Balance Transfer - Credit 16 January at 7:26AM edited 16 January at 8:44AM in Credit cards 6 replies 346 views

Apprentice2019

Hi, Just wondered if anyone had come across this before...

I have transferred a balance to a 0% card but due to timing, two minimum payments had been made to the original card before the balance transfer went through. This has resulted in the balance transfer sending one card into credit. That card issuer is refusing to either transfer the credit to my account or back to the balance transfer card.

The balance transfer card are saying the original card should have no problem returning the credit?

Ebe_Scrooge

So the balance transfer has actually been processed, resulting in a credit on the beneficiary card?  How much is the credit balance?  If it's a small amount, the simplest thing is to just make a purchase on that card equal to, or slightly more than, the credit balance, then just pay the next statement in full when it arrives.

However, it's unusual for them to refuse to refund the credit balance - did they give a reason why?

Putting a card into credit generally is against the T&Cs, but in practice they're generally not too bothered if it's just a small amount.

Apprentice2019

It was about £140 in credit. I've managed to buy some things to reduce it but just now would prefer the excess credit back.

They didn't give a reason, they just said they couldn't? Very unhelpful!

HillStreetBlues

Apprentice2019 said:

It was about £140 in credit. I've managed to buy some things to reduce it but just now would prefer the excess credit back.

They didn't give a reason, they just said they couldn't? Very unhelpful!

Has the card got a cash withdrawal fee?

JayE_84

I have a question...  I have a balance transfer card 0% fee and 0% for 15 months.
Can I transfer a balance (considerably) greater than. current credit from another card?

ie. I have £100 spend on a £4000 limit spending credit card. Can I move £2000 to my balance transfer card and effectively my basic card becomes a prepaid £1900 card for spending.

Brie

Many card providers will refund any excess amount automatically so doing a transfer on purpose may not work well.  The only card that I have that occasionally gets into a credit balance is my Santander one and their policy is to wait until you request it so it could be held as a prepaid card.  

But any card that does have a credit on it should be refunded to the normal bank account used for the DD particularly if it's requested.  If the bank doesn't then I would suggest you raise a complaint with them stating that you have been financially disadvantaged by the (lack of) actions.

Alexd52

JayE_84 said:

I have a question...  I have a balance transfer card 0% fee and 0% for 15 months.
Can I transfer a balance (considerably) greater than. current credit from another card?

ie. I have £100 spend on a £4000 limit spending credit card. Can I move £2000 to my balance transfer card and effectively my basic card becomes a prepaid £1900 card for spending.

This is against the T&C of credit cards, and could result in card closure