Making a 0% balance transfer as a money transfer

7sefton

Hello

I just did a 0% balance transfer, but accidentally transferred too much. This left me with a credit balance on my old card. I called the bank and they simply transferred the credit balance into my bank account. So effectively I have done a 0%, no fee money transfer disguised as a balance transfer.

Is this common? I’m thinking of doing it more intentionally to stooze!

[Deleted User]

It varies by lender.

Some are happy to do it, some will return it to the other card (with no refund of any fee paid) and some have been known to close or freeze the customer's account as it breaches the terms.

Tread carefully and do your research first.

7sefton

Thanks! Which lenders tend to be happy to do this?

[Deleted User]

Have a look through the threads on the stoozing board - eg
https://forums.moneysavingexpert.com/discussion/5597625/how-do-mule-cards-work

Policies vary across lenders on a regular basis, so look for up to date references to the cards you have, and bear in mind that just because they have done it for one person, doesn't guarantee they will do it for you.