We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Balance transfer, when no balance
Sillychuckie
Posts: 1,218 Forumite
Card A: £1000 owed
Card B: (new 0% BT card).
If I ask my new card provider (card
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.
Card B: (new 0% BT card).
If I ask my new card provider (card
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.
0
Comments
-
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...0
-
forgotmyname wrote: »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.
SC0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards