Maximum Balance Transfer Query

playaz

Hi everyone,

I just got an email from Barclaycard saying that I can transfer a credit card balance with 0% interest until 1 Nov 2015 with a 2.9% transfer fee with a maximum transfer fee of £1800.

I am currently at £1450 on my Santander 123 Credit Card, but would ideally like to use the maximum of £1800... the question is - is it possible to transfer more than what is owed on a card?

So in this instance, I owe £1450 on my 123 Card, can I transfer £1800 and would this give me a £350 surplus? Or can I only transfer the maximum of the balance on my 123 card (which is currently £1450)

Thanks

[Deleted User]

You risk having the surplus returned or your card suspended.

InsideInsurance

You can instruct them to transfer whatever you like. What Santander does with the excess is the question.

In most cases taking a credit card into a positive balance breaches its terms and conditions and so they may return some or all of the funds - this may result in additional charges and is very unlikely to result in any refunds of fees from Barclays.

What are you actually trying to achieve? If you are just trying to maximise the benefit then just do two transfers, one initially for half the money, then spend on the old card and then do a second transfer for the other half.

playaz

Ok thanks - i'll probably just transfer the £1450 or alternatively spend some more money on the card so it hits the £1800 mark.

Thanks for the advice

thebritishbloke

Don't spend more money just for the sake of spending more money. If you already can't afford to pay off your £1,450 of debt, then you shouldn't be borrowing more money, you should be focusing on getting that paid off.

jamesperrett

It is also worth remembering that you can probably get a better deal with a different card.

Kendall80

jamesperrett wrote: »

It is also worth remembering that you can probably get a better deal with a different card.

^This.


1 year balance transfer with a 3% fee is too high. Try Tesco 12 months 0% balance transfer and fee free.

peter999

playaz wrote: »

Ok thanks - i'll probably just transfer the £1450 or alternatively spend some more money on the card so it hits the £1800 mark.

Thanks for the advice

I've usually transferred more to a number of cards (Barclaycard, MBNA, HSBC, Bank of Scotland), no problem, maybe £100-£150 extra giving a little credit still to use which is on 0%.