credit transfers

Hippyer

When I am finding out if I can make a credit transfer do I need to confirm with the credit card I am transfering to only?
Or do I need to confirm the card I am tranfering from can do this feature as well?

Also, is anyone able to confirm if I can do this to a Nat West or a sainsburys bank credit card?

Moggles_2

To request a balance transfer, you need only contact the card company you are shifting the balance to.

FWIW, I doubt whether lenders can distinguish BACS payments made by other card companies from those of their customers. To the company you've transferred from, a BT looks like just another payment.

Is anyone able to confirm if I can do this to a Nat West or a Sainsburys bank credit card?

Yes, NatWest and Sainsburys accept BT requests.

YorkshireBoy

When you say "credit transfer" do you mean balance transfer, ie the transferring of a debt owed from one institution to another?

If so, then you only need talk to the provider taking on the debt.

Hippyer

thanks moggles, I know they accept BT requests, but what I wanted to know was do they accept credit transfers.

I ask this because when I used "search" I saw someone advise someone to confirm in writing with the credit card that they accept credit transfers.

The warning being, if they don't it's a waste of a balance transfer fee.

YorkshireBoy

Are you talking about creating a positive, ie credit, balance from which you're going to ask for a transfer to your current account?

If yes, then Sainsburys won't allow it.

If no, then please explain what you mean by "credit transfer".

Hippyer

YorkshireBoy wrote: »

Are you talking about creating a positive, ie credit, balance from which you're going to ask for a transfer to your current account?

If yes, then Sainsburys won't allow it.

If no, then please explain what you mean by "credit transfer".

That's right, I would like to shift the debt to a credit card to not only clear the debt but put that card into credit.

Thanks for the heads up on sainsburys, that only leaves nat west.

NickX

Generally speaking, Card Providers frown upon positive balances with one noteable exception, Egg Money.

This can result in the funds being returned to their source or even the account being blocked.

I would definitely recommend speaking to the provider and getting agreement before taking this route to get funds from a Credit Card.

Hippyer

why do they frown upon it?

YorkshireBoy

Hippyer wrote: »

...put that card into credit.

A dangerous practice. The provider could do one of several things, including...

1. Sending the money back from whence it came meaning, as you've already realised, a wasted partial/total BT fee, or

2. Blocking the account because their AML systems kicked in.

...that only leaves nat west.

You'll have to read their T&C's to find out. For example, Sainsburys (and HBOS) cover it in condition 7.6 if you want to take a look.


EDIT: Cross posted with NickX, who covered it in one neat sentence!