Can I do a BT for more than the balance owed?

Foggy

Hello

I have an Abbey Zero card which I have not used for almost a year. Abbey have just sent me an offer to do a BT @0% for 6 months with no fee. I use a Tesco card and usually pay it off each month and currently have a balance of 3k

My question is can I say transfer 4k over to my Tesco card from the Zero even though I don't owe that? It seems a shame not to given the 6 months interest free. I also have an offset mortgage so would use the money I have to pay it off against this for the six months.

If they do allow it I will probably only be in credit on the Tesco card for another month or so.

CannyJock

Foggy wrote: »

Hello

I have an Abbey Zero card which I have not used for almost a year. Abbey have just sent me an offer to do a BT @0% for 6 months with no fee. I use a Tesco card and usually pay it off each month and currently have a balance of 3k

My question is can I say transfer 4k over to my Tesco card from the Zero even though I don't owe that? It seems a shame not to given the 6 months interest free. I also have an offset mortgage so would use the money I have to pay it off against this for the six months.

If they do allow it I will probably only be in credit on the Tesco card for another month or so.

If you're spending £3k a month on the Tesco card, then it won't take too long for a £4k payment be absorbed. By the time the BT hits the Tesco card as a payment your balance could be up around there anyway.

Worth it if you ask me.

Don't ask for a refund of the overpayment, just use it against your next spending.

EDIT: If you're nervous about creating a credit balance, work out exactly how much extra you need to spend and go and do a "big shop" to stock up on the essentials

If you have a DD setup, remember from the Tesco Clubcard DD instructions:

If your account is set up to pay the minimum payment, the Direct Debit will always claim irrespective of any payments or refunds received onto the account. If your account is set up to claim the full statement balance, any refunds or payments that reach your account up to six working days before the due date will reduce the amount claimed by Direct Debit.

prowla

So, if yor BT puts the other card in credit, do you earn interest on that?

CannyJock

prowla wrote: »

So, if yor BT puts the other card in credit, do you earn interest on that?

Nope. Used to with the old Egg Money card but they changed that a while ago.

jonesMUFCforever

Just make sure that the receiving card is allowed to be put in a credit balance.
Some wont and may reject the whole BT - a waste of a BT fee!

CannyJock

jonesMUFCforever wrote: »

Just make sure that the receiving card is allowed to be put in a credit balance.
Some wont and may reject the whole BT - a waste of a BT fee!

Yup, always worth checking. OP has been offered fee-free BT so nothing to lose in this case.

duggie1982

I done a BT from my MBNA to my RBS cards. Transfered 1k on to a card that only had a £500 balance. Worked fine.

Foggy

Thanks everyone. I certainly don't spend 3k per month. I've just moved house and had saved some money to buy white goods etc. It just so happens that Abbey sent this offer through when I had a particularly high spend for the month.

The question I was asking I suppose is the one referred to by jonesMUFC - does Tesco allow a credit balance when BTing. I could ring them I know but I just wondered if anyone had experience of this.

jonesMUFCforever

Best thing you can
do is ask preferably by e mail or secure message where you get a written reply.

jaydeeuk1

Closest thread I can see to a question I have.

I have been offered a 5.9% life time balance deal on santander credit card, credit limit about £6k.

I owe £2k on my barclaycard, and £2k on my paypal credit card, both end the 0% deal this month.

The plan was to BT near £3k on each card (allowing for BT fees on credit limit), and then ask for the credit to be sent to me by cheque. I know paypal in the past have allowed +ve balances, was wondering if barclaycard allow it and if paypal still do? I planned on keeping my barclay card open, but closing my paypal one once xfer is done.

jonesMUFCforever

Barclaycard do not allow credit balances.