How do mule cards work?

dm19

Other than MBNA, are there any other cards you can use as a mule card? I read on another thread capital one might be able to, but any others?

mrs_T

I have used barclaycard successfully and PM's them to refund to my bank a/c.

meantime

mrs_T wrote: »

I have used barclaycard successfully and PM's them to refund to my bank a/c.

Do you tell them you've made a mistake e.g. you've given the wrong card number for the BT?

meantime

Nationwide have told me that they'd transfer a balance to a current account, but warned me that balances over £3k would take 10-14 working days, for money laundering checks to take place. Has anyone met this sort of delay using other mule cards?

mrs_T

meantime wrote: »

Do you tell them you've made a mistake e.g. you've given the wrong card number for the BT?

No need, just pm them a request to refund funds to your current a/c.

iAMaLONDONER

So if you have a CC with 0% interest and 0% Balance fee you could make a balance transfer to another CC to deliberately cause a +ve balance. Then stooze

mrs_T

iAMaLONDONER wrote: »

So if you have a CC with 0% interest and 0% Balance fee you could make a balance transfer to another CC to deliberately cause a +ve balance. Then stooze

Yes, only reason I'm not doing it at the moment is that I don't have debt to offset and interest rates don't make it worthwhile. I already have 2 tsb accounts filled up and my BOS current a/c interest rate is about to go down to 2%.

faddy

YorkshireBoy wrote: »

If a purchase transaction appears on the account just before a +ve balance is actioned, your account could go into -ve balance with the MT, meaning a (c. 4%) money transfer fee could be applied.

You're suggesting that if you go down the "contact them and ask for the credit balance to be sent to your current account" route, rather than requesting an MT, it might still be classed as an MT and a fee charged if the balance went -ve? Would you expect the 4% to be charged on the whole amount of the transfer?

As an aside, I've just put my Barclaycard account into credit, and was slightly surprise to see that the amount shown as available for balance transfers is now shown as the sum of the credit balance and the credit limit.

Dan83

I!!!8217;m not sure if I!!!8217;m understanding this correctly.

If I get a balance transfer card, I can transfer a lump some to another credit card and get the positive balance transferred into a bank account?

Is it really that simple?

forgotmyname

Dan83 wrote: »

I!!!8217;m not sure if I!!!8217;m understanding this correctly.

If I get a balance transfer card, I can transfer a lump some to another credit card and get the positive balance transferred into a bank account?

Is it really that simple?

YES and NO....

Did you read post 3 and 5 ?????


You could end up with no money from the transfer but still having to pay the fee and risk having your account closed.