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Making money on balance transfers
dclaxton
Posts: 22 Forumite
in Credit cards
Hi,
I've searched the forums and google but couldn't find an answer so I'm posting a new thread, sorry if it's been on before.
I currently use credit cards for stoozing and recently took out a new credit card with a very low balance transfer fee and they've given me a higher credit limit than I expected.
What I would like to know is can I request a balance transfer for more than I owe on the old card, then when I close the old account they'll refund me the in-credit balance by cheque which I can then put into a savings account?
Example: Old credit card has a balance of £2000, new credit card has a limited of £4000. Could I request a balance transfer of £3000 and then close the old credit card and receive a refund of £1000 from them to put into a savings account?
Thanks for any advice.
I've searched the forums and google but couldn't find an answer so I'm posting a new thread, sorry if it's been on before.
I currently use credit cards for stoozing and recently took out a new credit card with a very low balance transfer fee and they've given me a higher credit limit than I expected.
What I would like to know is can I request a balance transfer for more than I owe on the old card, then when I close the old account they'll refund me the in-credit balance by cheque which I can then put into a savings account?
Example: Old credit card has a balance of £2000, new credit card has a limited of £4000. Could I request a balance transfer of £3000 and then close the old credit card and receive a refund of £1000 from them to put into a savings account?
Thanks for any advice.
0
Comments
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I think some places will do this, others won't.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
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