Balance transfer enquiry

JDi

Hi

Can anyone comment on if this is allowed?

I have 2 credit cards, a YB one and a Barclaycard. The balance on the YB is £300 and the Barclaycard is £0. On the Barclaycard i have an offer of 0% on money transfers until June 2018 at 2.5% fee.

I have just moved into a new home and in the sales in January i was going to go spend about £2000 on new furnishings and get a 0% for 12 months deal with someone like Argos/Currys etc. What i wouldnt mind doing though is utilizing the Barclaycard instead for this as it saves me applying for any further credit and the fee would only be £50..........but the offer runs out on the 31st December.

Can i transfer £2300 from my YB card onto my barclaycard which would leave me with a -£2000 balance on my YB card which i could eat into in the new year with the furnishings? i.e they would owe me

Is that even allowed?

[Deleted User]

It's against the terms of your card.

You may get away with it....you may get the card closed down and the money returned, plus the fee charged.

JDi

Well im not too fussed if they closed the card down and sent me the £2000 cash......that would be a good result. Im more worried about them confiscating it or looking at it as some money laundering thing........

[Deleted User]

If they close it, they won't be sending you the cash. It'll be going back to the Bcard.

You would still get to fork out for the fee though, so not all bad.

JDi

Its probably not something i want to be doing by the sounds of it.

There is another offer on the Barclaycard........0% on money transfers for 10 month which is pretty decent..........how badly do money transfers look in terms of your credit report? Is there any detrimental effect to future credit applications by using a money transfer?

[Deleted User]

No. It's similar to a BT, and the promo marker takes care of any concerns of only making min payments.

bengal-stripe

JDi wrote: »

On the Barclaycard i have an offer of 0% on money transfers until June 2018 at 2.5% fee.

If you have an offer for a money transfer, you can just transfer the amount you need (up to 90 or 95% of your available balance) into your current account. With that money you can pay your CC and buy your furnishings come January.

P.S. Just noticed, in the title you are talking about a "balance transfer" (from CC to CC). "Money transfer" goes from CC to current account. What have you been offered, balance- or money transfer?

JDi

Thanks bengal.......i meant balance transfer on the June 2018 deal at 2.5%. The money transfer offer is 10 months at 1.6% which i think i will use to be honest and then setup 10 payments of £200 to pay it back, wouldnt have minded the extra 9 or so months that the balance transfer offer would have offered thats all.

cheers