Can you do a 0% balance transfer from a bank account?

Busbyuk

Just applied for the barclay card credit card which includes a 0% balance transfer rate for 14 months. I've done this to transfer my overdraft so I'm not paying the interest fee's while I pay it off over the next 10 months.

Will this work or do I have to transfer from a credit card?

thanks

YorkshireBoy

Busbyuk wrote: »

Will this work or do I have to transfer from a credit card?

It won't work...without using a card such as Egg Money as a 'mule'.

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

Busbyuk

Cheers. Looking at the links you've kindly provided I've just signed up for a virgin credit card and it's told me I'm accepted.

Will they deffinately send me a cheque I can pay into my bank account or should I give them a call and ask them specifically for this?

thanks again

YorkshireBoy

You won't need to use a cheque. They'll pay the money into your current account by direct transfer.

Ask for it during the activation call, and check (for your peace of mind) that it's 0%.

Busbyuk

Thanks again Yorkshire boy.

I've done the application online and it says it's 0%. I'll double check on monday as the phone lines are currently closed.

Fingers crossed it will just transfer to my bank or issue me a cheque I can pay in. I have a lloyds credit card but it doesn't have any money owing to it. I supplied this cards details on the application form as it seemed it did need some details on the online application. Hopefully they won't just try and transfer the amount straight to the card. I'm probably worrying over nothing.

YorkshireBoy

Busbyuk wrote: »

I have a lloyds credit card but it doesn't have any money owing to it. I supplied this cards details on the application form as it seemed it did need some details on the online application. Hopefully they won't just try and transfer the amount straight to the card. I'm probably worrying over nothing.

I wouldn't say you're "worrying over nothing". In fact I'm going to make you worry even more now!

Some providers will carry out the BT you requested during the application automatically, without even contacting you. You need to contact Virgin (MBNA) ASAP to stop them, since a positive balance on your LTSB card is no good for you at all.

Busbyuk

Damn. lol.

The phone line's don't open until monday so I should hopefully be fine until then. Any idea's on how I can ask them not to transfer the money automatically and to do a bank transfer or issue a cheque without it sounding dodgy?

I'm assuming it's not usually allowed and if I ask them to transfer it direct to my bank they will ask why I want to do this. Sorry about all the questions I just don't want to end up in trouble or obviously out of pocket.

YorkshireBoy

Busbyuk wrote: »

Any idea's on how I can ask them not to transfer the money automatically and to do a bank transfer or issue a cheque without it sounding dodgy?

Simply tell them you've had a change of plan, and ask them to delete the BT request. Tell them you'll provide the BT details once the account is up and running.

I'm assuming it's not usually allowed and if I ask them to transfer it direct to my bank they will ask why I want to do this.

Don't worry about that. Bank transfers aren't a problem with this card.

...I just don't want to end up in trouble or obviously out of pocket.

Take this the right way, but I pointed you to an article and you came back having applied and asked for a BT on application...from the wrong card!

If you're not familiar with procedures, it's best to come back and ask. There are lots of people on here who can advise you, and there's absolutely nothing wrong with saying "this is what I plan to do. What do you think?".

Intended to be constuctive.

Good luck with things.

Busbyuk

Take this the right way, but I pointed you to an article and you came back having applied and asked for a BT on application...from the wrong card!

No, I appreciate your help and comments

The virgin card I've applied for is however one of the cards from the link you've provided which come under the heading of "super balance transfer"

I've managed to speak to someone on the phone by selecting a different option on the phone and they've confirmed that when I get the terms and conditions through I should be able to just ring them and select a bank account to transfer it to. as you rightly said from the beginning