Is this allowed with a 0% balance transfer credit card?

CoreyLewis96

Good afternoon.

I hope you are all well.

I recently got a 0% money transfer credit card with my bank Halifax. The idea of getting this credit card was to clear my Monzo flex and credit card.

When I opened my application they rejected the transfer. I found out this is because they don’t accept Monzo flex. Anyway, I contacted the bank via live chat (have screenshots) and telephone and they confirmed nothing had been received and I needed to do it again.

I have just checked my bank and they’ve done the transfer twice for the credit card. I’ve rang the bank up and as both the original and new transactions are pending and there is nothing they can do until it’s clear and then after this they can claim it back.

I just had a thought, essentially my old credit card will be in a credit. Can I claim this back as a refund to my bank and then pay of my Monzo flex like I originally intended or would I get into trouble for doing this?.

The whole purpose I got this 0% transfer cards was to have both flex and credit card in one place and save on interest. 

Thanks.

Mark_d

Suppose you have a 10k debt on your credit card and a 10k debt on Monzo flex.  Suppose you asked for a balance transfer of 20k but Halifax agreed to 10k.

It's likely that one of the pending 10k transfers to your credit card will be cancelled.

If both transfers do go through, they can possibly reverse one of the transfers.  You wouldn't get in to trouble for transferring a credit balance from your credit card to Monzo flex.

CoreyLewis96

Hi thanks for getting back to me. I rang bank and they said both had gone through and couldn’t cancel or reverse them both.