Nat West sbt

jetrock46

Hi folks, i'm new to the site and this is my 1st post
I recently received a Nat West gold card with a limit of £4000
Nat West are currently offering a fee free bt into any uk current account.As i can only transfer £4000, is it possible to then transfer my debt onto another card, clearing my balance, and then transfer another £4000 to my current account, or is this too good to be true? Many thanks

YorkshireBoy

This sounds like a 'money transfer', rather than a BT. Consequently...

1. The interest rate charged will be 13.9% APR (typical).

2. The max 'money transfer' is determined by your 'advance limit', which is 50% of your credit limit, ie £2K.

Back to the drawing board?


If you want cash from credit cards, you need to employ 'stoozing' techniques. Check out...

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards

http://forums.moneysavingexpert.com/forumdisplay.html?f=95

www.stoozing.com

KiKi

Edited because YorkshireBoy is so much more knowledgable than me.

KiKi

jetrock46

My MBNA card put £8000 in my current account and are charging me 0% on my £8000 till next March. My limit was £9200 so they clearly allowed a cash transfer of more than 50%. Is there anything to stop me transferring this £8000 to a life of balance card and then asking MBNA for another £8000 to go into my current account? They do charge 2.9% to transfer but with a year interest free, its still cheaper than a personal loan.

CannyJock

jetrock46 wrote: »

My MBNA card put £8000 in my current account and are charging me 0% on my £8000 till next March. My limit was £9200 so they clearly allowed a cash transfer of more than 50%. Is there anything to stop me transferring this £8000 to a life of balance card and then asking MBNA for another £8000 to go into my current account? They do charge 2.9% to transfer but with a year interest free, its still cheaper than a personal loan.

No reason not to, just means an extra BT fee. You can transfer up to 95% of your available credit on MBNA cards I think.