Moving a Balance Transfer where's there's no debt

F_T_Buyer

Hello everyone.

I've been stoozing my credit card which is currently £2k, and was gonna pay it off at the end of this month. But I saw the capital one advert and thought I would stooze until Aug 07.

But, could I do a balance transfer from my regular credit card where there is no debt (or little debt) on the card? I.e. say do a transfer for £1k from my Barclaycard, but as I only have £100 outstanding the card it would show up as £900 in credit. I can then move that £900 to a current savings account.

So ultimately, can I transfer more than what is on the 'transfering from' credit card?

Just thinking of a way to maximise my stoozing!

grumbler

Moving a ... Transfer? :rolleyes:

You can do this, but you can never be sure that the CC company (Barclaycard in your case) will allow you to move the positive balance to a current account. Many will insist in sending money back. The only card that clearly allows doing this is Egg Money. See The Middle Route .
Link to all articles is in the green bar above.

doingwhatican

I did this with my MBNA card. I applied for and got a Lloyds CC and then BT'd the whole lot over to the MBNA card so that it was massivly in credit. I then rang MBNA and they just paid the credit balance into my bank no questions asked.

Mercuryrising

I'm doing this with NatWest transfer to Amex but only for £300 credit. I explicitily asked them on the phone - they weren't too happy about this but they said that I could do this.

Can you get the excess as cash though without a 2% fee? I was just going to use it for purchases until it reached £0!

Milarky

Mercuryrising wrote:

I'm doing this with NatWest transfer to Amex but only for £300 credit. I explicitily asked them on the phone - they weren't too happy about this but they said that I could do this.

Can you get the excess as cash though without a 2% fee? I was just going to use it for purchases until it reached £0!

That entirely depends on which cards now have balance transfer fees as standard and which may distinguish bewtween a 'refund' (of an overpayment) and a balance transfer request. As far as I know Natwest have now added BT fees, so your safest bet is to ask for a refund and if a fee will be paid in that case. If they insist on doing it as a BT then don't go ahead and just spend (normally) on the card as you suggest.

ZenUK

F_T_Buyer wrote:

Hello everyone.

I've been stoozing my credit card which is currently £2k, and was gonna pay it off at the end of this month. But I saw the capital one advert and thought I would stooze until Aug 07.

But, could I do a balance transfer from my regular credit card where there is no debt (or little debt) on the card? I.e. say do a transfer for £1k from my Barclaycard, but as I only have £100 outstanding the card it would show up as £900 in credit. I can then move that £900 to a current savings account.

So ultimately, can I transfer more than what is on the 'transfering from' credit card?

Just thinking of a way to maximise my stoozing!

Trying to do the same, moving a credit balance on CC to a current account. Apparently it takes upto 11 working days.

Accidently did a double BT to the same card. lol. Then again good way for a SBT.

paintmywagon

Hello

This is my first time on the boards so apols if I'm posting on the wrong one!

Has anyone heard about the new card from Sky tv offering 0% for 12 months or am I dreaming?

ZenUK

Just read about it.

0% on BT and purchases til Sept. 07 2.99% fee though for BT.

http://www.sky.com/portal/site/skycom/skycard

kenshaz

Yes but 2.99% is steep,would help those paying high interest rates now,but not much profit in it for a stooze.

manofthemoment

I know a way of transferring the balance when there is no debt on the credit card which only takes about 5 or 6 days. Open an account with an online bookmaker (I opened one with Victor Chandler). Transfer money into the account using the credit card and then withdraw the money to your current account of choice. You don't have to gamble any of the money and you are only allowed to withdraw funds to a bank account anyway, so it is all above board.You also avoid all those awkward conversations with the credit card companies and the banks! :T

OllieLong

manofthemoment wrote:

I know a way of transferring the balance when there is no debt on the credit card which only takes about 5 or 6 days. Open an account with an online bookmaker (I opened one with Victor Chandler). Transfer money into the account using the credit card and then withdraw the money to your current account of choice. You don't have to gamble any of the money and you are only allowed to withdraw funds to a bank account anyway, so it is all above board.You also avoid all those awkward conversations with the credit card companies and the banks! :T

Beware of this because some credit card companies charge interest on cash transaction (i.e. gambling) even though you may have 0% on purchases.