Maximise balance transfer into current account 3 February 2016 at 3:04PM in Stoozing: free cash from credit cards 7 replies 2.5K views

harriko

Hi all!

I'm new to stoozing and wanted to know how to make the most of the current situation.

1. Capitalone (standard)
2. Lloydsbank Platinum (28m 0% balance transfer, 1% charge) - £2,500 / £4,500
3. Barclaycard (26m 0% balance transfer, 0.68% charge)- £0 / £14,300

Preferably would like to get about £14,000 into my savings.

I have read that some people can make a positive transfer from Lloyds cc into their linked current account. I'm not too sure about this and rather not risk wasting the transfer fee. Will it be wiser to get a MBNA credit card and transfer the balances to my account, or there is a way without that.

I received Lloydsbank card before last christmas and barclaycard today. I may not even be able to get that card.

thanks!

Candyapple

The only money transfer deals I have received from Lloyds credit card have been whilst I was an existing customer and even then, it's probably been once a year, if that. I still get sent other balance transfer offers from them (usually 18 months 0% at 1.49% fee) every quarter or so, but they definitely do not offer money transfers as part of any of their credit card range.

If you can get an MBNA card then you could do a balance transfer from your Barclaycard onto it to put your account into a positive balance and then request MBNA to refund it to your current account.

However, I must admit I've never done a balance transfer to them for such a high amount especially knowing I was purposefully putting my account into a positive balance and would be worried if they flagged it for money laundering purposes/started some kind of fraud investigation.

http://forums.moneysavingexpert.com/showthread.php?t=5205695

harriko

Candyapple wrote: »

The only money transfer deals I have received from Lloyds credit card have been whilst I was an existing customer and even then, it's probably been once a year, if that. I still get sent other balance transfer offers from them (usually 18 months 0% at 1.49% fee) every quarter or so, but they definitely do not offer money transfers as part of any of their credit card range.

If you can get an MBNA card then you could do a balance transfer from your Barclaycard onto it to put your account into a positive balance and then request MBNA to refund it to your current account.

However, I must admit I've never done a balance transfer to them for such a high amount especially knowing I was purposefully putting my account into a positive balance and would be worried if they flagged it for money laundering purposes/started some kind of fraud investigation.

http://forums.moneysavingexpert.com/showthread.php?t=5205695

Better to do multiples of about £5000 rather than doing a lump sum?

YorkshireBoy

harriko wrote: »

Better to do multiples of about £5000 rather than doing a lump sum?

I did 4 or 5 late 2014/early 2015, but kept them just under £10K...because that's the level that Egg were happy with years ago. Anything more than this seemed to incur a delay whilst it was being referred (there was a loophole whereby BACS transfers also, in addition to purchases, generated 1% cashback...so 2 x £9.9K BACS transfers and a couple of ad-hoc purchases got you to £200 cashback in the first month of the cashback year). Those were the days!

Kendall80

Remember, when transferring from CC to current account you are talking about 'money transfers' not balance transfers. Therefore the balance transfer fee does not apply. The money transfer fee is usually greater - towards 4% and not all cards permit it.

Sirmaggie

Kendall80 wrote: »

Remember, when transferring from CC to current account you are talking about 'money transfers' not balance transfers. Therefore the balance transfer fee does not apply. The money transfer fee is usually greater - towards 4% and not all cards permit it.

This not what they are talking about, you need to read the whole thread.

Ben8282

You have a problem.
You have applied for a BT card but have no significant balance to transfer.
Lloyds do offer Money Transfers as existing customer offers but you have a card only 2 months old so I guess they will only offer what was advertised when you took out the card which was balance transfers.
You have made 2 credit card applications within the last 3 months and have just been given a Barclaycard with a massive £14,300 initial credit limit. Your available credit has increased by £18,800 since just before Christmas. Quite extraordinary for someone previously holding only a standard Capital One card. Do you seriously expect just to be able to apply again for an MBNA card and get a credit limit of any significant or useful amount or even be accepted for the card at all?
If you want to get any money into your savings, the only way you are going to do it is to use one card for purchases paying in full each month by balance transfer from the other card for as long as you are able until the BT offer expires/is withdrawn, and put the money saved into your savings.

harriko

Thanks everyone.

I've applied for the MBNA everyday plus card and got accepted for a £3200 limit. Was expecting something in the hundreds. Waiting for the card to come through now.

Plan is to BT to MBNA in multiples under 10k then credit the positive balance to my bank account.