Best credit card to transfer a positive balance to..?

planteria

i think you should be ok for any.
the 'Everyday' card is the one that people recommend for this purpose, as there is no fee for money transfers [check T&Cs] but ime if you have a +balance you can get them to move the money to your current account.

keiran

planteria wrote: »

i would say MBNA too..



but what does this mean? the limit you have on the card won't matter:think:

as it happens i did the opposite last month: MBNA>Barclaycard>Barclays:D

?? Are you saying one can transfer a positive balance to a credit card which is greater than the credit card limit for the credit card account being transferred to?

keiran

New Question :-

If I do a balance/money transfer now on my MBNA card (so it starts to collect the monthly minimum payment) and then transfer another positive balance to my MBNA account, can I ask for that sum to be remitted to my bank account (as previously), or would that be seen as a payment to the MBNA credit card debt?

adidas

Intrigued by this discussion.

I have been stoozing but this seems to take things to a new level.

I'm trying to figure out the bit re: positive balance transfer. I recently did a money transfer from MBNA to put into a high interest account but had the associated fee.

I'm a little lost about the positive bit and wondering if you could explain to a noob how you do this exactly.

keiran

adidas wrote: »

Intrigued by this discussion.

I have been stoozing but this seems to take things to a new level.

I'm trying to figure out the bit re: positive balance transfer. I recently did a money transfer from MBNA to put into a high interest account but had the associated fee.

I'm a little lost about the positive bit and wondering if you could explain to a noob how you do this exactly.

Hi
Well, you know all about usual balance transfers.
And you know that some credit card companies (MBNA and Virgin, mainly) will do a money transfer into your current account (instead of to another credit card) for a slightly higher fee.

Well, when one gets a good new balance transfer offer from a credit card company which does not allow money transfers (most don't), an idea may be to transfer that amount to a credit card which does allow the "refund" of this positive credit balance into one's current account.

I've discovered that MBNA are happy to do this.
It is risky, though, with other credit card companies, as they do not like having a large positive balance on the account, may be suspicious of money-laundering or other nefarious activity, and may return the balance to the source - in which case one will have paid the handling fee to the first card issuer, for no benefit

keiran

quick update...

I had used MBNA for a couple of large transfers

I then transferred £3k to my Capitalone card, and they were happy to transfer to my current account

So we can add Capitalone for this "wheeze"

adindas

I put it in order from greatest chance to Avarage
MBNA, Virgin, Barclaycard, Capital One, Lloyds Platinum

I have tried with Lloyd Platinum for a few grands as well so we could add it.
Everyone is welcome to amend it ...

BigRabs

Hi Guys,
Just been (slightly) stung by this. A few years ago I did a BT to Lloyds and Lloyds simply cut me a cheque for the value of the positive balance.

Just tried the same trick again and Lloyds now tell me there policy is to only return to source.

In this case I'll just have to spend away the positive balance, which puts a little dent in my expected earnings but is not a disaster as the BTs were fee-free.

ollie31770

I've just decided to go for the Virgin Money 3 year money transfer, which comes with a fairly hefty fee (although it is still much lower than a loan APR). I can in theory save the money at a higher interest rate.

BT fees are so much lower, so I was tempted to try transferring to a Barclaycard and withdrawing the cash. In the end I decided it was too likely to backfire.

Has anyone had any recent success withdrawing positive balances from a cc? (Perhaps I should have taken the risk to save a good few hundred pounds in fees!)

faddy

It strikes me that it would be useful to update this thread from time to time.

MBNA, Virgin, Barclays and Capital One (and Lloyds though they're reported to have since changed policy) are all reported as being ok with transferring positive balances, and in other threads I've seen M&S and Nationwide also mentioned.

Has anyone had any negative experiences with any of these six, e.g. funds being returned to source, delays for money laundering checks or card account being closed?