Balance Transfer from my company's credit card to my personal credit card

Phantom77

I really need your help about balance transfer before I can apply a credit card for that purpose.

I am a sole company director for a micro business company which is registered with the Company House.

Currently I have been using my company's Capital on Tap credit card quite a lot. Therefore, I am planning to open a new personal credit card to do a balance transfer from my company's Capital on Tap credit card. I am also the personal guarantor for my company’s Capital on Tap credit card.

My queries are as the following:

1. Can I do a balance transfer from my company's Capital on tap credit card to my personal credit card?
2. If yes, do all banks allow that balance transfer, or only some banks will do it? If only some banks allow a balance transfer from a company’s credit card to a personal credit card, I would really appreciate your information on the bank options.

I would really appreciate your response on the above queries, as those information are critical for me before I will make an application for a balance transfer.

 

eskbanker

I don't believe that any credit card provider would knowingly allow a balance transfer between cards not in the same name - you might get away with it, but you'd be safer to get a money transfer card instead, which would allow you to move the debt via cash rather than a balance transfer:

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

How confident are you that you'd be able to secure a decent 0% card with a sufficient credit limit, based on your personal credit history?

born_again

So you are hoping to transfer a company debt to a personal debt.

Why not just loan the company the money instead.

MyRealNameToo

born_again said:

So you are hoping to transfer a company debt to a personal debt.

Why not just loan the company the money instead.

Presumably as they dont have the cash and fees on a BT card tend to be lower than a MT card?

Phantom77 said:

I really need your help about balance transfer before I can apply a credit card for that purpose.

I am a sole company director for a micro business company which is registered with the Company House.

Currently I have been using my company's Capital on Tap credit card quite a lot. Therefore, I am planning to open a new personal credit card to do a balance transfer from my company's Capital on Tap credit card. I am also the personal guarantor for my company’s Capital on Tap credit card.

My queries are as the following:

1. Can I do a balance transfer from my company's Capital on tap credit card to my personal credit card?
2. If yes, do all banks allow that balance transfer, or only some banks will do it? If only some banks allow a balance transfer from a company’s credit card to a personal credit card, I would really appreciate your information on the bank options.

I would really appreciate your response on the above queries, as those information are critical for me before I will make an application for a balance transfer.

1) Almost all banks state you can only BT to an account in your name. As you state it's a company account it will be in the name of the company not you. Whilst all banks may state it historically there was little they could do to check it, that all changed with the Open Banking reforms. 

2) Its not a case of who allows it as much as who hasn't implemented checks to enforce the rules. The problem is unless someone did a transfer yesterday there is always a chance a bank has implemented something since the last time a poster attempted it. 

I must admit I've not kept detailed notes but do know on one occasion one that often is quoted as being relaxed when I attempted to BT a card in wife's name to my name it failed saying the account wasnt in my name but then did manage to achieve it with another card. We've been stoozling for a long time now so have a few cards with interest free balances so it wouldnt be easy to remember the exact flows over time. 

The fact its a business card may mean the first 6 digits digits identify it as a business credit card (its how HMRC allows payment by CC for a fee for business cards but doesnt allow personal cards) and so probably is harder to find someone to accept it as even without open banking they can see its moving from business to personal. 

Phantom77

eskbanker said:

I don't believe that any credit card provider would knowingly allow a balance transfer between cards not in the same name - you might get away with it, but you'd be safer to get a money transfer card instead, which would allow you to move the debt via cash rather than a balance transfer:

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

How confident are you that you'd be able to secure a decent 0% card with a sufficient credit limit, based on your personal credit history?

Thanks a lot for your information. The company's credit card using my name instead of the company name. My personal credit score is good (excellent score based on Experian). Do you think it is possible to do so?
Thanks as well for a useful information in regard to money transfer.

Phantom77

born_again said:

So you are hoping to transfer a company debt to a personal debt.

Why not just loan the company the money instead.

Thank you for your feedback. the problem of loaning the company money is I do not have sufficient money too do so, unless I do a money transfer.

eskbanker

Phantom77 said:
The company's credit card using my name instead of the company name.

But Capital on Tap is an offering specifically for businesses, so presumably the contractual agreement is between them and your limited company?  Corporate credit cards will often be issued to named individuals but as I understand it it's the account ownership that matters.

Phantom77 said:
My personal credit score is good (excellent score based on Experian). Do you think it is possible to do so?

It's impractical to say - credit scores themselves are largely worthless and aren't seen by prospective lenders, but there are online eligibility checkers that give rough indications, both generic ones such as that on MSE, but also some lenders make these available:

https://www.moneysavingexpert.com/eligibility/credit-cards/search/?goal=CC_MONEYTRANSFER

Phantom77

MyRealNameToo said:

born_again said:

So you are hoping to transfer a company debt to a personal debt.

Why not just loan the company the money instead.

