Balance transfers/Money transfers

ozburt

I have 2 questions regarding money and balance transfers.

I am trying to understand how can I make a money transfer card work for me. My understanding is that it allows you to transfer money into your current account for a fee (as well as paying what you owe on your card).

So, for example the credit limit on my card is £2500.

The money I owe on my card is £1000.

I would like to do a money transfer to put £1500 into my bank account. Would I have to request this on my application?

Say the fee is 2% and the offer is 0% on money transfers for 24 months.

According to my calculations this would work out at:

2% of £2500

Which would be £50 and I would have 2 years to pay off £2500 at 0%.

1) Have I got this correct?

Also do I need to owe money on a credit card to apply for a money transfer? Say I have 2 credit cards and owe £1000 on one and £0 on the other. Both have a credit limit of £2500.

I would like to do a balance transfer at 0% (no fee) for 18 months on the card on which I owe £1000,

And I would like to do a money transfer for £1500 on the card that I don’t owe any money on. Using the previous example, at 2% this would be a fee of £30.

2) Is this feasible or not?