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  • FIRST POST
    • keiran
    • By keiran 28th Jan 16, 9:43 AM
    • 382Posts
    • 183Thanks
    keiran
    Best credit card to transfer a positive balance to..?
    • #1
    • 28th Jan 16, 9:43 AM
    Best credit card to transfer a positive balance to..? 28th Jan 16 at 9:43 AM
    Hi stoozers,

    I did post this in the stoozing subsection, but I don't think many people view those threads..


    I just got a new Barclaycard with a balance transfer offer and I want to transfer such that I'll have a positive balance on another credit card, and then ask for that to be transferred to my bank account.

    I'm aware that some companies will simply return monies to the source of funds, thus wiping out any possible gain and yet incurring the balance transfer fee.

    I could transfer to the following cards - Capitalone, Santander, Amex, MINT or MBNA, with MBNA being the most suitable as it could be done in one transaction

    What's the experience of fellow stoozers about which of these companies is likely to remit funds to my bank account?

    Thanks
Page 1
    • Candyapple
    • By Candyapple 28th Jan 16, 10:18 AM
    • 2,272 Posts
    • 1,733 Thanks
    Candyapple
    • #2
    • 28th Jan 16, 10:18 AM
    • #2
    • 28th Jan 16, 10:18 AM
    MBNA - yes
    Santander - no
    Amex - no

    No experience of Capital One.
    • noh
    • By noh 28th Jan 16, 11:38 AM
    • 5,106 Posts
    • 3,428 Thanks
    noh
    • #3
    • 28th Jan 16, 11:38 AM
    • #3
    • 28th Jan 16, 11:38 AM
    MBNA definitely. I have just done this.
    I called them to transfer the credit balance to my bank account. You can also do it via secure message.
    • harriko
    • By harriko 28th Jan 16, 2:35 PM
    • 118 Posts
    • 5 Thanks
    harriko
    • #4
    • 28th Jan 16, 2:35 PM
    • #4
    • 28th Jan 16, 2:35 PM
    is there a fee to transfer a positive balance into a bank account from MBNA?
    • noh
    • By noh 28th Jan 16, 6:11 PM
    • 5,106 Posts
    • 3,428 Thanks
    noh
    • #5
    • 28th Jan 16, 6:11 PM
    • #5
    • 28th Jan 16, 6:11 PM
    No fee to transfer a credit balance to your current account.
    • keiran
    • By keiran 29th Jan 16, 11:28 AM
    • 382 Posts
    • 183 Thanks
    keiran
    • #6
    • 29th Jan 16, 11:28 AM
    • #6
    • 29th Jan 16, 11:28 AM
    Just updating...

    Confirmed with MBNA that this was possible, and my request was agreed to in a "live chat" today.

    Straightforward process and no fees to transfer the positive balance to my bank account
    • Anthorn
    • By Anthorn 29th Jan 16, 9:01 PM
    • 3,101 Posts
    • 797 Thanks
    Anthorn
    • #7
    • 29th Jan 16, 9:01 PM
    • #7
    • 29th Jan 16, 9:01 PM
    I've done it with MBNA but in connection with a direct debit: Set up direct debit and then pay off the card. The direct debit payment is still taken leaving a credit balance.

    It's also possible to have more than one MBNA card, 3 if we count affinity cards such as N & P.
    • harriko
    • By harriko 3rd Feb 16, 3:31 PM
    • 118 Posts
    • 5 Thanks
    harriko
    • #8
    • 3rd Feb 16, 3:31 PM
    • #8
    • 3rd Feb 16, 3:31 PM
    I'm looking to get a MBNA card. Theres so many to choose from. Which ones offers to credit the balance into your account?
    • robbyfine
    • By robbyfine 3rd Feb 16, 8:50 PM
    • 76 Posts
    • 38 Thanks
    robbyfine
    • #9
    • 3rd Feb 16, 8:50 PM
    • #9
    • 3rd Feb 16, 8:50 PM
    Definitely MBNA!
    • planteria
    • By planteria 4th Feb 16, 8:33 AM
    • 4,828 Posts
    • 1,055 Thanks
    planteria
    i would say MBNA too..

