perservering with this, you have made some good progress.

    Yes I guess £113.76 isn't the end of the world, but still not fair as it wasn't your mistake, and you are quite right in that they could have reported the Credit Limit breach to the CRA's so definitely worth checking.

    Checked my Egg money account today and see one of the erroneous transfers for £2700 was credited to my egg ac!!!! yesterday. The other one should show up by Monday 28.07. However as you know they have said they will recall these amounts but not sure when Egg will send them back. Perhaps they can only refund when shown on the account.

    I'm not too worried as it was not my fault and I know where the money is and so does Goldfish.
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