advice on BT

cuteusmaximus

I've signed up to two "life of balance" cards as I want to use the funds as a low interest car loan.

I have Barclaycard with £5400 balance and MBNA with 3200.

Neither charge a balance transfer fee, but only MBNA allow balance transfer to a current account.

My problem is how to get the £5400 to my current account. I have tried to apply for Egg Money but the website has given me an error when I try to submit the application (on both Firefox and IE) for the past three days.

I wonder if I could do a BT from the MBNA to my current account, then an immediate BT from Barclaycard paying off the MBNA BT, then do another BT from MBNA to my current account, etc. Is that cheeky - would MBNA be annoyed by this?

OR I wonder if I could do a ~£5K B to MBNA from Barclaycard, giving me a £5K positive balance on my MBNA, then do an ~8K balance tranfer to my current account. Has anyone done this? The credit card companies (all but Egg) seem to frown on positive balances.

Thanks for any help

NickX

cuteusmaximus wrote: »

II wonder if I could do a BT from the MBNA to my current account, then an immediate BT from Barclaycard paying off the MBNA BT, then do another BT from MBNA to my current account, etc. Is that cheeky - would MBNA be annoyed by this?

I think this is the best bet and I can't see anything wrong with this, but with each transfer you must confirm with MBNA and Barclaycard that the promotional rate is being applied - sometimes they require you to complete the transfer within the 30days to qualify for the promotional rate.

As you have pointed out most card providers (with the exception of Egg Money) are not keen on positive balances, and for BT's of the size that you are talking, they may freeze the account on suspicion of money laundering or even reverse the Balance Transfers that you have requested.