How to transfer balance

freeride

Hi all, ive known about MSE for sometime but this is my first post as im about to start credit card stoozing, i have a question about the first balance transfer that i dont fully understand.

I have a new 0% -12 month barclaycard and i want to transfer £2800 to the egg money account, can anyone tell me if i phone Barclaycard or Egg to do the BT?.

thanks for your help

Freeride:rotfl:

noh

Barclaycard

momisa

You phone the company for the place you want the money to go to.

You want £2800 to be with Egg so you need to phone Egg. Be sure you know what charges there will be as Egg (as with other cards) may have a transfer fee for accepting the money to be transferred.

HTH

freeride

Thanks for the 2 quick answers but both answers were different.

does anyone else have an opinion.

thanks

Clariman

As you see, you have 2 totally contradictory answers so it can be a confusing area. To be clear, we need to establish whether you want to transfer £2800 of real money from Barclaycard to Egg or whether you want to transfer a debt balance from Barclaycard to Egg.

Balance transfer terminology is based on the idea that you are transferring a debt (i.e. negative) balance from one card to another. Now, how can you transfer a negative amount of money? Well, you can't so when you ask a lender to transfer a negative balance (i.e. debt) from another card to their card, they actually send money in the opposite direction. That is the key thing that you need to get your head around. The Balance Transfer Request and the money go in opposite directions.

Let's assume that you are wanting to move real money from Barclaycard to Egg Money so that you can then send it on to a savings account. To do this you have to request to transfer a balance in the opposite direction. Therefore, you call Barclaycard and request that they do a balance transfer from Egg to Barclaycard. The way Barclaycard do this is to send money in the opposite direction i.e. from B'card to Egg.

You might have to read that a few times but it will eventually sink in.

Clariman

CLAPTON

yes, just echoing Clariman, if you have a new 0% BT barcalycard and you want to clear down your egg card then you phone Barcalycard to arrange a BT.

freeride

Thanks for your instant answer, i have seen a similar question posted on stoozing.com where i recognise your username.

I really appreciate the advice and answers.

:T thanks for the help.:T

freeride