Can you pre-load an empty credit card account?

Technik21

I was wondering if I pre loaded my 'existing empty' credit card from a new 0% balance transfer card (like a balance transfer request), and then ask the existing credit card company to transfer the credit transfer in to my bank account, would that be possible??

The new 0% card company does not have the facility to make a cash transfer in to my bank account, so thought this was a way around this?

Would the new 0% credit card company realise that I had an empty account on the nominated existing credit card that I want make the balance transfer to?
And would my existing card company be ok to transfer the credit balance to my bank account?

I remember a few years ago, I made a balance transfer to pay off a card, and I over paid that account, but it was just transferred in to my bank a\c.

I could ask both companies the same questions of course, but didn't want to complicate things, so thought I would ask here first.

Thanks

grumbler

Technik21 wrote: »

I was wondering if I pre loaded my 'existing empty' credit card from a new 0% balance transfer card (like a balance transfer request), and then ask the existing credit card company to transfer the credit transfer in to my bank account, would that be possible??

You can be lucky and get away with this, but most likely they will insist on returning the money back to the card that it came from.

Would the new 0% credit card company realise that I had an empty account on the nominated existing credit card that I want make the balance transfer to?

No, they can't see this unless this is obvious from your credit file where names of the accounts aren't visible.

And would my existing card company be ok to transfer the credit balance to my bank account?

Normally it wouldn't and it's against the T&C for you deliberately to put your CC in credit.

At extra cost and with some negative effect on your credit history you can withdraw cash and then transfer the balance.

andyfromotley

I think you MAY find that some companies will insist on paying it back to the CC account it came from? (iirc from previous threads on here) But i may well be wrong on that.

It may well be against the t&c's of the CC doing the BT and thus invalidate the 0% part of the deal if they realise what has happened. Although i'm not sure how thy would find out.

On a technical level i suspect its a fraud as you are are purporting to one thing a bt (which they allow) however you are deliberately doing another thing, a cash advance, which presumably they dont. (although being an ex cop even if reported, which it wouldnt be, you are never going to be charged with this in a million years!! i was speaking from a theoretical standpoint really)

couldnt you just apply for a cash advance card?

grumbler

andyfromotley wrote: »

...
It may well be against the t&c's of the CC doing the BT and thus invalidate the 0% part of the deal if they realise what has happened. Although i'm not sure how thy would find out.

On a technical level i suspect its a fraud as you are are purporting to one thing a bt (which they allow) however you are deliberately doing another thing, a cash advance, which presumably they dont.

I think you grossly overestimate this.
Such transfers to 'mule' cards were very common in the past when such cards existed (e.g. Egg Money that allowed credit balances and transfers to a current account).

Technik21

Thank you for the quick replies.
It was just a way of avoiding the 2% charge the retailer would have to absorb on a large purchase, by using a credit card for the purchase.

Probably easier to apply for a 0% money transfer card, but it is a time issue, so thought I might be able to get around it this way.

Thanks again.

chattychappy

Other posters might be able to help more with this.

But I recall that one card (?M&S) would allow you to buy their own travellers' cheques and treat them as a purchase - which was great if you were on their opening 0% on purchases deal. The trick was to buy STERLING cheques (for which there was only a minimal fee and, of course, no silly exchange rate) and then pay them into your current account.

Not sure if that's still possible, but other posters might chip in with a solution.

Halifax Clarity do not charge fees on ATM withdrawals (interest only). If you had this card as well as a BT card, you could use Clarity to pull out up to £500 a day and then use your BT deal to pay it off.

YorkshireBoy

chattychappy wrote: »

But I recall that one card (?M&S) would allow you to buy their own travellers' cheques and treat them as a purchase - which was great if you were on their opening 0% on purchases deal. The trick was to buy STERLING cheques (for which there was only a minimal fee and, of course, no silly exchange rate) and then pay them into your current account.

Not sure if that's still possible, but other posters might chip in with a solution.

M&S Travel Money stopped issuing travellers cheques a good while ago now (several years?). Tesco remains an option, with a 1.25% fee and interest at your purchase rate (great if you're on 0%!). However, the max you can get is set by your 'cash limit', which is generally 30-50% of your credit limit.

There are a couple of cards known to be amenable to muling. Indeed, I muled £30K through one of them earlier this year in 4 transactions, the largest just under £10K. However, no point suggesting one of these as OP hasn't said which cards they have.

mp3duck

This words with Barclaycard - Several MSE'ers have done this, and it works.
see https://forums.moneysavingexpert.com/discussion/5178543