Putting a CC into credit, then using promo rate

Charlieuk01

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?

DCFC79

Ask MBNA and Barclays if you can do that.

TheShape

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.

Dobbibill

I can't see option 1 working - option 2 is your best shot.

Money_Rollercoaster

Your credit limit and the limits on transfers aren't increased if you have a positive balance.