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

destroycarthage

So here is what I'm lost on.... What is the benefit of this?

faddy

destroycarthage wrote: »

So here is what I'm lost on.... What is the benefit of this?

It provides a mechanism for funding a bank account from a credit card promotional rate balance transfer.

jonesMUFCforever

faddy wrote: »

It provides a mechanism for funding a bank account from a credit card promotional rate balance transfer.

Or you can get a money transfer card with a promotional offer.

Ben8282

faddy wrote: »

It provides a mechanism for funding a bank account from a credit card promotional rate balance transfer.

It also breaches the terms and conditions of the credit card so done at your own risk

faddy

Ben8282 wrote: »

It also breaches the terms and conditions of the credit card so done at your own risk

It's been reported on here that MBNA's t&cs don't prohibit it, though I don't have mine to hand so can't check whether that's still the case. Sharing information in threads like this as to what different card issuers do in practice should serve to reduce the risk.

faddy

jonesMUFCforever wrote: »

Or you can get a money transfer card with a promotional offer.

Indeed you can, but fewer card issuers offer money transfers than offer balance transfers, and promotional money transfers typically come with a 4% fee as against a fee in the range 0%-3% for balance transfers.

Existing customer money transfer offers such as that offered from time to time by Halifax with a 4.9% interest rate, but more importantly a 0% fee, give the opportunity of a more "legitimate" route - create a genuine debit balance via an MT and then immediately repay it with a balance transfer.

Heyrill

Candyapple wrote: »

MBNA - yes
Santander - no
Amex - no

No experience of Capital One.

Why can't you do this to Santander?

So I can't do a Balance transfer from Barclay to Santander and ask them to send it to my current account?

MallyGirl

they may just send the payment back to Barclays but you will still be liable for the fees. Then they may cancel your card

Heyrill

MallyGirl wrote: »

they may just send the payment back to Barclays but you will still be liable for the fees. Then they may cancel your card

I just called up and they have sent it to my current account. So we can add Santander to the list

Heyrill

Sorry for bumping this thread as mention before regarding Santander.

So Santander has transferred me the money over to my current account (took them 3 days), does this mean I am clear or will they investigate this further and potentially close my CC?

I'd assume they did this within the 3 days? and I can't see anything within the ToS, hopefully someone more experience can help me out here to ease my worries! Thanks