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Putting a CC into credit, then using promo rate
Options

Charlieuk01
Posts: 4 Newbie
in Credit cards
Morning all,
I've tried to find this answer through past threads but couldn't see it.
The challenge: I have a Balance Transfer card with a good promo rate from Barclays and a high available balance (11k). I also have an MBNA card with a good Money Transfer promo rate but a lower available balance (5k). And I want to borrow 9k in total (as cash).
Solution???
Can I do a balance transfer from Barclay to MBNA of 4k. Giving the MBNA a positive balance of 4k. Then use MBNA's money transfer promo to withdraw the 9k? (Obviously including the fact they only allow 90% ish of the balance)
Alternatively???
My other option was to withdraw up to 5k. Then do a balance transfer to pay off this amount. Then do another withdrawal. But speed is of the essence so if my first idea works, this might be quicker.
Has anyone tried anything similar, or got any other suggestions?
I've tried to find this answer through past threads but couldn't see it.
The challenge: I have a Balance Transfer card with a good promo rate from Barclays and a high available balance (11k). I also have an MBNA card with a good Money Transfer promo rate but a lower available balance (5k). And I want to borrow 9k in total (as cash).
Solution???
Can I do a balance transfer from Barclay to MBNA of 4k. Giving the MBNA a positive balance of 4k. Then use MBNA's money transfer promo to withdraw the 9k? (Obviously including the fact they only allow 90% ish of the balance)
Alternatively???
My other option was to withdraw up to 5k. Then do a balance transfer to pay off this amount. Then do another withdrawal. But speed is of the essence so if my first idea works, this might be quicker.
Has anyone tried anything similar, or got any other suggestions?
0
Comments
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Ask MBNA and Barclays if you can do that.0
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I've made use of a number of MTs from MBNA this month.
Made a MT, transferred the balance to a BT card, then repeated. That's the same as your second option.
MBNA will complete your MT next working day if requested before 4pm. If Barclaycard complete a BT next day (my Halifax card was next day, Virgin took two days) you could have all the cash in the bank by Thursday and second BT completed by Friday.
Just be sure that MBNA confirm you have the funds available to use before requesting the second MT. They are very good at updating you by email.0 -
I can't see option 1 working - option 2 is your best shot.I’m a Forum Ambassador and I support the Forum Team on the Budgeting & Bank Accounts, Credit Cards, Credit File & Ratings and Energy boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
If you can't be the best -
Just be better than you were yesterday.0 -
Your credit limit and the limits on transfers aren't increased if you have a positive balance.174 BPM >> CC Balance (0%) -£3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -£19,803.74 - Target DFD Nov 20200
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