Balance Transfer to Current Account

FlameStandish

Is it even possible to balance transfer to a current account?

TSB has a new balance transfer card for 28months at 0%. The balance transfer fee is 3%. If I apply for the balance transfer card before March 4th they will give me 2.30% of the fee back.
(They also offer a purchase card for 20 months 0%).

I currently have a Virgin credit card which I pay roughly £50 back per month and I'm quite happy to pay that, I can afford it.

I don't want to purchase anything with this card so a purchase credit card isn't useful to me.
What I'd like is some cash in my bank account in which I can pay my phone bill, virgin monthly amount, maybe buy a few things, insurance and other things.

Basically, I am quite happy to pay the balance transfer fee and pay back the monthly amount to TSB and just have some "cushion money" to use if I need it for the next 28months.

Firstly:
Is it possible for someone to balance transfer from TSB to Halifax.

Second:
Is it possible for me to balance transfer to a current account?


Any help will be nice and appreciated.
:money: <- I had to do that emoticon

bigadaj

It is possible to balance transfer from tsb to Halifax, but I don't think tsb do money transfers, give them a call and check with them to make sure.

There seems to be a problem with your thinking though, as you owe virgin money and pay interest on this why don't you balance transfer the virgin debt and save on interest.

If you balance transfer a new amount then you'll owe even more money and you may struggle as you aren't supposed to put credit cards into positive balances.

How much do you woe virgin and at what rate, looks like you need to do a statement of affairs, out this on th e debt free wannabe board if you want suggestions in savings and how you can pay your debt off make quickly. You might be happy paying 2%+ to virgin every month if it's 'only£50' but this is money you could be saving elsewhere or spending more effectively.

planteria

yes re. TSB and Halifax BTs.
i would look to put a card into a +ve balance and then request free transfer into your current account.

FlameStandish

Virgin card is at 0% interest for the next 12 months.

I just wanted to take advantage of the 28month deal from TSB and to claim the 2.30% back on the 'balance transfer'.

If my understanding is wrong please do let me know, but shouldn't TSB not worry about what I use the money for just as long as they get thier balance transfer fee at the beginning and the monthly amounts paid on time?.


What other options do i have to get some money for a long period of time and pay back a minimum amount each month? Bank loan? Don't they charge interest on bank loans?... I'd rather not get a bank loan :rotfl:

Candyapple

What you are talking about is money transfer cards:
http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

And as far as I know, TSB don't offer money transfers on their cards. If you want to use the TSB offer to put cash in your bank account you will need either a MBNA card or Barclaycard and then put those into positive figures and then ask for a withdrawal to your bank.

grumbler

FlameStandish wrote: »

I don't want to purchase anything with this card so a purchase credit card isn't useful to me.
What I'd like is some cash in my bank account in which I can pay my phone bill, virgin monthly amount, maybe buy a few things, insurance and other things.

Basically, I ... just have some "cushion money" to use if I need it for the next 28months.

Get a 0% spending card. It is a 'cushion' on its own for most expenses except some bills.
Do use it for purchasing essential things/services that you buy anyway.
Use the saved cash to create the extra 'cushion money' you need.
Unlike with a 'money transfer' this cushion won't cost you anything.

As simple as that.

FlameStandish

I wanted to get the complete whole balance into my bank account to use for spending and paying bills etc.

I'm guessing it can't be done then?.

grumbler

So was the 'cushion' just an excuse or a self-delusion then?

No, you cannot do this with TSB CC, but you can with some other cards. Did you bother to follow the link in the post #5?

Or you can withdraw cash from your Virgin CC and transfer this part of the balance to TSB or any other card offering 0% on BTs, but this will be even more expensive.