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Questions about Balance Transfers

edited 30 November -1 at 1:00AM in Credit Cards
478 replies 103.9K views
Former_MSE_DanFormer_MSE_Dan
1.6K posts
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edited 30 November -1 at 1:00AM in Credit Cards
Hi folks,

In the updated Balance Transfers article, these is a new Q&A section where some of the most commonly asked questions are answered.

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#qa

Hopefully this will be of use, especially to newcomers. But if you have any more questions you want answered, or think warrant a mention in the article, reply to this thread with them, and we will endeavour to include it

Cheers,

Dan
MSE Web Editor, mainly responsible for looking after, and keeping up-to-date, ‘hard-core’ financial articles such as credit cards, savings and loans.

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Replies

  • jjl22jjl22 Forumite
    4 posts
    I am new to credit cards etc and want to know how I transfer a balance onto another card? I'm not familiar with the process and don't know where to start!:confused:
  • Hi, my Son who is a Student in his final year has got himself into financial difficulty. He went over his overdraft facility, not by much to which they charged him £90 not just once. Apparently Lloyds almost forced him to take a loan out for about £1300. I'm sure I haven't got all the facts out of him yet. I hate the thought of him paying interest and would be happy to put it onto an interest free visa card, is this possible?
    I am going to look into the bank charges, he says he is going to go and see the CAB, not sure how much help they will be.
    Thanks,
    Catherine

    MSE_Dan wrote: »
    Hi folks,

    In the updated Balance Transfers article, these is a new Q&A section where some of the most commonly asked questions are answered.

    http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#qa

    Hopefully this will be of use, especially to newcomers. But if you have any more questions you want answered, or think warrant a mention in the article, reply to this thread with them, and we will endeavour to include it

    Cheers,

    Dan
  • Are there any cards now that allow you to transfer a % balance to your bank account.?
    I will soon have an account to settle that would carry an extra charge if I pay with a credit card but I would consider taking out a new card for it and spread the load if I could transfer the balance to my bank account then pay the account by debit card.

    Sorry if the question has already been answered elsewhere on the site, but I have looked and can't find a reference.

    Many thanks

    KP
    Named after my cat, picture coming shortly
  • i had an abbey credit card for a year on 0% interest
    which ran out on jan 2008
    so ive got a barclaycard platinum (as recommended by :money: M.S.E.)
    I PHONE TO TRANSFER my balance and barclaycard tell me
    "OH THATS ABBEY, SORRY WE CANT TRANSFER THAT !"
    "why not " i ask
    "THEY'VE BEEN TAKEN OVER BY SANTANDIER, THEY'RE SPANNISH SO WE WONT DEAL WITH THEM, IF THERE'S ANY PROBLEMS WE CANT GET HOLD OF THEM"


    :eek: IM STUCK NOW PAYING 20 % OR MORE :eek:
    ANYONE succesfully moved from abbey credit card lately ?
  • Oh no don't say that I was hoping to BT my Abbey to Mint. :-(
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • Can you confirm if a current bank account overdraft can be transferred in the same manner as switching debt between credit cards. I'm looking to make a purchase of just over 2k, and the 0% balance transfer option, including a handling fee seems to be the far cheaper option to finance the purchase, by comparison to a small loan.

    I was intending to make a purchase using my current account (its a private sale) and then tranfer the amount to a credit card.

    Thanks.
  • YorkshireBoyYorkshireBoy Forumite
    31.4K posts
    Part of the Furniture 10,000 Posts
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    Jdoc wrote: »
    Can you confirm if a current bank account overdraft can be transferred in the same manner as switching debt between credit cards.
    http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards
  • I've noticed from my statement that my CC company has decided to use my payments to pay off the most recent TB at 0% interest whilst leaving an older debt with a monthly rate of 0.639% untouched. I feel hard done by because I paid a handling charge. I had calculated that the move would be cheaper but hadn't taken into account that they would first deduct the card debt from thew new TB. Is this allowed? Is this common? Do I not have a say in which debt my money pays off?

    Thanks
    Chuk
  • BoGoFBoGoF Forumite
    6.3K posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    This is standard practice Chuk and will be in your terms and conditions you agreed to. The money is allocated to the CC companies best advantage and not a lot you can do about it other than try and transfer to a 0% deal.
  • Hi,

    I'm sure there used to be a section on whether the transfer fees were capped (most at £50 but some unlimited). Can you reinstate this for the ones that still are - makes a big difference to the AER of an up-front fee.

    Thanks
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