Use a balance transfer as a money transfer??

Hugh1983

Hello,
We were considering cheap ways of borrowing money to tide us over until our house is sold and we can repay the debt. Looking at maybe £5k. Our current credit limit on the credit card is £6k and there is a promotion to transfer balances for 0% over 18 months. If I enter the visa details from my debit card account (from another bank) and request a balance transfer to this account will I have any problems or will it go through and my debit card account will receive a credit of £5k? Or will it be refused because they are able to get info that there is no debt here or will they know that it isn't a credit card.
Many thanks in advance

[Deleted User]

If it's not a credit card, then it won't go through.

Hugh1983

ok thanks, but I was also under the impression that you can use balance transfers to pay off overdrafts too? So this would mean putting in your debit current account (non credit card) details and getting the transfer put through to pay off overdraft?

[Deleted User]

You need a card that specifically offers money transfers, which allows you to put it into an account. MBNA tend to offer these.

grumbler

Hugh1983 wrote: »

We were considering cheap ways of borrowing money... Our current credit limit on the credit card is £6k and there is a promotion to transfer balances for 0% over 18 months.

Theoretically you can withdraw money from another CC and then transfer the balance to the one offering you 0%. This will cost you ~3% cash advance fee on the top of the BT fee and may have a slightly negative effect on your credit history.