Overpaying Credit card by balance transfer

stalkah

Hi All,

I want to make a couple of purchases to people who don't accept credit cards.

I currently have a nationwide select credit card, with nil balance. I was thinking if I were to take out another credit card with a 0% balance transfer option could I transfer the money to my nationwide credit card and then request a refund from Nationwide to my bank account?

Thanks

Ebe_Scrooge

You could try - but an easier way would be to use a money-transfer card, whereby the money is transferred directly into your bank account. Either that, or could you not just pay by cash or bank transfer, thereby avoiding the balance transfer fee that most cards will charge ?

stalkah

There is cards available with 0% balance transfers and 0% fees for new customers was looking to take up one of those.

I intend paying by cash but was hoping I can spread the cost for free over 24 months. As it's replacing the flooring in my house I didn't really want a big hit on my bank balance if I could avoid it interest and fee free.

phillw

Some companies allow it, but some cite anti money laundering laws. I would suspect nationwide would be one of the later, but I don't know.

If you have some savings then using a 0% purchase card for all your spending over then next 2 years would have a similar effect.