Transfer question....

plymouthscubagirl

Hello
Wondered if anyone knew if this was possible to do? I was hoping to do a balance transfer of say £3k from one credit card to another, but not have a negative balance on the one I'm transferring to, thus giving me £3k credit. Could I then close that account, getting them to transfer the money to my bank account???

I'm basically trying to get an interest free loan as I need to pay for something by cash.

Vortigern

What you suggest used to be possible with certain cards. See the stoozing threads for details.
It may be possible to do a balance transfer direct to your current account - some cards allow this (for a fee)

fozmcfc

I think what you are saying that card 1 has a 0% balance transfer offer on it, so you want ask card 1 to pay card 2 £3k even though card 2 has a zero balance.

So that card 1 now has £3k on it in debt but at 0% for xx amount of months and card 2 has £3k in credit, close card 2 and have them transfer the £3k to your bank account.

If that is the case, then it is highly unlikely the balance transfer will go through as card 2 will refuse as having a credit balance even small is a no no when it comes to credit cards. Even if it goes through it is likely to be returned to card 1.

You need a super balance transfer card, which enables you to transfer money to a bank account for a small one off fee usually 3%-4%, if you apply for one, then you get xx amount of month to pay it back at 0%, depending on the offer.

http://www.stoozing.com/sbt.php

There is a way of getting money via a M&S card and travellers cheques by paying just 1%, but you need the card first, which currently takes about a month to receive from applying.

plymouthscubagirl

Yes that is what I was asking. Thanks for the replies - I'll look into the M and S one as I'm not in a hurry :j

fozmcfc

Have a read around the forums about the travellers cheques loophole for want of a better word.

The thread below explains things better, than I can.

https://forums.moneysavingexpert.com/discussion/3215450