Re-using Money transfer funds?

MoneySpendingExpert888

I have an offer for a Money transfer on one of my credit cards, a card which I use quite regularly.

Last year i got a payment rejected from my direct debit because it was something like £9 short off the statement amount, and it was only because wages got put into a different account and not the account where the DD normally comes from.

If I take the money transfer offer (1.9% fee) and get the full amount of the card transferred into my current account, and then pay off the credit card in full the following month would I still get the interest-free period for the next 12 months? e.g. i could then still use my card as normal and spend upto the maximum amount and each month i could make the 'minimum payment' without it actually occurring any interest.

Because if I were to max out my card today (without the money transfer in place), and then pay the minimum amount each month for the next 12 months i would then be paying interest each month.

[Deleted User]

Yep. .

MoneySpendingExpert888

ah right thanks for your reply zx81.

I wasn't sure if the interest-free applied to that transaction only, and wouldn't apply to purchases made outside of that offer because thats how one of the barclays reps over the phone made it sound like, although i think they were confused by what I proposed in the first place.

so if my credit card limit was £2,000.

then i took all the £2,000 as a cash transfer into my current account (minus the fee).

paid off the credit card in full the next month so that the balance is back to £0.

I could then spend upto the £2,000 on the credit card for 12 months without incurring any interest (assuming that i at least pay off the minimum balance)

Thanks again for your reply, just thought i'd re-clarify it in a more applied scenario.

R34GTT

No.
If you use the offer and transfer £2k to your bank account then the £2k balance now on the card is at 0% for the duration of the offer.

If you clear the balance then the 0% offer will be gone and any new transactions will be at the standard rate.

[Deleted User]

Sorry - I miread. If you're making new purchases, they will attract interest.

Doctor_Duke

Make a transfer to a current account that pays higher interest, say TSB Classic Plus at 5% and make a small profit. You just need to make sure you pay the minimum payment each month and don't spend the balance sitting in your current account when the 0% period ends on your credit card.

Traceyannholmes

Doctor Duke could you please tell me if I use £6,000 of my bank overdraft my limit is currently £13,000 but is in full credit - could I then transfer the £6,000 of my overdraft onto a 0% credit card?

MallyGirl

so you want to spend £6k (or withdraw £6k cash I suppose) to put yourself £6k into your overdraft, and then do a money transfer (note NOT balance transfer) to your overdraft to relocate that £6k debt to a 0% money transfer card?
It can be done if you can get a £6.5k limit (only allowed to transfer 90 or 95% of the limit) Money transfer card with a 0% deal. There are only a couple of money transfer cards. There will be a MT fee.

Much easier to just buy the £6k item on a 0% purchases card if you are buying something.

You haven't given enough info