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Balance Transfer More Than Credit Limit

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  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    jamesd wrote: »
    ...Don't put a card into credit by more than its credit limit, though, that'll be sure to look strange and might attract attention. ....
    Very odd reasoning. What does in-credit balance has to do with the credit limit? They are on opposite sides of the zero.

    Generally, putting any CC in credit is against T&C and can attract attention unless in-credit balance is very small.
  • Voyager2002
    Voyager2002 Posts: 16,245 Forumite
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    Don't take a cash advance: the fees and interest are likely to be high so that it will cost you more than the saving in overdraft interest.
  • moneymoron1
    moneymoron1 Posts: 105 Forumite
    Don't take a cash advance: the fees and interest are likely to be high so that it will cost you more than the saving in overdraft interest.


    Voyager,

    Whilst i agree that the fee and interest will be high and possibly cost more initially, it will only cost for a few days before i do another balance transfer onto the 0% card to return the balance to zero and remove any interest charges from the cash advance
  • Red-Squirrel_2
    Red-Squirrel_2 Posts: 4,341 Forumite
    grumbler/james,

    Thank you, i think going the cash advance fee route is probably the easiest way to do it.

    I should be able to do it all within a couple of weeks if i am quick withdrawing the money and doing the balance transfers.

    It would finally be nice to shift that halifax overdraft at the very least

    That doesn't seem like the cheapest way to do it.

    Do the maths, how much will it cost you in fees and interest compared to the other options?
  • moneymoron1
    moneymoron1 Posts: 105 Forumite
    That doesn't seem like the cheapest way to do it.

    Do the maths, how much will it cost you in fees and interest compared to the other options?

    It possibly isnt the cheapest option, i would like to buy everything i need to buy on a CC then transfer it but i dont need to buy very much lately and i dont think this original balance transfer offer will be around for too long on my card. You normally get 60 days with other cards but i dont know what Barclaycard allow
  • Red-Squirrel_2
    Red-Squirrel_2 Posts: 4,341 Forumite
    What about the option of a second money transfer card? Has to be worth an application to save all those fees.
  • moneymoron1
    moneymoron1 Posts: 105 Forumite
    What about the option of a second money transfer card? Has to be worth an application to save all those fees.


    I cant get any money transfer cards, i think probably due to my past history which is fair enough. Fluid and MBNA all show me as a 10% chance of being accepted.

    I'm hoping that one last hit of cash advances and clearing all my overdrafts, reducing the number of credit cards will make me more attractive to them and less of a risk in the future
  • TheEffect
    TheEffect Posts: 2,293 Forumite
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    Just a thought (maybe someone more knowledgeable will shoot this down?) but could you not open a personal and business PayPal account, add your current account to one, and credit card to another, then send yourself a large payment, which you withdraw into your current account?

    I'd imagine the PayPal fee would be cheaper than multiple ATM withdrawals?
  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    grumbler wrote: »
    Very odd reasoning. What does in-credit balance has to do with the credit limit? They are on opposite sides of the zero.

    Generally, putting any CC in credit is against T&C and can attract attention unless in-credit balance is very small.
    The limit is an amount that is not likely to be considered very small or small by the credit card company. A few hundred Pounds out of a few thousand limit isn't likely to bother them by comparison.
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    What you said originally was "Don't put a card into credit by more than its credit limit", i.e. by more than few thousand, not few hundred.
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