Balance Transfer - Can I un-do it?

youngsod

Good afternoon all.

I've just opened up a new 0% deal. When I applied 2 weeks ago, I asked for 2 balance transfers to repay other 0% Cards.

However I realised, that it would be highly unlikely that the transfer would be through on time, so with the interest free period due up tomorrow, I paid the balances in full last week (c £3k)

He comes the problem! I checked on the web to make sure they payments had cleared in time, and to my surprise instead of seeing zero balances, I had large positive balances.

That's correct the balance transfers came through!

So I'm left with a lot of money sitting in +ve balances on credit cards. What do I do? Can I reverse the transfers? Is it possible to get the balances out of the credit cards so I can stick it back in an account? They are Egg and Tesco cards.

thanks

Douglas

maforduk

You should be able to use the money on the Egg & Tesco cards now to pay off the new two cards!

youngsod

Hmmm... should have thought of that!

Mind you it would be better still if I could somehow get the money out of the cards and in an account, but that may be wishful thinking...

Douglas

YorkshireBoy

youngsod wrote:

Hmmm... should have thought of that!

Mind you it would be better still if I could somehow get the money out of the cards and in an account, but that may be wishful thinking...

Douglas

Read your Egg T&C's - condition 9.

Can't help with Tesco as no experience there. However, if you tell them the truth, they may just send you a cheque or BACS transfer the +ve balance to your current account.

Be careful not to go into a -ve balance situation with any of your transfers, because you may incur fees and/or interest for doing so.

youngsod

I take it you mean:


You can ask us at any time:
<snip>
to transfer (by direct bank transfer) an amount from your Account directly to a specified current account held by you or an Additional Cardholder as long as the amount transferred would not make you go over the Credit Limit and is £100 or more
<snip>

Excellent, I can put the money in my ISA and enjoy the interest.

I'll check Tesco when I get home. They seem to be run by RBS, but I'm not sure if they are the same as them.


Many thanks for your help in this. How's life in Yorkshire, is it snowing?

Douglas

manicdays

Tescos are run by RBS.

Lisa