Presumably as they dont have the cash and fees on a BT card tend to be lower than a MT card?

Phantom77 said:

I really need your help about balance transfer before I can apply a credit card for that purpose.

I am a sole company director for a micro business company which is registered with the Company House.

Currently I have been using my company's Capital on Tap credit card quite a lot. Therefore, I am planning to open a new personal credit card to do a balance transfer from my company's Capital on Tap credit card. I am also the personal guarantor for my company’s Capital on Tap credit card.

My queries are as the following:

1. Can I do a balance transfer from my company's Capital on tap credit card to my personal credit card?
2. If yes, do all banks allow that balance transfer, or only some banks will do it? If only some banks allow a balance transfer from a company’s credit card to a personal credit card, I would really appreciate your information on the bank options.

I would really appreciate your response on the above queries, as those information are critical for me before I will make an application for a balance transfer.

1) Almost all banks state you can only BT to an account in your name. As you state it's a company account it will be in the name of the company not you. Whilst all banks may state it historically there was little they could do to check it, that all changed with the Open Banking reforms. 

2) Its not a case of who allows it as much as who hasn't implemented checks to enforce the rules. The problem is unless someone did a transfer yesterday there is always a chance a bank has implemented something since the last time a poster attempted it. 

I must admit I've not kept detailed notes but do know on one occasion one that often is quoted as being relaxed when I attempted to BT a card in wife's name to my name it failed saying the account wasnt in my name but then did manage to achieve it with another card. We've been stoozling for a long time now so have a few cards with interest free balances so it wouldnt be easy to remember the exact flows over time. 

The fact its a business card may mean the first 6 digits digits identify it as a business credit card (its how HMRC allows payment by CC for a fee for business cards but doesnt allow personal cards) and so probably is harder to find someone to accept it as even without open banking they can see its moving from business to personal. 

MyRealNameToo said:

born_again said:

So you are hoping to transfer a company debt to a personal debt.

Why not just loan the company the money instead.

Presumably as they dont have the cash and fees on a BT card tend to be lower than a MT card?

Phantom77 said:

I really need your help about balance transfer before I can apply a credit card for that purpose.

I am a sole company director for a micro business company which is registered with the Company House.

Currently I have been using my company's Capital on Tap credit card quite a lot. Therefore, I am planning to open a new personal credit card to do a balance transfer from my company's Capital on Tap credit card. I am also the personal guarantor for my company’s Capital on Tap credit card.

My queries are as the following:

1. Can I do a balance transfer from my company's Capital on tap credit card to my personal credit card?
2. If yes, do all banks allow that balance transfer, or only some banks will do it? If only some banks allow a balance transfer from a company’s credit card to a personal credit card, I would really appreciate your information on the bank options.

I would really appreciate your response on the above queries, as those information are critical for me before I will make an application for a balance transfer.

1) Almost all banks state you can only BT to an account in your name. As you state it's a company account it will be in the name of the company not you. Whilst all banks may state it historically there was little they could do to check it, that all changed with the Open Banking reforms. 

2) Its not a case of who allows it as much as who hasn't implemented checks to enforce the rules. The problem is unless someone did a transfer yesterday there is always a chance a bank has implemented something since the last time a poster attempted it. 

I must admit I've not kept detailed notes but do know on one occasion one that often is quoted as being relaxed when I attempted to BT a card in wife's name to my name it failed saying the account wasnt in my name but then did manage to achieve it with another card. We've been stoozling for a long time now so have a few cards with interest free balances so it wouldnt be easy to remember the exact flows over time. 

The fact its a business card may mean the first 6 digits digits identify it as a business credit card (its how HMRC allows payment by CC for a fee for business cards but doesnt allow personal cards) and so probably is harder to find someone to accept it as even without open banking they can see its moving from business to personal. 

Thank you s much for your long and detailed feedback. I really appreciate it. The company's cc (the physical card) uses my name as the sole company director. Do you think I have a chance?

MyRealNameToo

Phantom77 said:

MyRealNameToo said:

born_again said:

So you are hoping to transfer a company debt to a personal debt.

Why not just loan the company the money instead.

Presumably as they dont have the cash and fees on a BT card tend to be lower than a MT card?

Phantom77 said:

I really need your help about balance transfer before I can apply a credit card for that purpose.

I am a sole company director for a micro business company which is registered with the Company House.

Currently I have been using my company's Capital on Tap credit card quite a lot. Therefore, I am planning to open a new personal credit card to do a balance transfer from my company's Capital on Tap credit card. I am also the personal guarantor for my company’s Capital on Tap credit card.

My queries are as the following:

1. Can I do a balance transfer from my company's Capital on tap credit card to my personal credit card?
2. If yes, do all banks allow that balance transfer, or only some banks will do it? If only some banks allow a balance transfer from a company’s credit card to a personal credit card, I would really appreciate your information on the bank options.

