I never understand accountants language!!

knightstyle

Had problems understanding how accountants work in the past, I put money in and on the account it has a - symbol!
But my email from Barclaycard really flumoxed me.
I applied for a 0% credit transfer to another card.  Email said
"Your balance transfer of £++++ from card ending 1111 to your Barclaycard ending 2222 is complete."
But in my head the money goes FROM my Barclaycard ending 2222 to my other card ending 1111 
Can someone explain?

Martico

Credit card balance reflects what you owe, as opposed to a bank account balance, which - unless you're in overdraft - reflects what you have.

In your example, it's not your money that moves, but your debt that moves

DullGreyGuy

knightstyle said:

Had problems understanding how accountants work in the past, I put money in and on the account it has a - symbol!

Because it's a debt and by paying it off you are making the debt smaller hence the minus sign. 

Its fairly standard practice that credit products (eg loans, credit cards, mortgages) are shown with a positive value as their balance despite the fact its money you owe them whereas current accounts, savings accounts etc show a positive balance when you're owed money and a negative value if you owe them money (ie you are in your overdraft). 

I think most people understand it... I owe my credit card £500 hence I've a balance of £500 and showing the balance of -£500 would confuse people even if it created a standard view when seen next to your overdraft. 

surreysaver

Because you've moved the balance on your credit card ending 1111 to your Barclaycard ending 2222. 
So, for example, the balance of -£5,000 has been moved. 
Although, in reality, Barclaycard would have sent +£5,000 to the other card