Transferring money from a balance transfer to a current account

thor

I'm a veteran stoozer who stopped about 15 years go once balance transfer fees were introduced and the financial crash hit. Recently however, I have noticed that Natwest are offering 0% BTs with zero fees and am considering getting back in. The only thing I'm a bit unsure about is the mechanics of getting your hands on the balance transfer. Is it still a case you can ask for the BT and the new card will transfer the money straight to your current account or do you need an intermediary card for this to happen?

GrumpyDil

If it is a balance transfer offer you still need to get the money onto a card offering money transfers.

thor

GrumpyDil said:

If it is a balance transfer offer you still need to get the money onto a card offering money transfers.

OK so I'll need a money transfer card then. That's not something that was required years ago.

fatbelly

There are still a couple around(4% fee)

https://www.moneysavingexpert.com/credit-cards/money-transfers/

Fingerbobs

thor said:

GrumpyDil said:

If it is a balance transfer offer you still need to get the money onto a card offering money transfers.

OK so I'll need a money transfer card then. That's not something that was required years ago.

How did it work before then? I've also been Stoozing (on and off) for many years, before there was even such a thing as a "Money Transfer." 

It all boils down to the need to create an artificial balance on any card, which you can then Balance Transfer onto the 0% card. The most common way to do this these days it to use a Money Transfer (or "Super Balance Transfer" as they were called in the early days). In the good old days, I used to use Egg Money. The only other option would be to hope that some card would be willing to transfer a credit balance back to your current account, and breach their terms. 

thor

Fingerbobs said:

thor said:

GrumpyDil said:

If it is a balance transfer offer you still need to get the money onto a card offering money transfers.

OK so I'll need a money transfer card then. That's not something that was required years ago.

How did it work before then? I've also been Stoozing (on and off) for many years, before there was even such a thing as a "Money Transfer." 

It all boils down to the need to create an artificial balance on any card, which you can then Balance Transfer onto the 0% card. The most common way to do this these days it to use a Money Transfer (or "Super Balance Transfer" as they were called in the early days). In the good old days, I used to use Egg Money. The only other option would be to hope that some card would be willing to transfer a credit balance back to your current account, and breach their terms. 

The second option you mentioned was the way I used to do it. I didn't need any other card apart from the one offering the 0% balance transfer. After getting the card I requested a balance transfer which was sent to my current account. So I ended up with cash in my bank account and a credit card with a zero percent debt which I duly paid off after the promotion period. I can't see any way this can be done now and with all the money transfer cards charging a fee I think it is still probably not worth it still.

Lumiona

You could get a 0% purchases card and spend everything on there to build up a balance and the balance transfer at the end of the purchases term.

grumbler

thor said:

Fingerbobs said:

thor said:

GrumpyDil said:

If it is a balance transfer offer you still need to get the money onto a card offering money transfers.

OK so I'll need a money transfer card then. That's not something that was required years ago.

How did it work before then? I've also been Stoozing (on and off) for many years, before there was even such a thing as a "Money Transfer." 

It all boils down to the need to create an artificial balance on any card, which you can then Balance Transfer onto the 0% card. The most common way to do this these days it to use a Money Transfer (or "Super Balance Transfer" as they were called in the early days). In the good old days, I used to use Egg Money. The only other option would be to hope that some card would be willing to transfer a credit balance back to your current account, and breach their terms. 

The second option you mentioned was the way I used to do it. I didn't need any other card apart from the one offering the 0% balance transfer. After getting the card I requested a balance transfer which was sent to my current account.

0% money transfers always were in minority, rather an exception than a rule, especially fee-free. A 'veteran stoozer' has to know terms like 'slow stoozing' (via a 0% purchases card) and 'mule card' (no fees, but not 0% on Money Transfers).

thor

grumbler said:

thor said:

Fingerbobs said:

thor said:

GrumpyDil said:

If it is a balance transfer offer you still need to get the money onto a card offering money transfers.

OK so I'll need a money transfer card then. That's not something that was required years ago.

How did it work before then? I've also been Stoozing (on and off) for many years, before there was even such a thing as a "Money Transfer." 

It all boils down to the need to create an artificial balance on any card, which you can then Balance Transfer onto the 0% card. The most common way to do this these days it to use a Money Transfer (or "Super Balance Transfer" as they were called in the early days). In the good old days, I used to use Egg Money. The only other option would be to hope that some card would be willing to transfer a credit balance back to your current account, and breach their terms. 

