How to turn an ordinary card in to an SBT

lemon-man

Another possibility use a card which allows SBT i.e Egg to transfer funds to Bank Account (Make sure there are no handling fees).

Now with newly acquired 0% card for 6/9 months transfer balance the balance from Egg or other card that you have used for SBT(Again make sure there are no handling/admin/transfer fees) .

Best way to implement I think would be to check there are no fees from the card that allows SBT for transferring to bank account also check to make sure it is not regarded as cash advance.

Now find a card with 0% offer but no admin fees for balance transfers, apply for it and wait until you have actual card. Now do SBT with exsisting card and on same day to transfer to new card with 0% offer so both transaction in effect cross in system.

YorkshireBoy

lemon-man wrote:

...and on same day to transfer to new card with 0% offer so both transaction in effect cross in system.

I would imagine that this is virtually impossible to achieve. The 0% card taking on the (eg Egg) balance will tell you that the BT will go through in 7-10 days. The only way you will ever come close to achieving a same day cross-over is if you monitor the Egg balance hourly, wait for the BT to register, and then SBT off. Obviously the card will go positive for a short while - which is what the OP is advocating.

For the sake of a few days interest charge, surely it's better to SBT off first and then repay within the standard 7-10 days quoted?

YorkshireBoy

RS1800 wrote:

Yorkshireboy, I think you have missed the point - because there was a positive balance on my MBNA card they transfered the balance completely free of all charges to my current account.

I was not using the MBNA card as an SBT, only as a mule for the M&S (0% 9 months)card to tranfer funds to my bank account.

This effectively turns the M&S card into the an SBT and is the point of this thread.

Yes, I did miss the point the first time around. Thank you for pointing it out to me.

I hadn't realised that, in the last few lines of your post, you were advocating applying for an (MBNA) SBT card and then not using it for it's own SBT capabilities. Choosing instead to class another 0% card as the SBT card by putting your new MBNA card into credit with a BT off it.

Maybe you cited a poor example, but surely the conventional way to do it is to SBT off the new MBNA card, then "repay" with a BT to a new 0% card. SBT this repayment, and repeat until no further credit available.

The biggest problem I see with your method is that one day (pretty soon) you will almost certainly have to "pay" for a BT, say £50. The recipient card will refuse to put your account in credit and return the BT amount to the original card. The original card provider in turn will refuse to refund your BT fee and you will be severely out of pocket. And all this hassle to save 44p per day per £1,000 BT'd?

RS1800

you have still missed the point. If you use the MBNA card as an SBT I beleive they charge a 2% fee of the amount transfered.

My method allows you to basically take any new card (with 0% or life of balance offer) and transfer the funds to your current account with no charges.

May be it only works once, may be not with all cards - I dont know - but it did for me using an MBNA card as the mule and that that could be useful info for other money savers.

If the mule card was to return the funds to the new card you havnt lost anything so it must be worth a try for a no risk free/cheap loan.

I dont know why you are so negative, my experiences (which I appreciate may not apply to all cards) have been very easy and a way of saving charges.

YorkshireBoy

RS1800 wrote:

you have still missed the point. If you use the MBNA card as an SBT I beleive they charge a 2% fee of the amount transfered.

My method allows you to basically take any new card (with 0% or life of balance offer) and transfer the funds to your current account with no charges.

May be it only works once, may be not with all cards - I dont know - but it did for me using an MBNA card as the mule and that that could be useful info for other money savers.

If the mule card was to return the funds to the new card you havnt lost anything so it must be worth a try for a no risk free/cheap loan.

I dont know why you are so negative, my experiences (which I appreciate may not apply to all cards) have been very easy and a way of saving charges.

I can't say any more than I already have, except that I'm continuing with my method. Good luck with yours.

RS1800

I dont need luck, it already works!

panther_31

hi i have just got an egg card but they will only give £2000 credit limit and charge 2% or £50, can i get another card transfer the balance say £8000 to the egg card and from there to my savings account. thanks

RS1800

You would be better getting a proper SBT card. See the artical on best credit cards.
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107182516,76509,

You already need a second card using my method and there is no garrantee that the egg card will allow you to xfer the positive to it as other people have been suggesting. It worked for me with an MBNA card but I dont know about egg.

My way is just for people who already have a second card to give it a no risk try. If it doesnt work youve not lost anything and if it does you have a nice interest free (or low life of balance) loan.

klondyke

RS1800 wrote:

You would be better getting a proper SBT card. See the artical on best credit cards.
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1107182516,76509,

.. there is no garrantee that the egg card will allow you to xfer the positive to it as other people have been suggesting. It worked for me with an MBNA card but I dont know about egg.

Eh? There is obviously no guarantee that egg will *continue* to transfer positive balances, but, one of the main reasons that stoozers fall over themselves to be sure they have an egg card is for its mulability.