sainburys/ natwest balance transfer

barrooo

Hi all,

I've recently transferred from a sainsbury card to natwest on an BT interest free period. Now I've read about stoozing and wanted only about £500 over and above my balance to top up an ISA. The transfer went through OK but today I phoned sainburys and requested the, now, positive balance be moved to my bank account or if they could send me a cheque. I was then told that as it was a BT could only be sent back to natwest who issued it.
Is this correct or could I have the cash sent to my account and if so do any CCs let you take the cash?

Clariman

Credit cards were never designed to have credit balances, so it is common practice that an issue will return a positive balance back to the originating card.

There is only one card that is designed to have a positive balance and that is the Egg Money (Mastercard) Card. You need to do some reading on stoozing and how to use the Egg Money card before you embark on your stoozing activities.

Clariman

YorkshireBoy

From the Sainsburys card T&C's...

7.6 You must not make payments or transfer funds from another credit or store card to your account that would leave a credit balance on your account. We may return any funds that exceed the balance owing on your account to the account from which the money has been sent.

http://www.sainsburysbank.co.uk/credit_cards/cca_importantinfo_adv_orp.shtml

If they let you (and they might not now you have alerted them to your activities), you could spend the +ve balance and transfer the equivalent value from your current account to your ISA.

Your error may only cost you £10 (£500 x 2%) this time. Your next mistake might cost you more! Research is the key.

barrooo

Thanks for the replies...I'll consider my wrist well and truly slapped!!
I'd been using 0% purchase cards for a while and putting the money owed into high interest accounts but this was my first foray into BTs...more research required next time!