    ...with MBNA being the most suitable as it could be done in one transaction
    Originally posted by keiran
    but what does this mean? the limit you have on the card won't matter

    as it happens i did the opposite last month: MBNA>Barclaycard>Barclays
    • harriko
    • By harriko 4th Feb 16, 4:10 PM
    • 118 Posts
    • 5 Thanks
    harriko
    Will any MBNA card do? Theres lots of cards on their website.
    • planteria
    • By planteria 4th Feb 16, 6:10 PM
    • 4,828 Posts
    • 1,055 Thanks
    planteria
    i think you should be ok for any.
    the 'Everyday' card is the one that people recommend for this purpose, as there is no fee for money transfers [check T&Cs] but ime if you have a +balance you can get them to move the money to your current account.
    • keiran
    • By keiran 8th Feb 16, 9:02 AM
    • 382 Posts
    • 183 Thanks
    keiran
    i would say MBNA too..



    but what does this mean? the limit you have on the card won't matter

    as it happens i did the opposite last month: MBNA>Barclaycard>Barclays
    Originally posted by planteria
    ?? Are you saying one can transfer a positive balance to a credit card which is greater than the credit card limit for the credit card account being transferred to?
    • keiran
    • By keiran 8th Feb 16, 9:20 AM
    • 382 Posts
    • 183 Thanks
    keiran
    New Question :-

    If I do a balance/money transfer now on my MBNA card (so it starts to collect the monthly minimum payment) and then transfer another positive balance to my MBNA account, can I ask for that sum to be remitted to my bank account (as previously), or would that be seen as a payment to the MBNA credit card debt?
    • adidas
    • By adidas 10th Feb 16, 5:34 PM
    • 256 Posts
    • 41 Thanks
    adidas
    Intrigued by this discussion.

    I have been stoozing but this seems to take things to a new level.

    I'm trying to figure out the bit re: positive balance transfer. I recently did a money transfer from MBNA to put into a high interest account but had the associated fee.

    I'm a little lost about the positive bit and wondering if you could explain to a noob how you do this exactly.
    • keiran
    • By keiran 15th Feb 16, 2:36 PM
    • 382 Posts
    • 183 Thanks
    keiran
    Intrigued by this discussion.

    I have been stoozing but this seems to take things to a new level.

    I'm trying to figure out the bit re: positive balance transfer. I recently did a money transfer from MBNA to put into a high interest account but had the associated fee.

    I'm a little lost about the positive bit and wondering if you could explain to a noob how you do this exactly.
    Originally posted by adidas
    Hi
    Well, you know all about usual balance transfers.
    And you know that some credit card companies (MBNA and Virgin, mainly) will do a money transfer into your current account (instead of to another credit card) for a slightly higher fee.

    Well, when one gets a good new balance transfer offer from a credit card company which does not allow money transfers (most don't), an idea may be to transfer that amount to a credit card which does allow the "refund" of this positive credit balance into one's current account.

    I've discovered that MBNA are happy to do this.
    It is risky, though, with other credit card companies, as they do not like having a large positive balance on the account, may be suspicious of money-laundering or other nefarious activity, and may return the balance to the source - in which case one will have paid the handling fee to the first card issuer, for no benefit
    • keiran
    • By keiran 9th Mar 16, 6:40 PM
    • 382 Posts
    • 183 Thanks
    keiran
    quick update...

    I had used MBNA for a couple of large transfers

    I then transferred £3k to my Capitalone card, and they were happy to transfer to my current account

    So we can add Capitalone for this "wheeze"
    • adindas
    • By adindas 9th Mar 16, 7:54 PM
    • 3,218 Posts
    • 1,555 Thanks
    adindas
    I put it in order from greatest chance to Avarage
    MBNA, Virgin, Barclaycard, Capital One, Lloyds Platinum

    I have tried with Lloyd Platinum for a few grands as well so we could add it.
    Everyone is welcome to amend it ...
    Last edited by adindas; 09-03-2016 at 7:56 PM.
    • BigRabs
    • By BigRabs 6th Sep 16, 11:00 AM
    • 1 Posts
    • 0 Thanks
    BigRabs
    Not Lloyds...
    Hi Guys,
    Just been (slightly) stung by this. A few years ago I did a BT to Lloyds and Lloyds simply cut me a cheque for the value of the positive balance.

    Just tried the same trick again and Lloyds now tell me there policy is to only return to source.

    In this case I'll just have to spend away the positive balance, which puts a little dent in my expected earnings but is not a disaster as the BTs were fee-free.
    • ollie31770
    • By ollie31770 11th Sep 17, 1:18 PM
    • 13 Posts
    • 0 Thanks
    ollie31770
    I've just decided to go for the Virgin Money 3 year money transfer, which comes with a fairly hefty fee (although it is still much lower than a loan APR). I can in theory save the money at a higher interest rate.

    BT fees are so much lower, so I was tempted to try transferring to a Barclaycard and withdrawing the cash. In the end I decided it was too likely to backfire.

    Has anyone had any recent success withdrawing positive balances from a cc? (Perhaps I should have taken the risk to save a good few hundred pounds in fees!)
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