Super Balance Transfer

Edindebt

I wish to SBT money to my bank account from my MBNA card which currently has a balance of about 4,000. The card has a CL of 7,000. I also have a zero balance on Barclaycard which is offering 5.9% for life of the balance and CL of 10,000. So my question is - is there any law that says I can't BT to my MBNA card from my Barclaycard up to the limit therefore create a credit balance of 6,000 on MBNA then SBT into my account upto my 7,000 CL* ie pay 13,000 into my bank? Will this create suspicion ie money laundering?

The reason I want to do this is because I need to reconfigure all my cards and the maximum amount I will be charged by MBNA is £75 as it will be in one transaction rather than doing many BTs to all my other cards and thereby costing 3pc on the combined total (which will exceed £75) and the MBNA card is my only SBT card I have.

*I know they won't go right up to my limits but I wanted to keep the maths simple!

Cheers

ps I hope this all makes sense!

Cardinal-Red

There's no law against it certainly!

Pushing SBT cards into credit is the best way of stoozing with non-SBT cards - people do it all the time...

johnllew

Cardinal-Red wrote:

There's no law against it certainly!

As previously discussed:

MSE_Martin wrote:

Lying to a card company about having a balance can be deemed as fraud. To be honest it is unlikely you will get caught doing it. However if you do - having spoken to card companies - the minimum is you will have the special offer interest rate withdrawn, the maximum is prosecution.

martin

Cardinal-Red

Interesting angle on it.

I wonder if it would depend on the T&Cs of the individual card?