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Balance transfer, when no balance

Sillychuckie
Sillychuckie Posts: 1,210 Forumite
Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
edited 23 January 2014 at 2:11PM in Credit cards
Card A: £1000 owed
Card B: (new 0% BT card).

If I ask my new card provider (card B) to balance transfer from card A, do they just do this by paying card A off?

If so, could I actually tell Card B that my balance on card A is 10k?

If so, would Card B transfer 10k to card A at 0%, leaving card A 9k in credit?

Could I then transfer the 9k from card A to my bank account (since it is a positive balance, the card provider might refund it)?

i.e. loophole, to get BT rates but for transfers to bank account (SBT).

SC.

p.s. Edit - sorry, I realised after this might have been better placed in the 'stoozing' sub forum.

Comments

  • forgotmyname
    forgotmyname Posts: 32,946 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You could but then Card A could lock your account for suspicious activity, Possibly money laundering. Possibly close it with a fraud marker.
    Censorship Reigns Supreme in Troll City...

  • Sillychuckie
    Sillychuckie Posts: 1,210 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    You could but then Card A could lock your account for suspicious activity, Possibly money laundering. Possibly close it with a fraud marker.

    I didn't think I would be the first to suggest this though, so have people tried, and what is the success rate?
    I'm looking through the Ts+Cs now of Card A, and it doesn't mention anything about not having a credit balance (surprisingly).

    I guess I wont do it. Not brave enough.
    SC
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