Credit Card balance Transfer whoopsie

Naomim

Hi All,

I posted this a couple of nights ago on the credit card thread but only had one (not very useful) reply! As I am a DFW I thought I'd post it on here.

I have made a bit of a balls up and not sure if I can straighten it out.

I owe £6500 on two credit cards, ALL of it is on 0% interest. It's all finishing this year and some very soon. My Virgin card has 3 different amounts as they kept offering long 0% deals so I transferred and closed smaller accounts elsewhere.

I owe my Virgin credit card
£812 - 0% ending April 2012
£1112 - 0% ending July 2012
£1551 - 0% ending Dec 2012

Nationwide Credit card
£2995 - 0% ending May 2012


I called Barclaycard this evening. I don't use my Barclaycard at all and had a credit limit of £12k :eek: I called to lower the limit right down. Anyway, they offered me 0% on balance transfers until October 2013:T In a fit of excitement and not having my paperwork near me (It's at work), I remembered I owed about 6k so told them to balance transfer £5k to my Virgin card. The thing is I don't owe £5k on there.

Will I just get a credit on the Virgin card? The Nationwide card is soon going to start interest @ 15.9% I know there are a couple of balance transfer offers on my Virgin Card at the moment (about 12 months) so if I transfer the Nationwide amount to Virgin, the credit of £1550 will reduce the debt to £1405 and I'll have that to pay at 0% interest again.

Does that make any sense and can I do that?

Naomi x

Annie_Nameless

In my experience, credit cards don't deal very well with credit balances, so I would ring first Barclaycard and then Virgin to see if you can stop the balance transfer taking place. If you can't stop it, or reduce it, then ask Virgin whether or not your plan B would actually work - the only definitive answer to your question will come from the credit card companies themselves. Let's hope you don't lose out on balance transfer fees

yellowcrocus

I have had credit balances in this way before and have asked the credit card company to send me a cheque with no problems.

SkintGypsy

I had a positive balance on a credit account by accident once. I closed the account and they send me a cheque. No problems at all.

Annie_Nameless

The problem with getting Virgin to refund the surplus £1500 by cheque is that the OP will lose possibly up to about £45 balance transfer fee which will remain on the Barclaycard

Naomim

Thanks everyone, I don't want them to send me a cheque as I'll BT my Nationwide debt to the Virgin card which will be in credit. The BT will be a 0% deal therefore reducing my Nationwide debt and continuing all balances with 0%. All it's going to cost me is the annoying BT fee's but anything's better than the interest rates they would go upto.

I just wasn't sure it will work but I guess I'm just going to have to suck it and see

Naomi x