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Questions about Balance Transfers

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  • Hi everyone
    Hoping for an answer to a question that I can't solve. I recently received a refund on my credit card which took me into a negative balance (e.g. -£2,000, in the black). Because it's in the black, can I move this balance fee-free to a debit account? I collected money from a group to pay for a hotel so would need the full lump back in debit to pay everyone back. If it helps, it's a Barclaycard Visa.
    Any help appreciated! Thank you. 
  • Thank you all for the info!
  • MallyGirl
    MallyGirl Posts: 7,201 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Hi everyone
    Hoping for an answer to a question that I can't solve. I recently received a refund on my credit card which took me into a negative balance (e.g. -£2,000, in the black). Because it's in the black, can I move this balance fee-free to a debit account? I collected money from a group to pay for a hotel so would need the full lump back in debit to pay everyone back. If it helps, it's a Barclaycard Visa.
    Any help appreciated! Thank you. 
    Most people would say that you have created a positive balance, not a negative one. If a refund has put you in the black then you can phone and ask for the positive bit to be transferred (fee free) to a bank account (as there is no such thing as a Debit account).
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • tomkut
    tomkut Posts: 36 Forumite
    Eighth Anniversary 10 Posts Name Dropper Combo Breaker
    MallyGirl said:
    Not a hope - it can take quite a while for transactions to make it through
    @MallyGirl, I now have an April statement with due date 6 May. The problem is, that from a transaction logged on 9 March to due date is 58 days. Does that mean that it is consumer's responsibility to make sure that the payment reaches the account within the 56 days interest free for purchases?
    Or is it credit card issuer responsibility to bill a transaction such that due date falls within the 56 days interest free for purchases?

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    It's your responsibility to make sure your payment reaches your account before the due date. 

    When an individual transaction was posted is irrelevant - if it appears on the current statement, it needs to be cleared as part of the balance.  
  • Hi I’ve successfully transferred the entire balance of one card to a zero % deal and with some balance on the new card to spare. I have another card with a fairly large balance and was wondering if i could transfer some of that to the new zero % card or attempt another entirely fresh deal for the other card but wonder whether these actions so close to the current transfer could adversely affect my credit score together with risk of being rejected or not being able to transfer the entire balance to any further new card leaving me with in effect an additional card. Any advice? Many thanks, Ray
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Yes.  You can transfer more as long as you're within the promo window.

    No doubt your score will drop but that's a good thing as you're saving on interest and therefore more credit worthy.
  • I have just done a balance transfer from another c/card when the 0% deal ended, to an existing credit card i have with Nationwide which I use for 0% interest on purchases, and which I pay off each month in total by direct debit. How do I continue to do this without having the full total paid off? I want to pay off a set amount each month from the balance transfer plus the amount of all my monthly purchases. I’ve read about revolving balance which seems to be a problem. 
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    edited 21 May 2020 at 7:51AM
    You set up a standing order, a fixed amount DD or make manual payments.

    However, if your purchases are indeed at 0%, then set up a min payment DD.


  • hi
    does anyone know what 'Money Transfer fee' in the attached means? Thanks.

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