Would a CC mind a money transfer reason given as "Stoozing"?

Uplink

I just received a 12 month 0% 0 fee money transfer offer. I have a 12K credit limit, and the card is unused. I would like to be greedy and go all in and take the entire 12K and stick it into Cash ISA and savings (and then Cash ISA when the new tax year begins). But I somewhat doubt they'd agree to give me the full balance (for a regular balance transfer they'd only give me up to 95% of the limit, 10924.05).

They need me to call them to get the money transfer (can't do it in the app).

I have plenty of income (and savings) to put them at ease that I can pay them back. The plan is to make minimum payments for the 0% duration, and get a balance transfer in 12 months time (or pay them back if there's nothing good available).

Does anyone have any tips?

Cheers

CliveOfIndia

For a straightforward Money Transfer they don't usually ask the reason.  As long as you meet their acceptance criteria then it's usually just a case of requesting the transfer.  Have they specifically said you need to provide a reason?

Uplink

No, they didn't specifically say anything in the letter. But since they want me to make a phone call, I supposed they might want to know. I never had a money transfer before (I've only had 0% spending and balance transfers to increase and keep my stoozing pot), so I was equating it to taking out a personal loan (where they do ask for a reason).

CliveOfIndia

My interpretation is that they're asking you to call them simply because the transfer can't be done via the app.  This used to be very common with Balance Transfers as well, though increasingly those can now be done online in the majority of cases.

And you're correct, when taking out a loan they do almost always ask the purpose of the loan.

I can't say with 100% certainty that they won't ask you the purpose of the transfer - just that it's not very common.  But that aside, I can't see why they'd refuse simply on the basis of your intended purpose - if anything it demonstrates financial good sense.

Uplink said:

I have plenty of income (and savings)

The only thing to bear in mind is that savings are never taken into account when making lending decisions.  Firstly because savings are not reported on your credit record (since by definition they're not a credit product), so the lender has no proof.  Secondly, there's nothing to stop you going out tomorrow and blowing the lot on a Ferrari or a world cruise.

But if they're happy with your income and your existing level of debt (as they seem to be) then all should be well.

jimjames

Uplink said:

Does anyone have any tips?

I've just done exactly what you propose. No questions were asked about the reason for the money, it's just being transferred to my bank account

eskbanker

Uplink said:

Does anyone have any tips?

Previous posts on this forum (albeit in the context of secondary current accounts) have suggested a phrase such as 'in order to manage my money better' as a response to questions about purpose, so something generic like that may do the job.

vacheron

I know who these guys probably are, but noticed something fishy so am just about to make a new post above in case it affects you too. 

eskbanker

vacheron said:

I know who these guys probably are, but noticed something fishy so am just about to make a new post above in case it affects you too. 

No idea what you're talking about!  Have some posts been deleted, or did you mean to post in another thread perhaps?

vacheron

eskbanker said:

vacheron said:

I know who these guys probably are, but noticed something fishy so am just about to make a new post above in case it affects you too. 

No idea what you're talking about!  Have some posts been deleted, or did you mean to post in another thread perhaps?

Sorry, it read clearly to me when I wrote it.

I meant I was about to make a new thread regarding this same offer on this very same stoozing board
I referred to "above" as my thread would have appeared "above" this one when I post it. (which I have now just done). 

Uplink

vacheron said:

I know who these guys probably are, but noticed something fishy so am just about to make a new post above in case it affects you too. 

I saw your new thread. Yeah, it's those guys. But I'm not in your situation. I have another card for daily spending.

I don't have any updates yet because I didn't pass security checks on the phone and I'm waiting for a code in the post. They asked me about my mortgage, but since I've just completed a remortgage, my details are in flux.

I still want to take their money though and earn interest on it, so I'll just be patient.

Uplink

Some progress, but still not there yet.

They did ask for the purpose, and I told the truth. My exact reply: "I will take the money and put it in a savings account for 12 months and earn interest on it". The lady's tone changed immediately to something akin to "disappointment" at this point, but she remained professional.

But for some reason they couldn't verify that the destination account belongs to me, so now I have to post my latest bank statement. A printout of online statement is fine, but I have to mail it in.

They did block the whole amount I asked for on the card and texted me that I'm over 80% of the limit now. A few more days, and I should be able to stash that into savings