Balance Transfer Credit Card Watch

bhav777
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So I'm currently a student with a job lined up to start in about a month's time. However, currently my finances are really restricted.

By the time I start work I will have maxed out my interest-free overdraft (due to direct debits due out) and I'm coming up to the end of my interest-free period for my current credit card.

So...I was thinking of getting a balance transfer credit card as a term of short-term lending until I've received a paycheck or two. I would transfer my exist credit card balance to that and use my existing credit card for essential purchases. Does that sound like a good idea?
Is that how balance transfer credit cards work?

I was thinking about getting this one (http://www.moneysavingexpert.com/redir/fca8039f), anything in particular I should be aware about?
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balotelli12
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You won't get a credit card.
You aren't in full time employment.
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bhav777
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(Original post by balotelli12)
You won't get a credit card.
You aren't in full time employment.
1. I've already got a credit card.

2. I've spoke to Barclaycard and they said it's okay to put the salary that I am expected to receive soon.
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samba
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Yea it works.


(Original post by balotelli12)
You won't get a credit card.
You aren't in full time employment.
I'm not in full time employment and have 12 cards or so.
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donutaud15
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(Original post by bhav777)
So I'm currently a student with a job lined up to start in about a month's time. However, currently my finances are really restricted.

By the time I start work I will have maxed out my interest-free overdraft (due to direct debits due out) and I'm coming up to the end of my interest-free period for my current credit card.

So...I was thinking of getting a balance transfer credit card as a term of short-term lending until I've received a paycheck or two. I would transfer my exist credit card balance to that and use my existing credit card for essential purchases. Does that sound like a good idea?
Is that how balance transfer credit cards work?

I was thinking about getting this one (http://www.moneysavingexpert.com/redir/fca8039f), anything in particular I should be aware about?
Yes you can do that but be careful because it can lead to more problems. Essentially you'll be owing two credit cards after a month if you use your old one. Unless you can afford to clear it in a month or so you'll probably find you're having trouble managing the two cards.

(Original post by balotelli12)
You won't get a credit card.
You aren't in full time employment.
Not true.

I've had 4 credit cards since I was 18 and not in full time employment. None of them were student ones either.


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Alfissti
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(Original post by samba)
Yea it works.




I'm not in full time employment and have 12 cards or so.
12 cards?? :eek:

Why so many?
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bhav777
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Great! So just to clarify, say I have two CCs:

CCC (current credit card) + BTCC (balance transfer credit card - http://www.moneysavingexpert.com/redir/fca8039f))

1. I'm thinking of transferring my current balance (say £350) to the BTCC.
2. Spending £200 on required expense (car etc...) on my CCC and transferring it to my BTCC within 30days.
3. Using my CCC as normal and pay it off completely every month.
4. Pay off majority of BTCC in October.
5. Pay any remaining balance on BTCC in November + cancel the BTCC.

Sensible?
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samba
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(Original post by Alfissti)
12 cards?? :eek:

Why so many?
Dunno, it wasn't an exact estimate! They do tend to mount up though as you get them for some deal or other and they just sit there. Only really use duo avios/NatWest black on a regular basis though. (So 2)
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