Can I put my Tesco CC into credit?

aliasojo

Got a 0% BT offer from Barclaycard but not for transfers to a current account, only to another card.

If I BT to my Tesco card and put it into credit by £2500, I can use it to pay for normal house stuff and the money I would have used, can be earmarked elsewhere.

Any reason I can't put the card into credit by this much? It would only be in credit for maybe 3 or 4 weeks.

ElkyElky

aliasojo wrote: »

Got a 0% BT offer from Barclaycard but not for transfers to a current account, only to another card.

If I BT to my Tesco card and put it into credit by £2500, I can use it to pay for normal house stuff and the money I would have used, can be earmarked elsewhere.

Any reason I can't put the card into credit by this much? It would only be in credit for maybe 3 or 4 weeks.

Lenders generally don't like people putting credit cards in credit. There is usually a clause in the terms and conditions about this.

There is a chance that Tesco will decline the BT. You could certainly try but I don't think they'll be happy about it.

dazza.mk

Depends on how long the offer lasts for, but the obvious option would be to put all spending on your Tesco Credit card and then balance transfer the 'debt' to Barclaycard (bearing in mind the balance transfer times & payment dates on your Tesco CC)

aliasojo

Offer ends Jan 31st so no time unfortunately. Just called Tesco who confirm Elky's comment re transfer possibly being declined, although chap did say it may go through if all amounts were still within credit limit rather than the transfer pushing it over. So credit limit is £3000, transferring £2500 to put it into credit may go though but no guarantee.

ElkyElky

aliasojo wrote: »

Offer ends Jan 31st so no time unfortunately. Just called Tesco who confirm Elky's comment re transfer possibly being declined, although chap did say it may go through if all amounts were still within credit limit rather than the transfer pushing it over. So credit limit is £3000, transferring £2500 to put it into credit may go though but no guarantee.

Just go for it. The worst that can happen is it'll be sent right back to Barclays, at least you can say you tried. Do let us know how it goes, it'll help other members who may be planning the same thing! :j

Kyresa

So barclays wil reduce your interest rate to 0% to transfer it to another card?

Usually it's 0% and you have to transfer a balance TO their card..

dazza.mk

Kyresa wrote: »

So barclays wil reduce your interest rate to 0% to transfer it to another card?

Usually it's 0% and you have to transfer a balance TO their card..

That's what the OP was talking about? transferring a balance from tesco to Barclaycard (a fictitious balance as Barclaycard wouldn't know TEsco in clear)

Kyresa

dazza.mk wrote: »

That's what the OP was talking about? transferring a balance from tesco to Barclaycard (a fictitious balance as Barclaycard wouldn't know TEsco in clear)

no, the OP states TO a tesco card.

aliasojo

Kyresa wrote: »

So barclays wil reduce your interest rate to 0% to transfer it to another card?

Usually it's 0% and you have to transfer a balance TO their card..

I'm not sure if you are asking a genuine question or if you are just being pedantic?

To clarify....nil balance on both cards. 0% BT offer from Barclaycard if I transfer a balance to them. Since I have no balance to transfer, I want to put my Tesco card into credit to take advantage of the offer.

Elky, I may well give it a go, I'm struggling to find another way of trying, at such short notice.

Any

Don't worry Alias, everyone else understood what you meant....
Try it and you will see! Please let us know how it went.

aliasojo

Just remembered OH has Egg Money card, unused for ages. Can you still put that into credit and then withdraw to your current account with no fee?