balance transfer question

arsenalboy

I have a Goldfish card with 10k limit that I don't use anymore.
I rang today to cancel the card and was told that letters from Barclays will be coming out within the week with offers for existing Goldfish customers. They said if I delayed cancelling my card until the letters came out they would credit my account with £10, so I agreed.
I then looked at current Barclaycard offers and they give the normal range of balance transfer deals i.e., 14 months with 0% and 2.9% fee.
At present I do not have 10k of balances to transfer as most of my balances are already on 0% deals.

My question is as follows. Is it possible to transfer more than the balance on existing cards to put them in "credit" as it does not appear that Barc;lays are offering money into your bank. Or is there something in the system that would alert Barclays that I am transferring more than the balances.

Thanks

Moggles_2

Depends which lenders are involved.

Credit card companies take a dim view of any transaction which breaches their Ts & Cs and where a balance transfer is miscalculated, either by accident or design, some will insist on returning the surplus funds to the account from whence it came. If, as in your case, this account happens to be another credit card, you could incur two balance transfer fees and gain nothing. Credit cards - other than Egg Money - are not designed to carry a positive balance.

Why not wait & see what Barclaycard offers? You never know, you may get a really useful 0% on purchases for X months

MABLE

Goldfish's last offer to me a few weeks ago was 0% and 2% fee for 9 months.
I thought right I'll have some of that. However due to a number of problems with their systems they did the transfer 3 times taking me £5,600 over my limit. They are now recalling the erroneous transfers at my request

I would certainly ask them if they can offer you any promo. deals.

nomoneytoday

So far I have had £40 quidco and an £10 M&S voucher for using the card twice

Sounds quite aggressive in getting business

arsenalboy

Thanks for those replies.

Goldfish are currently "closed" according to their website and offering no deals so I have to wait and see what Barclays will offer.

I wanted to close the card to free up my limits for future cards, but I would imagine Barclays will "honour" the current 10k limit I have on the Goldfish card without the hassle of applying. It is just how to make best use of the 10k with them.

MABLE

arsenalboy wrote: »

Thanks for those replies.

Goldfish are currently "closed" according to their website and offering no deals so I have to wait and see what Barclays will offer.

I wanted to close the card to free up my limits for future cards, but I would imagine Barclays will "honour" the current 10k limit I have on the Goldfish card without the hassle of applying. It is just how to make best use of the 10k with them.

I have checked my online account and ignoring the stated problems they are offering a new rate of 5.9% and 2% fee for the next 6 months.

Sorry I'm a bit confused as to why they state closed to deals etc. Unless that is only for new customers and not existing ones.

arsenalboy

The website states the following

We are not currently accepting new applications for Goldfish cards. However, you may be aware that we are now part of Barclays Bank PLC and we offer competitive cards under the Barclaycard brand.

I agree that implies business as usual for existing customers, but as stated I was told on the phone this morning to wait for the Barclays letter and that I might be happy with the contents.