I would really appreciate your response on the above queries, as those information are critical for me before I will make an application for a balance transfer.

1) Almost all banks state you can only BT to an account in your name. As you state it's a company account it will be in the name of the company not you. Whilst all banks may state it historically there was little they could do to check it, that all changed with the Open Banking reforms. 

2) Its not a case of who allows it as much as who hasn't implemented checks to enforce the rules. The problem is unless someone did a transfer yesterday there is always a chance a bank has implemented something since the last time a poster attempted it. 

I must admit I've not kept detailed notes but do know on one occasion one that often is quoted as being relaxed when I attempted to BT a card in wife's name to my name it failed saying the account wasnt in my name but then did manage to achieve it with another card. We've been stoozling for a long time now so have a few cards with interest free balances so it wouldnt be easy to remember the exact flows over time. 

The fact its a business card may mean the first 6 digits digits identify it as a business credit card (its how HMRC allows payment by CC for a fee for business cards but doesnt allow personal cards) and so probably is harder to find someone to accept it as even without open banking they can see its moving from business to personal. 

MyRealNameToo said:

born_again said:

So you are hoping to transfer a company debt to a personal debt.

Why not just loan the company the money instead.

Presumably as they dont have the cash and fees on a BT card tend to be lower than a MT card?

Phantom77 said:

I really need your help about balance transfer before I can apply a credit card for that purpose.

I am a sole company director for a micro business company which is registered with the Company House.

Currently I have been using my company's Capital on Tap credit card quite a lot. Therefore, I am planning to open a new personal credit card to do a balance transfer from my company's Capital on Tap credit card. I am also the personal guarantor for my company’s Capital on Tap credit card.

My queries are as the following:

1. Can I do a balance transfer from my company's Capital on tap credit card to my personal credit card?
2. If yes, do all banks allow that balance transfer, or only some banks will do it? If only some banks allow a balance transfer from a company’s credit card to a personal credit card, I would really appreciate your information on the bank options.

I would really appreciate your response on the above queries, as those information are critical for me before I will make an application for a balance transfer.

1) Almost all banks state you can only BT to an account in your name. As you state it's a company account it will be in the name of the company not you. Whilst all banks may state it historically there was little they could do to check it, that all changed with the Open Banking reforms. 

2) Its not a case of who allows it as much as who hasn't implemented checks to enforce the rules. The problem is unless someone did a transfer yesterday there is always a chance a bank has implemented something since the last time a poster attempted it. 

I must admit I've not kept detailed notes but do know on one occasion one that often is quoted as being relaxed when I attempted to BT a card in wife's name to my name it failed saying the account wasnt in my name but then did manage to achieve it with another card. We've been stoozling for a long time now so have a few cards with interest free balances so it wouldnt be easy to remember the exact flows over time. 

The fact its a business card may mean the first 6 digits digits identify it as a business credit card (its how HMRC allows payment by CC for a fee for business cards but doesnt allow personal cards) and so probably is harder to find someone to accept it as even without open banking they can see its moving from business to personal. 

Thank you s much for your long and detailed feedback. I really appreciate it. The company's cc (the physical card) uses my name as the sole company director. Do you think I have a chance?

A company whilst a legal entity has no physical form so can't walk into a shop to buy something. As such the company is the account holder but the cards will carry the name of the natural person who's been issued it. With some company cards it will just have the cardholders name on it, with others it has the cardholders name and the company name below it. 

It doesnt help, they check the accountholder not the cardholder. Its the same if you give your partner a credit card on your account they cannot use their card number to try and BT the balance across to an account in their name because the check will bring back the account holders name.

The only way it would be in your name is if you had taken it out as a sole trader not as the company but then you may have additional issues about having been misrepresenting the situation. 

born_again

MyRealNameToo said:

born_again said:

The fact its a business card may mean the first 6 digits digits identify it as a business credit card (its how HMRC allows payment by CC for a fee for business cards but doesnt allow personal cards) and so probably is harder to find someone to accept it as even without open banking they can see its moving from business to personal. 

They just identify who the card provider/bank is 👍

MyRealNameToo

born_again said:

MyRealNameToo said:

born_again said:

The fact its a business card may mean the first 6 digits digits identify it as a business credit card (its how HMRC allows payment by CC for a fee for business cards but doesnt allow personal cards) and so probably is harder to find someone to accept it as even without open banking they can see its moving from business to personal. 

They just identify who the card provider/bank is 👍

And in some cases what product it is... for example 374289 is an AmEx UK Platinum ChargeCard whereas 374691 is an AmEx UK Platinum Credit Card and the AmEx BA credit card is 374614


462747 is Barclays Gold card, 429595 Barclays Business, 425757 Barclays Corporate T&E

Its how websites like HMRC can identify if your card is credit or debit and also if its personal lines or not given they dont except personal credit cards and charge a premium on non-personal credit cards.