Balance transfer to get around lack of Money transfer....

gingamonkey

Hi,

I'm looking to get hold of short term funds to have some critical work done on my house, and called my credit card provider to see if there was a money transfer offer available?

Turns out the money transfer rates are astronomical and not even worth thinking about, but she did suggest a way around the system....

She suggested doing a large balance transfer for the amount required for the work, to another credit card with a really low balance, thus putting that account thousands in credit. The next step would be getting a refund on that credit balance which would be paid into my current account, thus freeing up the cash needed for the work.

On paper, this would work perfectly (even though I'd need a second card to transfer to), but I'm not sure of the legality of it. It sounds almost fraudulent to me?! Or, as this was suggested to me by a credit card provider over the phone, am I just being massively over cautious and it is a common solution to this problem, post credit card cheques?

Also, I've already checked - The builder doesn't accept credit card payments, as is the case with most.

Assuming this is legal, I plan to quickly apply for a second card to transfer to - So any advice would be much appreciated!

Thanks,
Gingamonkey

tvwize

What you need is a credit card which offers super balance transfers.

If your going to apply for a new card, MNBA offer Super Balance Transfers and are known to give high limits which might be of more help to you.

Ive just got a MNBA Fluid to do some BT's to 0% and they offered me a very high limit and 16monhts 0% Their Eligibility checker was spot on also!

gingamonkey

Thanks tvwize... unfortunately, it's MBNA that have offered the advice and I have no money transfer offers available with them - Only balance transfers.

YorkshireBoy

gingamonkey wrote: »

Thanks tvwize... unfortunately, it's MBNA that have offered the advice and I have no money transfer offers available with them - Only balance transfers.

So apply for another MBNA run card...assuming you've a good credit history with them and don't owe anything/much on your current card?

Fruit_and_Nut_Case

gingamonkey wrote: »

...I'm not sure of the legality of it. It sounds almost fraudulent to me?!...

Don't worry; people here do it all the time.

MallyGirl

gingamonkey wrote: »

Hi,

I'm looking to get hold of short term funds to have some critical work done on my house, and called my credit card provider to see if there was a money transfer offer available?

Turns out the money transfer rates are astronomical and not even worth thinking about, but she did suggest a way around the system....

She suggested doing a large balance transfer for the amount required for the work, to another credit card with a really low balance, thus putting that account thousands in credit. The next step would be getting a refund on that credit balance which would be paid into my current account, thus freeing up the cash needed for the work.

On paper, this would work perfectly (even though I'd need a second card to transfer to), but I'm not sure of the legality of it. It sounds almost fraudulent to me?! Or, as this was suggested to me by a credit card provider over the phone, am I just being massively over cautious and it is a common solution to this problem, post credit card cheques?

Also, I've already checked - The builder doesn't accept credit card payments, as is the case with most.

Assuming this is legal, I plan to quickly apply for a second card to transfer to - So any advice would be much appreciated!

Thanks,
Gingamonkey

putting your credit card in positive figures usually breaks the T&Cs

YorkshireBoy

MallyGirl wrote: »

putting your credit card in positive figures usually breaks the T&Cs

...and may result in the money being returned from whence it came, meaning you've paid a 3% BT fee for nothing!