0% Balance Transfer with 0% Establishment Fee. Are Any Available to Directly Pay a Bill Rather than Credit Card Debt?

treeherring on 20/04/2018 - 22:29
Last edited 21/04/2018 - 09:52 by 1 other user

So I owe a lot of money from a bill.
I'm unable to pay this bill with my only credit card (amex).

After looking through various banks credit card options I came across all kinds of balance transfer options. As far as I'm aware, these are only available for another credit card's debt.

Is there some way of taking advantage of these 24 month 0% interest balance transfer offers (St. George) without specifically having a credit card debt? Are any of these offers able to balance transfer via BPay?

Otherwise my other option would have to be to apply for a new credit card. Pay the bill using that card. Then apply for the balance transfer to cover that new card. - That all feels like a big risk if the balance transfer is not approved!

If anyone knows of any other options available for 0% interest free I'd love to hear!

Cheers

Financial

Comments

  • [Deactivated] on 20/04/2018 - 22:38

    Centrelink debt?

    http://mobile.abc.net.au/news/2018-04-20/centrelink-cracking-down-on-$900m-worth-of-welfare-debts/9677886

  • garetz on 20/04/2018 - 22:47
    +2

    " Otherwise my other option would have to be to apply for a new credit card. Pay the bill using that card. Then apply for the balance transfer to cover that new card. - That all feels like a big risk if the balance transfer is not approved! "

    You answered your own question.

  • mskeggs on 20/04/2018 - 23:30

    Citibank offered me a “cheque to myself” in lieu of a balance transfer as I pay everything off at the end of the month. I think they do charge 1% or something to set it up.

    • tenshi13 on 20/04/2018 - 23:33

      good day @mskeggs,

      can you please elaborate a bit on your facility with citibank?

      which card is it?
      was it a new recent card applied?

      I've read a bit about the 'cheque to self', I thought they were not willing to give that out anymore?

      • mskeggs on 20/04/2018 - 23:47
        +1

        It was offered at the end of applying for a platinum Citibank card about 18months ago. I had read that the cheque to self was longer available before then too, so wasn’t expecting it.
        They offered up to 80% of my limit.
        I think if you called them (or better yet, visited a shopfront) you could ask them to confirm the offer. My understanding is the shopfront people get commission for signing up credit cards (not sure about the phone reps) and they were extremely interested in getting my application completed and processed.

        • tenshi13 on 21/04/2018 - 12:35

          sweet, thx @mskeggs, will check it out

          am keep to try this with my offset account :D

  • mskeggs on 20/04/2018 - 23:32
    +1

    How big is the bill? If it is $20k it might be worth a bunch of fuss, if it is $2k, spending multiple hours to avoid the interest you would attract, it probably isn’t worth lots of time and effort.

  • treeherring on 21/04/2018 - 07:32

    14k bill.
    I've come across the 0% interest on purchases cards for upto 14 months. Sounds like thos is exactly what I need. Anyone had experience with these or fine print to be careful of?
    Thanks

    • smuggler on 21/04/2018 - 08:56
      +2

      check balance transfer fee and annual fee

  • Eeples on 21/04/2018 - 09:07

    Can you balance transfer to the Amex card, ring them up, and get them to move the money to your bank account without incurring a fee?

    Ring up Amex and check. (just check about the moving part… if your Amex is in 14k credit…. don’t mention the balance transfer to them…. none of their business).

    I know Citibank allow this. (Although that is moving between Citi credit card account and Citi transaction account).

  • CocaKoala on 30/04/2018 - 21:46

    I'm truly sorry to hear your state of affairs, and I could tell you how bad it feels because I've been there. It took me years of working my butt off to get rid of the loans and that was with a lot of help and support from some very kind friends who stood by me.

    While I'm not answering your immediate question, I'd strongly encourage you to work your ass off (find a second job?), quit habits that are draining your money slowly. Identify those habits: do you really need to have a beer daily or does your fridge really needs to have bottles of red bull, coke, or such nonsense in it?, could you make your own coffee at home? DO NOT SMOKE, could you pack your lunch at home rather than eating out, etc.

    Then start looking at disconnecting services and utilities that are burning a hole - do you need cable TV if you can't afford to pay your existing bills? Find other ways to save money, and certainly find ways to bring in more money. Some of my questions may seem outrageous, but these habits are not exactly going to help you become financially independent, but they're rather enslaving you into debt.

    Invest in yourself - could you learn a trade? Plumbing? Carpentry? Electrician? While paying your credit card bill with another new credit card seems like a respite in the immediate future, it certainly isn't going to improve your situation in the long run and you need to start thinking.

    I hope your situation improves mate, and it certainly isn't good right now. I wish you all the best.

  • Killerbala on 17/05/2018 - 11:55

    It can be done and I have discussed this in detail in the below post

    https://www.ozbargain.com.au/node/366725

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