did i just get 0% cash withdrawal from a credit card?

serhatyazgun

Hey Guys,
This is my first post on the forums, just looking for some advice!
I recently opened up a new credit card account with halifax one to transfer my balance from barclaycard. They were doin a 12month deals on balance transfers and purchases.
I subsequently transferred 540 quid from barclaycard to halifax one, but halifax paid barclays twice, so my barclaycard was in 540 quid credit. I called up both banks and halifax said just get barclays to send the money bck to us as our internal process wil take 6 weeks, when i l8er contacted barclays they told me they cant transfer the second transfer back to halifax one but they will instead send it to my bank account and i can do what i want with it!
so my question is this, if i dont give the money back to halifax one, does that mean i have made a 540 cash withdrawal with 0% interest for 12 months, as halifax must still think its a valid balance transfer!

jonesMUFCforever

Was there a balance transfer fee? If so you would have been charged twice.

serhatyazgun

yes i thnk there was a 2.5 percent fee, but surely that will be negligible, compared to the potential saving on interest i might make!! or will it, what do you think?

King_Of_Fools

serhatyazgun wrote: »

yes i thnk there was a 2.5 percent fee, but surely that will be negligible, compared to the potential saving on interest i might make!! or will it, what do you think?

Well not negligible but you should be able to get around twice that rate so you would make around £13.50 over the year!

However, do not spend the cash you need to have it ready to return at any time over the next year in case Halifax or Barclaycard decide to reverse what they have done!