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
New here - advice please!!
jenhen37
Posts: 3 Newbie
in Credit cards
Hi All, hope I'm posting in the right place, I'm new to this!
I'm after some advice please. I have the opportunity to balance transfer some money for 29 months to my Barclays credit card, come at a great time as the car has just died on me & I need a new one! Is it 'allowed' to transfer more than I actually owe onto a credit card eg I have £3000 worth of debt on loyds card, if I transfer £9000 to Barcays, can I then close Lloyds & get the + balance refunded?
Thanks in advance!!:)
I'm after some advice please. I have the opportunity to balance transfer some money for 29 months to my Barclays credit card, come at a great time as the car has just died on me & I need a new one! Is it 'allowed' to transfer more than I actually owe onto a credit card eg I have £3000 worth of debt on loyds card, if I transfer £9000 to Barcays, can I then close Lloyds & get the + balance refunded?
Thanks in advance!!:)
0
Comments
-
Nope. You can only balance transfer what is actually on the card.Credit 'Score' - Don't buy the credit 'score' that Experian, Equifax and Noddle want to sell you. It's an arbitrary number that means nothing when it comes to applying for credit.
ALWAYS HAVE A DIRECT DEBIT SET UP FOR THE MINIMUM PAYMENT ON YOUR CREDIT CARDS, REGARDLESS OF WHETHER YOU PLAN TO LOGIN AND PAY EACH MONTH.0 -
Ask Barclays if they can offer you a 'money transfer' to you current account.
Alternatively you can withdraw cash from Lloyds (at ~3% cost) and then transfer the balance to Barclaycard.0 -
If you are paying interest on the Lloyds card transfer that to the Barclaycard ASAP (assuming you can't pay it off right now).
Then buy the car with the Lloyds card and transfer onto the Barclaycard.
PS I have previously transferred more than the balance that was on a card
Fed up of final demands, whining relatives and Debtors' Prison?
Wonga - Your soul is ours! :mad:0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.9K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.5K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards