Money Transfer Card to a Balance Transfer card- is this possible?

jamjarberlin

Hi all, 

So I got myself in a bit of a silly situation. I used a Monzo flex and have been building up the money on that account (£3,500), not realising how much interest I was paying (29%)  I was paying off the monthly balance each time but with the amount of interest I was accruing, and the reliance on the flex account, I needed to have a serious look at my situation.

I looked into balance transfer cards and got accepted at Lloyds bank for 0% interest for 29 months. Attempted to transfer the balance, to then realise Monzo Flex doesn't accept balance transfer and I would have to do a money transfer instead.

I've been looking at money transfer cards and can get 2% fee for 3 months 0% interest or 4% fee for 12 months 0% interest.

My question- could I get the money transfer card and then use my Lloyds balance transfer from the money transfer card? I'm not in a position where I could pay off the Monzo within 12 months, so I'm hoping I could do it like this, but I don't want to be in a situation where I take out the 12 month/3 month card, and find myself unable to transfer the balance to the 29 month balance transfer card.

I hope that makes sense! I'm not the most financially literate person but I am trying to change my situation around! Any advice would be greatly appreciated (also I will be closing the flex down as soon as I have paid it off)

CliveOfIndia

If I understand correctly, you're wanting to do a money transfer, use that to pay off the Monzo, then transfer the balance from the MT card to a different BT card?

No problem in theory - assuming you get accepted for both cards, and each has a large enough credit limit to accommodate your needs.  And remember you can't usually BT between cards owned by the same banking group.  And you need to factor in the fees (if applicable) for each transfer.  But in essence, there's no reason you couldn't do it.

jamjarberlin

CliveOfIndia said:

If I understand correctly, you're wanting to do a money transfer, use that to pay off the Monzo, then transfer the balance from the MT card to a different BT card?

No problem in theory - assuming you get accepted for both cards, and each has a large enough credit limit to accommodate your needs.  And remember you can't usually BT between cards owned by the same banking group.  And you need to factor in the fees (if applicable) for each transfer.  But in essence, there's no reason you couldn't do it.

Hi!

Yes that would be correct- I've already been pre-approved for the cards and neither of them are connected to each other and would have the credit limit I would require. So it is definitely possible to transfer from a MT to a BT?

CliveOfIndia

jamjarberlin said:

CliveOfIndia said:

If I understand correctly, you're wanting to do a money transfer, use that to pay off the Monzo, then transfer the balance from the MT card to a different BT card?

No problem in theory - assuming you get accepted for both cards, and each has a large enough credit limit to accommodate your needs.  And remember you can't usually BT between cards owned by the same banking group.  And you need to factor in the fees (if applicable) for each transfer.  But in essence, there's no reason you couldn't do it.

So it is definitely possible to transfer from a MT to a BT?

Yes - a MT card is just an ordinary credit card, so you can transfer the balance to a suitable BT card just like any other, subject to the usual constraints.

As I always advise, do make sure you'll be able to repay the BT card in full when the promotional rate expires.  You may be able to transfer any remaining balance to another card, but there's absolutely no guarantee you'll be able to do so.

jamjarberlin

@CliveOfIndia Thank you! I'd definitely be able to pay off the BT card in full before the promo period expires.

I've just applied for the MT card through Virgin Money and they're looking at my application. I'm now concerned I'm going to be rejected due to the fact that I've just had the BT card come through so my credit rating has gone down. Fingers crossed I get a positive decision from the application so I can go through this process!

grumpy_codger

Do you have any other CC?
Theoretically, you can just use it for cash advances and then transfer the balance, once or several times.
For Halifax Clarity CC, money transfer is a standard feature, although not at 0%. It's easier than drawing cash through ATMs.