Can I transfer money from one card to another when I have no balance

doconline

Hi,

I wondered if this is possible. I have an offer of a 0% balance on one of my current credit cards. I do not have any credit card debt, so so wondered if I could transfer £5000 from one card to another, and have a positive balance of £5000 on a card, thus getting a loan of £5000 at 3% (balance amount charge) for a year?

Does this make sense?

Thanks,
Paul

YorkshireBoy

The short answer is no.

However, if you say which cards you have, and the name of the one with the 0% offer on it, there may be a workaround for 'cheap' cash.

doconline

One is a barclaycard and the other is mint.

Mint has the offer at the moment

dktreesea

No, but you are not just restricted to your own balances. I was in your situation, with an 0% balance transfer offer and no debt of my own to transfer. I transferred the balance from my partner's card instead.

honeyiced

doconline wrote: »

One is a barclaycard and the other is mint.

Mint has the offer at the moment

Does your offer from mint include money transfers? If so then you can ring mint customer services and ask them to transfer the money to your current account on the promotional rate rather than doing a balance transfer to another credit card. I know that this option was available to me in the offer they sent last week, if you're unsure then ring and ask them!