The second option you mentioned was the way I used to do it. I didn't need any other card apart from the one offering the 0% balance transfer. After getting the card I requested a balance transfer which was sent to my current account.

0% money transfers always were in minority, rather an exception than a rule, especially fee-free. A 'veteran stoozer' has to know terms like 'slow stoozing' (via a 0% purchases card) and 'mule card' (no fees, but not 0% on Money Transfers).

They may have been in the minority but I managed to get at least a handful of them. I don't know if 'money' transfer cards existed at that time(around about the time Martin Lewis began to talk about stoozing) because I didn't need them. I've never heard of slow stoozing before but I might go for a 0% purchase card before my insurance renewals and energy bills come up in the next few months.

Fingerbobs

thor said:

grumbler said:

thor said:

Fingerbobs said:

thor said:

GrumpyDil said:

If it is a balance transfer offer you still need to get the money onto a card offering money transfers.

OK so I'll need a money transfer card then. That's not something that was required years ago.

How did it work before then? I've also been Stoozing (on and off) for many years, before there was even such a thing as a "Money Transfer." 

It all boils down to the need to create an artificial balance on any card, which you can then Balance Transfer onto the 0% card. The most common way to do this these days it to use a Money Transfer (or "Super Balance Transfer" as they were called in the early days). In the good old days, I used to use Egg Money. The only other option would be to hope that some card would be willing to transfer a credit balance back to your current account, and breach their terms. 

The second option you mentioned was the way I used to do it. I didn't need any other card apart from the one offering the 0% balance transfer. After getting the card I requested a balance transfer which was sent to my current account.

0% money transfers always were in minority, rather an exception than a rule, especially fee-free. A 'veteran stoozer' has to know terms like 'slow stoozing' (via a 0% purchases card) and 'mule card' (no fees, but not 0% on Money Transfers).

They may have been in the minority but I managed to get at least a handful of them. I don't know if 'money' transfer cards existed at that time(around about the time Martin Lewis began to talk about stoozing) because I didn't need them. I've never heard of slow stoozing before but I might go for a 0% purchase card before my insurance renewals and energy bills come up in the next few months.

The mechanism you're describing throughout this thread (transferring money directly from a credit card to a bank account) is what's now known as a "Money Transfer" - so you did need them, and you used them - they just (presumably) weren't called that.

In the early days, when they were less common, before the banks had come up with their own term, the Stoozing community used to call them "Super Balance Transfers" but it's the same thing.

thor

Fingerbobs said:

thor said:

grumbler said:

thor said:

Fingerbobs said:

thor said:

GrumpyDil said:

If it is a balance transfer offer you still need to get the money onto a card offering money transfers.

OK so I'll need a money transfer card then. That's not something that was required years ago.

How did it work before then? I've also been Stoozing (on and off) for many years, before there was even such a thing as a "Money Transfer." 

It all boils down to the need to create an artificial balance on any card, which you can then Balance Transfer onto the 0% card. The most common way to do this these days it to use a Money Transfer (or "Super Balance Transfer" as they were called in the early days). In the good old days, I used to use Egg Money. The only other option would be to hope that some card would be willing to transfer a credit balance back to your current account, and breach their terms. 

The second option you mentioned was the way I used to do it. I didn't need any other card apart from the one offering the 0% balance transfer. After getting the card I requested a balance transfer which was sent to my current account.

0% money transfers always were in minority, rather an exception than a rule, especially fee-free. A 'veteran stoozer' has to know terms like 'slow stoozing' (via a 0% purchases card) and 'mule card' (no fees, but not 0% on Money Transfers).

They may have been in the minority but I managed to get at least a handful of them. I don't know if 'money' transfer cards existed at that time(around about the time Martin Lewis began to talk about stoozing) because I didn't need them. I've never heard of slow stoozing before but I might go for a 0% purchase card before my insurance renewals and energy bills come up in the next few months.

The mechanism you're describing throughout this thread (transferring money directly from a credit card to a bank account) is what's now known as a "Money Transfer" - so you did need them, and you used them - they just (presumably) weren't called that.

In the early days, when they were less common, before the banks had come up with their own term, the Stoozing community used to call them "Super Balance Transfers" but it's the same thing.

Yes now I remember. You're correct that it was referred to as a 'super balance transfer' when I was stoozing all those years ago and they used to be zero percent interest as well as zero fees. The difference now is that the banks got wise to it and slapped on a fee so looks like it is not worth stoozing these days(for me at least).