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  • FIRST POST
    • PositivityArchie
    • By PositivityArchie 12th Jul 18, 4:53 PM
    • 3Posts
    • 0Thanks
    PositivityArchie
    Two money transfer credit cards?
    • #1
    • 12th Jul 18, 4:53 PM
    Two money transfer credit cards? 12th Jul 18 at 4:53 PM
    Hi there I currently have a loan to repay on my Halifax debit card off 3577 I'm paying that off monthly at 137 plus interest which is 29 a month.

    I've applied and currently just got the Tesco Clubcard 0% 36month on money and balance transfers but my limit on that card is set at 3300 the max I can withdraw is 3100, which would leave me with 477 plus the interest to pay off on the Halifax loan.

    My question is do I try and get a second money transfer card say the MBNA all round credit card with 0% 12month and pay the remaining loan off on that or do I just stick with the one money transfer card and pay off the remaining Halifax amount Monthly (4months).

    Hope I explained this properly
Page 1
    • Westminster
    • By Westminster 12th Jul 18, 5:05 PM
    • 851 Posts
    • 517 Thanks
    Westminster
    • #2
    • 12th Jul 18, 5:05 PM
    • #2
    • 12th Jul 18, 5:05 PM
    You can try.

    I had 2 at the same time.

    Use an eligibility calculator first though.

    Virgin and MBNA were generous with my initial limits.
    Hi. Martin has asked me to tell you I'm a Board Guide on the following boards: Mortgages & Endowments, Mortgage-Free Wannabe, House Buying, Renting & Selling, Small Biz & Charities' MoneySaving and Charities.

    I'm a volunteer to help the boards run smoothly, and I can move and merge posts on there. Board guides are not moderators and don't read every post. If you spot an inappropriate or illegal post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
    • foxy-stoat
    • By foxy-stoat 13th Jul 18, 3:56 PM
    • 2,199 Posts
    • 1,188 Thanks
    foxy-stoat
    • #3
    • 13th Jul 18, 3:56 PM
    • #3
    • 13th Jul 18, 3:56 PM
    I would just carry on with the loan as normal, no point in getting another card to save a few percent interest on 477+. It will only be for a few months then its done.

    Once your a few months away from the end of the deal with Tesco apply for another BT card.
    • PositivityArchie
    • By PositivityArchie 13th Jul 18, 7:45 PM
    • 3 Posts
    • 0 Thanks
    PositivityArchie
    • #4
    • 13th Jul 18, 7:45 PM
    • #4
    • 13th Jul 18, 7:45 PM
    Why would I need to apply for a BT card before the Tesco 0% runs out? Just curious?
    • zx81
    • By zx81 13th Jul 18, 8:27 PM
    • 17,709 Posts
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    zx81
    • #5
    • 13th Jul 18, 8:27 PM
    • #5
    • 13th Jul 18, 8:27 PM
    Because you may want somewhere to transfer any remaining balance to.
    • Dobbibill
    • By Dobbibill 14th Jul 18, 10:39 PM
    • 3,207 Posts
    • 4,106 Thanks
    Dobbibill
    • #6
    • 14th Jul 18, 10:39 PM
    • #6
    • 14th Jul 18, 10:39 PM
    Hi there I currently have a loan to repay on my Halifax debit card off 3577 I'm paying that off monthly at 137 plus interest which is 29 a month.

    I've applied and currently just got the Tesco Clubcard 0% 36month on money and balance transfers but my limit on that card is set at 3300 the max I can withdraw is 3100, which would leave me with 477 plus the interest to pay off on the Halifax loan.
    Originally posted by PositivityArchie

    They do this to allow room to add the MT fee to your balance without exceeding the credit limit.
    I'm a Board Guide on the Energy, Student Money Saving, UK Armed Forces and
    Local Money Saving - Wales boards. I'm a volunteer to help the boards run smoothly, and I can move and merge posts there.
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.


    It's not about being the best -
    It's about being better than you were yesterday.
    • foxy-stoat
    • By foxy-stoat 16th Jul 18, 11:33 AM
    • 2,199 Posts
    • 1,188 Thanks
    foxy-stoat
    • #7
    • 16th Jul 18, 11:33 AM
    • #7
    • 16th Jul 18, 11:33 AM
    They do this to allow room to add the MT fee to your balance without exceeding the credit limit.
    Originally posted by Dobbibill
    Fee will be less than 100 so should be ok.
    • shiny76
    • By shiny76 16th Jul 18, 11:47 AM
    • 431 Posts
    • 462 Thanks
    shiny76
    • #8
    • 16th Jul 18, 11:47 AM
    • #8
    • 16th Jul 18, 11:47 AM
    My question is do I try and get a second money transfer card say the MBNA all round credit card with 0% 12month and pay the remaining loan off on that or do I just stick with the one money transfer card and pay off the remaining Halifax amount Monthly (4months).
    Originally posted by PositivityArchie
    Whatever you decide, you should factor in any 'early redemption fees' for the Halifax loan as well.
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