Balance transfers....am I allowed?.....

rylo

ok i have a credit card with virgin with £400 on, I have received a letter from Halifax offering a 0% balance transfer for 12 months with a 3% fee.

Now my car insurance is going to come out from my virgin card next month which will make my card bill about £900.

What i wanted to do was to take advantage of the balance transfer from halifax and transfer £900 from my virgin card. This will however send my virgin card into credit by £500 until next month when the car insurance comes out which will then use up the credit.

I would wait until next month but this offer is only available until this Sunday (15th) and so don't want to miss out on it.

Basically the question is: Am I allowed to do a balance transfer and put my other card into credit?

Thank u all :beer:

[Deleted User]

Technically no. It breaches the t&cs and the amount may be returned, or the card and account closed.

Although they may also take no action. But £500 is a lot to be in credit so it's a risk which probably isn't worth taking.

Can you pay the insurance early?

oki25

This happens all the time, all virgin will see is a payment being recieved, they won't know where from. You will be in credit until you buy your insurance. The only catch is that Virgin will not cover any credit balace for fraud misuse, so keep a good eye on your account and card

rylo

hmm ok i'm still not sure if i can do this then? one answer says yes but one says no....

[Deleted User]

It's a gamble. You're not supposed to put a card into a positive state. But on a practical level, I'm not sure lenders take action that often. I've often been a few quid positive for a short space of time. But I've not done it on large amounts.

I think the risk is small, but the potential impact is large, if that makes sense.

rylo

hmm well i guess it will only be in credit for a short amount of time they may think its a mistake and contact me before they took any action?