Money transfer

gingerronaldinho

Hi

I’m looking to borrow a small amount from my credit card as a money transfer. My first issue is that I currently don’t have a money transfer offer available. Does anyone know if it’s possible to contact my provider and ask them to create an offer?

If that’s not possible and I then get a 2nd credit card specifically for a money transfer, how does that effect my credit rating? Is it possible to close the 2nd card down once the balance is paid off as I wouldn’t want 2 credit cards for the sake of it?

Any help would be much appreciated. 

[Deleted User]

You need to apply for a card that offers a money transfer. An offer won't be specially created for you.

However, they're harder to get than other cards and you may not have the credit history to support it. 

Having just the one card suggests you have a thin file. You should aim to have at least another couple as back ups so if you do get another, make sure you keep both.

Willing2Learn

Yes.  If you ring up and make the request, they can check whether the computer says yay or nay.

Alternatively you could just apply for a new card with a MT promotional offer.
https://www.moneysavingexpert.com/credit-cards/money-transfers/


Having a second card means that lenders are starting to trust you.  If you get a second card then you should keep using both cards to demonstrate you can successfully manage credit accounts.   



Ignore your score or rating as the card providers don't use them.  They score you independent using the data held in your three credit files, added to the data you provide in your application, added to the data they may already hold on you as an existing or returning customer.


Edit:  And welcome to the forum 

jonesMUFCforever

Unless your credit rating is excellent - at the moment you will be very lucky to get a card let alone a money transfer deal.

Kauto5

If a card provider offers a money transfer but says it is subject to your bank account being in your name and at the same address, so they do a search through Trans Union credit reference agency, what happens if your bank account is not on your credit report?

Se1Lad

I think MBNA are still offering a Money transfer card.  There’s also an eligibility checker on their website which also gives an estimate of the credit limit you would get.