Hlp me Please - Dumb BT Question!

Huggins

Hi can someone please help with the following Query.

I have an existing SBT of 6k which expires shortly.

I have applied for a BT and have been offered upto 7k on 0% (e.g 1k more than the existing SBT i need to repay)

So can I get 7k paid into my personal bank acc. from the new provider and tell the existing provider to take their 6 k from the 7k payment? - then use the remaining?

OR

Would I need to repay the existing 6k provider directly ie not via my personal acc. - thus only requesting the 6k and rendering the additional 1k offer untoachable?

I hope this makes sense and someon can clear this up for me.

Many thanks in advance

Huggins

newleaf

I recently got £4,500 more than I needed in BT (did it by accident - duplicated request) I got it all credited to one card, which put it £4,500 in credit. I then transferred the extra from Mbna CC to my current account (they charged me a BT fee of £75 though) and paid off a loan with it by cheque. Does this help?

grumbler

Huggins wrote:

...I have applied for a BT and have been offered upto 7k on 0% (e.g 1k more than the existing SBT i need to repay)

So can I get 7k paid into my personal bank acc. from the new provider

Very few CC offer this and all such cards charge BT fee. What CC do you mean?

OR

Would I need to repay the existing 6k provider directly ie not via my personal acc. - thus only requesting the 6k and rendering the additional 1k offer untoachable?

You can repay the existing 6K either from your current account or by transferring the balance to the new CC (money will be transferred from the new CC account). If you transfer £7K balance from a card with £6K balance you end up with £1K positive (credit) balance on the old card. Many CCs don't allow this and insist in transferring the positive balance back. See, for example, this thread: Closing an 'in credit' credit card. Usually you can spend this positive balance gradually using the old card for purchases.
Some CCs restrict BTs by 90-95% of the credit limit.
If the new CC offers 0% on both BTs and purchases and for the same length of time, you can gradually spend this £1K using the new card for purchases.