0% transfer cards, not sure what that means

QrizB

EmmieAwards said:

So, obviously, transferring the amoutn I owed to the new card would remove it from the old card, but youre saying that they didnt check and you could transfter more of your limit rather than juts your owed balance?

In me specific case, my statement balance was £1600 but I had made a couple mnore transactions and my live balance was £2000, so I transferred that. As it turned out my payment went through before the transfer did so I ended up £1600 in credit. NewDay didn't complain (they did offer to reverse the payment) and I spent it all over a couple of months.

Ideally, I just wanna transfer what I owe, pay it off, then use my new one like my old but with less interest.

That is the wisest choice, I'm sure.

EmmieAwards

TadleyBaggie said:

You cannot transfer more off a card than the current balance, or at least it shouldn't be accepted. If you have a balance of £250, then £250 is what you should transfer. Putting a card in a positive balance is usually against the terms and conditions. It can happen accidentally when getting a refund

thanks :-)

so just to confirm my balance that will be transferred to my new card is the money owed on my old card..?
This means a new credit limit will have to be earned with the new card and company...

GrumpyDil

Nope, the new credit card company will give you a credit card limit for their card

[Deleted User]

EmmieAwards said:

TadleyBaggie said:

You cannot transfer more off a card than the current balance, or at least it shouldn't be accepted. If you have a balance of £250, then £250 is what you should transfer. Putting a card in a positive balance is usually against the terms and conditions. It can happen accidentally when getting a refund

thanks :-)

so just to confirm my balance that will be transferred to my new card is the money owed on my old card..?
This means a new credit limit will have to be earned with the new card and company...

A BT is effectively card B being used to pay off card A - YOU choose what to transfer and that amount is paid from B to A. If your balance was £250 and you balance transferred £250, card A would show a £0 balance (though you should keep a direct debit active for 2 months for any trailing interest if you are paying interest at the moment) and card B would show £250 + whatever BT fee.

If you transfer more from B to A, A will be in credit and they will refund the credit back to B.

When I do transfers I tend to transfer less than the full balance, so say I spent £2000 one month, I would move say £1500 + fee, leaving £500 on the first card to pay off (just for the sake of argument).

You should also be mindful that if you do a balance transfer, ensure your direct debit is set to pay off at least the minimum, if not a fixed amount above that, and do it before the statement date or you can end up with an accidental credit if you pay off the card via BT but then the card also takes the payment from your bank after the BT meaning effectively a double payment e.g.

£250 balance on card A

£50 payment to card A by DD

£250 BT from A to B leaves A with £0 (ignoring trailing interest)

£50 DD taken from account leaves A with -£50 i.e. a positive balance