BT from vanquis to lloyds?

pd52

After many years of building my credit rating with vanquis I have now been accepted for a Lloyds mastercard with 24 months interest free on balance transfers. (with a £2000 balance on my vanquis card i really need this interest free period!)

After googling it appears vanquis wont allow BTs

is this correct?

planteria

you want to move your £2k balance from a Vanquis card to your new Lloyds card? i can't see any reason why you should not be able to do so. just call Lloyds and request the BT. if the funds arrive with Vanquis, clearing the account in the process, it is done. then avoid any spending on the Lloyds card, and purchase essentials using the Vanquis, or another card.

twinkey

It's possible! Vanquis don't like doing it, because it means they'll be losing out on the interest you normally pay. So it makes sense that they won't advertise it as a possible option.

Contact Lloyds and they'll happily do it for you. I got Barclays to B/T a huge amount from Vanquis a week ago and that went through fine!

planteria

"huge". give us a clue;)

longtermplanner

We say "transfer from Vanquis to Lloyds" but actually the transfer involved is of cash going in the other direction. So Lloyds initiate it and it looks the same to Vanquis as any other money coming into your account and can't stop it.

If you google you will find some refs (eg https://forums.moneysavingexpert.com/discussion/3543683) that suggested there used to be a problem because Vanquis weren't on the standard banking system, but that has now changed.

pd52

longtermplanner wrote: »

We say "transfer from Vanquis to Lloyds" but actually the transfer involved is of cash going in the other direction. So Lloyds initiate it and it looks the same to Vanquis as any other money coming into your account and can't stop it.

If you google you will find some refs (eg https://forums.moneysavingexpert.com/discussion/3543683) that suggested there used to be a problem because Vanquis weren't on the standard banking system, but that has now changed.

theres a petrol station I use and their card machines wont accept vanquis cards for some reason

scootw1

You need to make sure vanquis accept fast payment as that is how lloyds do it. Aqua dont i know that so you cant transfer from there.

twinkey

planteria wrote: »

"huge". give us a clue;)

Alright, huge to me. I'm still a student, y'know! £1900.

PaulW922

You certainly can do the transfer. It is up to Lloyds, not Vanquis.

adindas

scootw1 wrote: »

You need to make sure vanquis accept fast payment as that is how lloyds do it. Aqua dont i know that so you cant transfer from there.

My personal experience and also from other posts from people in this forum this is is completely the opposite.
FPO to aqua hit the account within less than an hour and reduce your balance therefore ready to harvest another cashback .

scootw1

adindas wrote: »

My personal experience and also from other posts from people in this forum this is is completely the opposite.
FPO to aqua hit the account within less than an hour and reduce your balance therefore ready to harvest another cashback .

I tried last week and lloyds would not let me as aqua would not accept fast payments. Perhaps the rules have changed or i was just unlucky?