Half Price Plastic Personal Loan Discussion

byrnedj

Hi,

A question on this technique, do you have to have a debit balance on the card you credit? Basically, can I use the Texaco card to pay £8k to an Accucard that has no outstanding balance on it, therefore having +£8k at my disposal on the Accucard? Then pay the +£8k on the Accucard to my bank account, or use the Accucard to pay for a car or whatever.......

Is there anything to stop you doing this?

Thanks, David

Thanks, David

Martinslovechild

Hi,

A question on this technique, do you have to have a debit balance on the card you credit?  Basically, can I use the Texaco card to pay £8k to an Accucard that has no outstanding balance on it, therefore having +£8k at my disposal on the Accucard?  Then pay the +£8k on the Accucard to my bank account, or use the Accucard to pay for a car or whatever.......

Is there anything to stop you doing this?

Thanks, David

Thanks, David

There's nothing to stop you doing that IF the 2 cards aren't owned by the same company. Unfortunately, the Texaco, Accucard and More Th>n cards are all operated by Lloyds TSB. In this case, they won't let you BT from one of their cards to another to take advantage of a 0% deal that they've offered you on the second card.

Also, neither Texaco or Accucard will allow you to pay cash directly into your bank account - you would need a Super Balance Transfer (SBT) card for this. SBT cards include Egg (the best example), Mint and MBNA. As Mint and MBNA have recently started operating a charge for BT's, Egg is the only guaranteed of being able to route the cash directly to a current account, fee-free.

jpr1312

What a wonderful money saving tip but unfortunately you need to check which credit cards you can transfer from. We have an American Express Platinum card and tried to transfer our balance to the Texaco card after purchasing a second hand car. We were told they don't accept transfers from our card!!! Never mind, we've stacked up a useful amount for the 2% cash back!!!

simmy_2

Hi
I want to buy a car and have applied for the Texaco and Blue Amex with the intention of getting enough credit limit buy the car. I am then going to buy the car with my existing credit cards. My husband and I have been taking about this and he thinks that we can transfer the crdit limit balance to an existing card, possibly showing a credit balance on the crdit card and then we can use the card to pay for the car, is this possible because it would make life alot easier, which makes me think it probably is not possible!!!
Thanks

stormCat99

simmy yes that's possible, we've just done the same thing. They don't check that you have a balance to transfer so it is possible to go into a credit balance.

simmy_2

Thanks for your reply

freakysaver

Tr&#64 wrote: »

Not sure exactly what criteria they use to set your credit limit. The obvious first one is what earnings you declare. My application is approved just waiting for the card and i'll transfer all 6 k from my other cards near the end of their intro periods. It's a really good deal and one advantage, i reckon of integrating your debts is you have just one creditor to deal with if you get in to trouble.

hi fellow money saver, i have just been accepted for texacocard only thing is they only approved a 1.5k limit. got any ideas as what to do? i have 3.5k on a card already i need to move and was hoping to move a loan of 5k also. any help gratefully received from freaky saver. Thanks!

Spilt_Milk

Does anyone know if its possible to carry out a balance transfer after you have signed up for the card and still get the good interest rate.

I'm buying a new car on my EGG card and I'd like to be sure I have the Texaco card ready and waiting to take the egg card balance.

Great article Martin - and a great site too. I actually met you once when you were working on Meridian Spotlight but I doubt you would remember me as I was a lowly work experience dog boddy at the time!

ljhhuk

Martin - please tell me if this is possible.

I have a green Egg card with a transferred balance already on it so I don't want to touch it.
I also have a blue Egg card with no debt on it.
I want a loan to buy a car, so what is to stop me from giving my blue Egg card account number for the balance transfer and then transferring the credit balance from my blue Egg card to my Egg savings account after it has arrived? Does Texaco actually check to see if I have a debt on my blue Egg card?