# credit card balance transfer



## grass (11 Apr 2013)

Im just enquiring i have a BOI credit card balance of 3500, and am paying off min amount each month, but with interest being added on - the debt isnt getting any smaller  Ive tried talking to BOI to see if they would waiver the interest for 6 months but they wont budge. Does anyone know of any companies that i can t/fer balance to @ 0% interest for a short period?


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## peteb (11 Apr 2013)

None is doing 0% balance transfers anymore.  Likely that they don't want to risk picking up another companies debts.


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## murphaph (11 Apr 2013)

...but a 3% balance transfer rate would still be a lot cheaper than the current ~14% you're paying grass! (I think AIB offer this rate)


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## 44brendan (11 Apr 2013)

This is not the solution you were looking for. The main issue is whether you can afford to pay more and reduce the principal. If you can then the obvious answer is to increase your SO. If not then you need to look at alternative options. This may include seeking protection under the new insolvency legislation if your financial position is such that you are unlikely to pay the debt under the current terms! It may be wirthwhile writing a letter to the company outlining your income expenditure and inability to pay more. Offer to continue with the current schedule on the basis as previously proposed by you. State that if they don't accept this you will have no option other than to stop the repayments and seek protection under insolvency legislation. Might be advisable to register the letter!


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## Condon (11 Apr 2013)

peteb said:


> None is doing 0% balance transfers anymore.  Likely that they don't want to risk picking up another companies debts.



Hi Pete, just switched to Tesco CC (after 20 years with BOI).  Tesco are currently doing 0% on balance transfers for 6 months OR 0% on purchases x 8 months.  They assign you a credit limit, was too low (for us) so called and was able to double it to previous BOI limit with no problems.  Looked into it in Jan, just checked and promotion still running. We took the balance transfer option, and Tesco paid BOI same day we called Tesco with the amount. (Switched as shop in Tesco mostly and the Bord Gais deal has been pretty good, so basically switched for more money off Bord Gais by getting CC points on spending rather than none with BOI).  C.


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## grass (13 Apr 2013)

Thanks for all the replies....
Condon - will phone Tesco nxt week, hopefully the amount (debt) isnt too large to t/fr
Thanks again.


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## Condon (13 Apr 2013)

grass said:


> Thanks for all the replies....
> Condon - will phone Tesco nxt week, hopefully the amount (debt) isnt too large to t/fr
> Thanks again.



Hi Grass, welcome!  We also transferred exactly 3.5k!  We applied on-line in January.  It was all very quick.  They send you (the primary card-holder) a letter asking for proof of address.  That was about it.  They return that original document.  When the card arrived it had 2.5k limit.  Called and asked for 5k - done immediately over the phone.  Our BOI limit was actually 6k, but considering we were now gonna make use of this 3.5k interest free for 6 months, did not want to be getting into difficulties with not being able to pay that come August.  Have your Tesco Clubcard number ready to enter on-line as it appears on the CC.


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## grass (20 Apr 2013)

Hi Condon, just wondering how long it took for correspondence from Tesco when you submitted it on line?  Its been a week now (no patience ) since we filled in the details on line.
Thanks


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## Condon (20 Apr 2013)

Evening Grass.  We got a letter in about a week to 10 days, asking for confirmation of address - original utility bill or bank statement etc.  Called Tesco to ask how long, and they said once you get a letter you are approved, pending confirmation of address. We sent this off, that day, in the FREEPOST envelope to an Irish address.  Apparently, the Irish operation is just clearing and it was sent on to The UK (am open to correction).  We then got the original proof of address returned a week later, and the credit card a week after that.  So between 3 - 4 weeks max.  Balance was transferred same day.  Then as above, rang to increase credit limit.  I had thought that it was 0% on balance transfers for 6 months OR % on purchases for 8 months. The bill says it is BOTH.  Thou I am not going to use the latter as it's just an open invitation to debt!!!  

Tesco are putting transactions on-line for Irish customers this year - so they say.  We just pay over the phone with a debit card, or you can transfer on line.  The only problem we had was that it takes an additional 4 weeks to get an additional card-holder, even thou we added all the info on the initial on-line application.  They sent a form after the primary card-holder card arrived to be filled in and signed, and a week later a letter looking for.......... wait for it......... a form signed by an accountant or teacher or doctor etc. (At least they took the priest off) and the card came too weeks after that.  If you want a 2nd cardholder to also have authority to phone etc., this is another form to request! 

On a positive note, delighted to be given a credit break and they are open 24/7 and exceptionally helpful.  Also getting all the extra clubcard points and a good bit off the Bord Gais bills.  Overall - very happy.


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## Condon (20 Apr 2013)

Oh finally, when you close your current credit card account you will be charged €30 Government stamp duty.  BOI say this is retrospective.  Anyway, BOI they had to charge it and sent a letter to that effect, for us to send to Tesco to get the €30 that Tesco also charged refunded.


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## grass (21 Apr 2013)

Thanks for that detailed reply Condon, hopefully we will get correspondence from them next week.


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## post-it (21 May 2013)

Hi all
Jumping on this thread as it outlines Tesco 0% cc balance transfer offer.
Am currently in a position where I have an 8K balance on my BOI CC and am struggling to make repayments - even at that, with the amount of interest being charged I'm not seeing a reduction in the overall balance!!  Very frustrating.
I have a bonus of 4K coming to me soon and was wondering if I'm better off paying the 4K off the BOI card and switching the remainder to Tesco or using the 4K to get a credit union loan to cover the entire outstanding amount of 8K? 
Any thoughts?


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## grass (22 May 2013)

Thought i would update .... Still waiting on Tesco transfer, seems to be taking forever. We seem to have been approved as we have given all the paperwork to them, sent off proof of address etc-  so hopefully will get c/card nxt few days. 
If you are still reading this Condon, how did the t/fer take place? When you got your c.card, was the balance t/ferred then and BOI cleared?

Post-It, cant really offer any advice, but if it was me, id pay the 4k off the c/card and t/fer balance to Tesco.


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## RainyDay (19 Dec 2013)

Condon said:


> Hi Pete, just switched to Tesco CC (after 20 years with BOI).  Tesco are currently doing 0% on balance transfers for 6 months OR 0% on purchases x 8 months. .



From what I can see now at http://www.tesco.ie/finance/visacards/index.html it is 0% on balance transfers for 6 months AND 0% on purchases for 8 months. Would that be correct?


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## grass (21 Dec 2013)

as per my previous posts. we transferred our balance to Tesco to avail of the 0% transfer.....
All going well, have cleared our debt, phoned yesterday to pay the final instalment (and a little extra) and was told that I couldn't pay more than I owed, that it was company policy etc... Was also told that that's not how a credit card works... that it shouldn't be in credit...

Never heard of this before...?


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## RainyDay (22 Dec 2013)

I know other credit cards allow you to pre-load cash so that you can then withdraw cash without incurring penalties.


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## murphaph (22 Dec 2013)

But you may have no fraudulent use protection in that case. Check the small print.


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