Balance transfer to another credit card that is in credit!!

steve56616

I have a loan which I want to pay off. I have nothing on any credit cards now as I have paid them all off. I have been told by Barclaycard that I can have a 12month 0% Balance transfer but they will not transfer into my current account. Does anyone know if I can do a balance transfer onto another credit card, making it in credit, then using that to pay my loan. Then I will have 12 months 0% rather than they high loan rates.

POSSETTE

yes i have just done this..but you need Egg Money card,not just Egg card. I had virgin 0%BT to my egg money and it put me in credit,so i then went online and on the egg site you can transfer to any loan company..my monthly loan payment of 130 has now reduced to 30,but i can actually pay a lot more and clear it quicker,which i couldnt do with loan.

steve56616

Thanks for your reply. I wondered if I could put the transfer to my Cahoot credit card or my Egg card and then be in credit and use that to pay my loan. I am not in a position anymore to apply for a new card as am currently out of work.

YorkshireBoy

Very dangerous practice. The card receiving the funds could bounce the money straight back to Barclaycard, meaning you've wasted a BT fee (and possibly incurred another with the card sending the funds back). Depending on the size of the +ve balance they may even freeze your account pending an AML investigation.

Halifax expressly forbid the creation of a +ve balance (condition 7.6). Which other cards do you have?

YorkshireBoy

steve56616 wrote: »

I wondered if I could put the transfer to my...Egg card

I assume you mean the Egg Card (Visa)?

If so, it may be possible. However, if you have a special promotion* on there they will charge a BT fee (automatically) for moving the +ve balance if you action an online BT yourself.


* Intro offer, anniversary month, or any other special offer (whether they've told you about it or not).

steve56616

Oh thats interesting. I don't want to pay BT fees for it just to e returned. I have an ordinary egg card (visa) and a Cahoot credit card (visa) and a Monument credit card (visa) all with zero Balance now. Just trying to think of ways to pay my loan quickly rather than being charged £70 a month interest.

Neillgb

Recently transferred Nat west 0% offer into Cahoot credit card to leave positive balance which all went fine. Only put me £700 in credit though.

steve56616

im looking to transfer £4,000 to pay off my loan in full

YorkshireBoy

steve56616 wrote: »

im looking to transfer £4,000 to pay off my loan in full

Ring Egg and ask them if there's a special offer on your account now (don't tell them you want one!...unless they can beat Barclaycard of course). If there isn't one, then BT from Egg to Barclaycard and then move the resultant +ve balance from Egg to your current account by either...

1. Making an online BT yourself, or

2. Calling/secure messaging them and asking a CSA to make a BACS transfer for you.

In each case, check with the Egg CSA that there will be no fee payable.

See also your T&C's (section 7) and the Egg Card Faq (http://new.egg.com/visitor/0,2388,3_11084--View_1765-bID_ECBalTraFAQ-dva_1,00.html#isthereafeeforbalancetransfers?)

I assume you've given due consideration as to whether paying off your loan this way is the best thing to do?

steve56616

I really do appreciate you help here Yorkshireboy. I think I'm trying to do the best thing in getting the loan paid as cheaply and quickly as I can. I pay £198.90 a month and they take about £78 from each months payments for interest. I am pretty sure that after transfer fees for £4000 and having 0% for 12 - 15months is going to be the best way. I will still pay what I'm paying now each month as it will be paid off quicker than it is this way. Not sure what a Barclay loan charge to end the loan short. Will look into that more. I was told in the bank that if I paid off a lump sum I could but I would have to take out a new loan for the remaining amount.

Not sure what a CSA is that you mention??

YorkshireBoy

CSA = Customer Service Advisor/Assistant