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new card trick (possibly)
card_2
Posts: 13 Forumite
update: method works all available balance transfer from Barclaycard to current account at the normal balance transfer rate (i. e. not the money transfer rate), via an MBNA card going into credit.
in a nut shell: transfer money at balance transfer rates to another credit card that has no balance, putting it in credit. Get the credit refunded to your bank account.
long version: I been trying to figure out how to use my credit cards to get the cheapest 0% money to help with a house move and just managed to work out a potentially new trick.
the best 0% fee i can get is with my Barclaycard at 2.9% but i have no cards in debt at the moment and the card won't do a money transfer. I remembered i once over paid my MBNA card and had to ring them up to get them to give me the money back which they did for free. so i called them and asked if they would do the same if i transferred lots of money from another card on to my MBNA card which has no balance. They said it wouldn't be a problem. so effectively it allows you to get money transfers at balance transfer fee rates which are generally lower.
can someone point out the obvious error in my scheme? i will be transferring my all i can from my Barclaycard to MBNA and i'll post back if there are any problems.
if you don't have a barclaycard and get one with the current 1.5% fee 22 month 0% offer for new customers this would be an amazing trick.
in a nut shell: transfer money at balance transfer rates to another credit card that has no balance, putting it in credit. Get the credit refunded to your bank account.
long version: I been trying to figure out how to use my credit cards to get the cheapest 0% money to help with a house move and just managed to work out a potentially new trick.
the best 0% fee i can get is with my Barclaycard at 2.9% but i have no cards in debt at the moment and the card won't do a money transfer. I remembered i once over paid my MBNA card and had to ring them up to get them to give me the money back which they did for free. so i called them and asked if they would do the same if i transferred lots of money from another card on to my MBNA card which has no balance. They said it wouldn't be a problem. so effectively it allows you to get money transfers at balance transfer fee rates which are generally lower.
can someone point out the obvious error in my scheme? i will be transferring my all i can from my Barclaycard to MBNA and i'll post back if there are any problems.
if you don't have a barclaycard and get one with the current 1.5% fee 22 month 0% offer for new customers this would be an amazing trick.
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Comments
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They will probably send the money back to the orginal source ie the card you transfered from when it is blatantly obvious that the the receiving card has been knowingly put into credit.0
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MBNA themselves said on the phone tonight that it wouldn't matter how much it was in credit or where it came from they said the only issue is that credit has no fraud protection so if i was defrauded whilst in credit i wouldn't get any of the money back.0
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I know HBOS and LBG will not refund amounts that have been transferred into accounts into bank accounts if it credits it has to be returned to source. x0
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MBNA themselves said on the phone tonight that it wouldn't matter how much it was in credit or where it came from they said the only issue is that credit has no fraud protection so if i was defrauded whilst in credit i wouldn't get any of the money back.
You could rewrite this as... "One advisor said on the phone tonight that it wouldn't matter how much it was in credit or where it came from..."
The problem is, this one advisor is wrong. This advice broaches god knows how many money laundering rules!0 -
sharpy2010 wrote: »You could rewrite this as... "One advisor said on the phone tonight that it wouldn't matter how much it was in credit or where it came from..."
The problem is, this one advisor is wrong. This advice broaches god knows how many money laundering rules!
How come have no problem with pre-paying/putting into credit my Amex charge card? Or do charge cards come into a different credit card?0 -
I had a large credit balance on my First Direct visa, and they wanted to charge me the cash withdrawal fee to take it back. They eventually agreed to waive the fee as a goodwill gesture, but only because the credit came from a refund for a faulty purchase0
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I used to do somthing similar with a couple of Bank of Scotland credit card accounts (these actually came with small cheque books as well for places that didn't accept credit cards).in a nut shell: transfer money at balance transfer rates to another credit card that has no balance, putting it in credit. Get the credit refunded to your bank account.
I would make the balance transfer(s) to my BoS credit card and then once the cash had arrived I simply filled out one of their cc cheques payable to myself and deposit it into my bank account. Frequently the cheques were much larger than my credit limit on the account - never had any problems and never incurred any handling or interest charges from BoS.
Those were the days. :beer:
OP, let us know how you get on please.
Scrounger0 -
Those were the days before those wallies of 9-11 who ruined things for everyone due to their selfishness.0
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How does this save money? you still pay one transfer fee?0
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