Free Cash From Credit Cards Discussion Area

ebineezer

I have received my MBNA card with 0% balance transfer deal. My credit limit has been set at 10k. Can I transfer the 10k to my bank account today. How do I do it: phone, letter, internet? Will they allow this? Will they treat it as a cash transaction and charge interest? Will they charge me a handling fee.

I will of course set up a d/d to pay off min amount per month.

Any advice greatfully received.

me2

I think they will let you transfer up to 98% of your credit limit

You can phone them
(the phone number will be on your card)

or do it online
(if you have set up MBNA web-access)

If you do it by phone - confirm with them that there are no transaction fees, as occasionally they try to charge these though not usually for new cards.

Online - there should be no fees

slob

I am planning to use the new Egg loyalty system to transfer money to my bank account and earn interest for 5 months, pay it off and repeat next year.
When I used a BT deal before I was never quite sure exactly when the interest free period ended, so I made sure I payed it off early but I want to get the maximum this time.
With a 5 month interest free period, precisely when would interest start accrueing;
5 months from the transfer
5 months from the start of the month of the transfer
On the due date of the statement in the 5th month
Or some other time - is there a way of knowing from the statements so it can be done close to the deadline?

johnllew

precisely when would interest start accrueing

The easiest way to find out is to ask Egg.

NuSaver_2

I have a problem. I have taken out a Mint Card and asked for a super balance transfer into my current account.

Mint say the transaction took place on 4th March, money still not arrived in current account. My bank are looking into it and Mint say the transfer happened with no problems.

mr.steve_2

I have a problem. I have taken out a Mint Card and asked for a super balance transfer into my current account.

Mint say the transaction took place on 4th March, money still not arrived in current account. My bank are looking into it and Mint say the transfer happened with no problems.

That sounds dodgy. I thought the best way to make a Mint balance transfer was with the 'transfer & save' cheques! That way you have an immediate receipt of the transfer from your bank. Check your credit agreement/ terms & conditions and find out how long the transfer is supposed to take to clear. If you made the transfer on the 4th March I make that 9 working days to today. My Egg balance transfer is supposed to take 7-10 working days!

NuSaver_2

Yes, I should have waited for the Transfer and Save cheques to arrive. My bank don't have the funds and I have now asked Mint to do a BACS trace.

System

I've just opened a Halifax credit card but when I called to do the balance transfer to my current account, they said they need a 16 digit credit card number to do the transfer. Do I need to do the transfer some other way?

mr.steve_2

I've just opened a Halifax credit card but when I called to do the balance transfer to my current account, they said they need a 16 digit credit card number to do the transfer. Do I need to do the transfer some other way?

No, you have to give them the 16-digit number that's on the front of your card along with other information about yourself for security reasons. Otherwise they can't make the transfer.

NuSaver_2

You must also give them the sort code and account number. This is where I went wrong by just giving a 16 digit number.