balance transfer money into a current bank account?

auntybee

Can anyone help me with which credit card (giving 0%)will transfer a lump sum to a bank current account in the same name? My daughter has just tried to do this with Barclaycard and found that they won' t let her.
Thank you

NickX

No Barclaycard will not allow this.

The cards that do have been termed Super Balance Transfer (SBT) cards, and include Egg, Egg Money and cards administered by MBNA (including the Virgin range of cards).

Mint also periodically issue Credit Card Cheques that can be paid into a Bank Account, although this is the least satisfactory option because you have no guarantee as to when the cheques will be issued.

auntybee

Thank you that is very helpful

FabDee

Hi

Virgin transfer money from credit card straight into your bank account. They offered to do that for me on 0% until Dec this year for £2000 if I wanted it. I said no not just now thanks.

Try them.

NickX

FabDee wrote: »

Hi

Virgin transfer money from credit card straight into your bank account. They offered to do that for me on 0% until Dec this year for £2000 if I wanted it. I said no not just now thanks.

Try them.

Yes Virgin is administered by MBNA so can do SBTs.

Why did you not take them up on this, put the £2000 in a high interest bank account (6.4% perhaps), make minumum payments for the rest of the year, then return the outstanding balance to them before the 0% expires.

Provided the fee wasn't too heavy, you could have made a profit. This is known as Stoozing and is an excellent way to get Credit Cards to earn YOU money rather than the company itself.

auntybee

Thank you wre will try them

clio

Can Mint not do a SBT unless via credit card cheques i thought it could do so with out them!!!

Moggles_2

clio wrote: »

Can Mint not do a SBT unless via credit card cheques? I thought it could do so without them!!!

Unfortunately, not. If you request funds to your current account, this is classed as a money transfer, which is rather expensive. Also, you're limited to 50% of your credit limit.

As noted in #2, Mint periodically issues credit card cheques, which can be paid directly into your current account. These are charged at balance transfer rates and you can borrow up to 95% of your limit.

As mentioned above, this is the least satisfactory option, as cheques cannot be ordered and you never know when the next ones will turn up in the post.