Using a gambling site for NO FEE Balance Transfer credit card to current account

psykik

I had a 5.9% for life offer for £9k from natwest visa with no balance transfer FEE as a one off for a mistake they made.

I wanted to change my Natwest loan of 9k from 7.9% to 5.9% via the natwest visa offer.

However such a thing could not be done directly. Therefore i did a balance transfer to my halifax cc for the 9k which now had a credit balance. Like an idiot i thought if i have a credit balance with halifax they would be able to send me a cheque in the post for the balance ;(

Halifax did not allow me to transfer the 9k credit balance to any current account and only offered to send it back to natwest. My only other options were to withdraw it as cash but this would incur a fee. To add insult to injury, they called me a money launderer! as if!

In 10 days im recieving an egg card. I was rejected for the egg money product. Presumably cos i applied for it straight after the egg card, cant think of any other reason as details were similar. I applied for egg money since as far as i know it doesnt charge to bt to a current account if youre in credit.

QUESTIONS:
1-Can i transfer the 9k from halifax to egg and then to the natwest loan account (finally!!)?
2)Will Egg allow a BT of a credit balance of 9k to be made to a current account without a fee?
3) Can I appeal to Egg over the rejection for egg money?
4) Is there another way of moving the 9k from halifax (credit balance) to Nat West loan account? Anyone know if it can be done via paypal, without incurring a fee?

THANKS

YorkshireBoy

Halifax are one of the few cards to expressly prohibit the carrying of a positive balance in their T&C's.

Because their computer systems will have detected this positive balance, and you've now verbally reminded them that it exists, I wouldn't be surprised if they just sent it back to NatWest from whence it came with no further communication from them to you.

If you're quick, you may be able to balance transfer £9K from your Egg Card to your Halifax card. However, there may be two BT fees to pay before you can get it into your current account - one made by Halifax (2%?), and another made by Egg (2.5%).

Re the Egg Money application, you could try to appeal the decision. Perhaps tell them you made a mistake initially and applied for the wrong product. Ask them if they could swap it for Egg Money.

psykik

Yorkshireboy - thanks for the quick reply!

i had a right old "spat" on the phone with halifax today. They did assure me they wouldnt be sending the money back to Natwest, that it is available for me spend BUT they cannot send it to any current account as its against money laundering regulations, even though i could withdraw it in a local branch but incur a cash advance fee (which i wouldnt as its probably significant on 9k)

I applied and was accepted for the egg card today, but rejected minutes after for the egg Money card. With egg money, they said they would take the balance from the halifax and then allow me to transfer to the credit balance to the current account linked to them by dd WITHOUT A FEE so long as it was a credit balance.

CURRENT STATUS - 9k credit balance with halifax
QUESTION - how do i get it into any current account without incurring a fee?

Options - Egg card? Paypal? Other?

Any ideas appreciated

Thanks

psykik

Anyone got any ideas?

thanks

psykik

Been rejected by egg money, and they wont accept another application for 3 months. Waiting for egg card to arrive in 9 days.

They emailed me to reject my secure message appeal about choosing the wrong product by mistake re-YorkshireBoy's hint (thanks Yorkshire boy, it was definetly worth a shout)

Any ideas on what i can do now?

thanks

psykik

does anyone know?

psykik

Idea!

1. Transfer CREDIT balance from credit card to a gambling site.
2. Transfer from gambling site to current account.

Can this be done without incurring a fee? Anyone know how?

jamalfatty

Gambling transactions are classed as cash by most, if not all, CC companies, so this wouldnt work without a substantial fee

YorkshireBoy

Damage limitation (and a long shot):

• Tell Natwest that you've made a mistake, and meant to BT from your Egg Card.
  
• Ask them if you can get Halifax to return the money, will they give you another fee-free BT - this time from your Egg Card.
  
• Negotiate a fee-free return of your money from Halifax to NatWest.
  
• BT from Egg Card to NatWest.
  
• Ask Egg to transfer your positive balance to your current account, for which Egg's systems will automatically charge a BT fee (unless they can do it by a BACS transfer similar to that offered by Egg Money).
  
• Once the transfer has gone through, and the fee has been applied, contact Egg to complain that you've been charged for moving your own money, and try to get the fee removed.