which credit card to transfer a balance to..?

Hi stoozers,

Although Barclay's pre-eligibility checker gave me a chance of 2/10 for a basic credit card, I applied for a 32 month balance transfer card with a 1.08% fee anyway so as to get £31.50 cashback via topcashback, if successful.

Despite having a lot of credit cards, many carrying large balance transfers, Barclays have approved a card and given me a £17,100 credit limit!

My difficulty now is where to transfer this sum, as my current 0% balance transfers have a long time to go before they need to be repaid.

So I want to transfer such that I'll have a positive balance on a credit card, and then ask for that to be transferred to my bank account.

I'm aware that some companies will simply return monies to the source of funds, thus wiping out any possible gain and yet incurring the balance transfer fee.

I could transfer to the following cards which are not carrying 0% balances - Capitalone, Santander, Amex, MINT or MBNA, with MBNA being the most suitable as it could be done in one transaction

What's the experience of fellow stoozers about which of these companies is likely to remit funds to my bank account?

Thanks

Replies

  • HappyMJHappyMJ Forumite
    21.1K Posts
    Forumite
    £17,100 CC limit...I'm surprised.

    You can make multiple transfers and pay off any debt that is charging any interest and with the remainder of the balance do a money transfer to your current account and use to make money. As you say most cards will return overpayments to where they came from.

    Luckily for me I have a super balance transfer card where I can transfer money to a current account with no fee then pay it off with the balance transfer. This can be timed so the balance transfer and the money transfer are done on the same day and no interest is charged.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • mrs_Tmrs_T Forumite
    1K Posts
    Part of the Furniture 500 Posts Combo Breaker
    Forumite
    Barclaycard will refund positive balances to your linked bank account, last time I did it was August 2015. So if you get another 0% card you can transfer a non existent balance from your barclaycard and then ask barclaycard via secure messaging to refund .
  • keirankeiran Forumite
    698 Posts
    Part of the Furniture 500 Posts
    Forumite
    Just updating...

    Barclaycard apparently does have money transfer offers, but there were only balance transfer offers on my new card/application

    Confirmed with MBNA that this was possible, and my request was agreed to in a "live chat" today.

    Straightforward process and no fees to transfer the positive balance to my bank account
  • faddyfaddy Forumite
    508 Posts
    keiran wrote: »
    I could transfer to the following cards which are not carrying 0% balances - Capitalone, Santander, Amex, MINT or MBNA, with MBNA being the most suitable as it could be done in one transaction

    I'm probably being a bit thick here, but what "could be done in one transaction" with MBNA that couldn't be done with the others?
  • faddyfaddy Forumite
    508 Posts
    mrs_T wrote: »
    Barclaycard will refund positive balances to your linked bank account

    By linked bank account do you mean the one you pay Barclaycard from by DD? Are they happy with positive balances of £thousands?
  • mrs_Tmrs_T Forumite
    1K Posts
    Part of the Furniture 500 Posts Combo Breaker
    Forumite
    faddy wrote: »
    By linked bank account do you mean the one you pay Barclaycard from by DD? Are they happy with positive balances of £thousands?

    Yes and yes.
This discussion has been closed.
Latest MSE News and Guides

Mortgage rates

What can you (or should you) do?

MSE News

Train strikes

Your refund rights explained

MSE News