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  • FIRST POST
    • sultanoflondon
    • By sultanoflondon 8th Jun 19, 1:21 PM
    • 47Posts
    • 8Thanks
    sultanoflondon
    Fast stoozing using money transfer credit cards cards
    • #1
    • 8th Jun 19, 1:21 PM
    Fast stoozing using money transfer credit cards cards 8th Jun 19 at 1:21 PM
    hi all,

    Was wondering if anyone has done the above? Does it really work with any of the cards which have a nonzero transfer fee? I know that Creation has a card that has a zero money transfer fee & 15% on balances. Would it be a good idea to transfer cash using this Creation card & then immediately balance transfer the total money transferred onto a long 0% no fee BT card?

    MSE is currently advertising a MBNA up to 28 months 0%, 2.99% fee money transfer card but what about the issue of the 2.99% fee? After you transfer 95% of your credit limit to your account one month, this will incur a the fee which is large enough to put you out of profitability for over a year (assuming that you're not investing this cash at more than 2.99%). Any smart, MSE way to get around this?

    Cheers.
Page 1
    • ricky_v
    • By ricky_v 8th Jun 19, 11:40 PM
    • 320 Posts
    • 186 Thanks
    ricky_v
    • #2
    • 8th Jun 19, 11:40 PM
    • #2
    • 8th Jun 19, 11:40 PM
    I know that Creation has a card that has a zero money transfer fee & 15% on balances. Would it be a good idea to transfer cash using this Creation card & then immediately balance transfer the total money transferred onto a long 0% no fee BT card?
    Yes you can use the card as a mule card. Apply for a 0% balance transfer card before requesting the money transfer, find out your credit limit on the balance transfer card then money transfer 95% of the balance transfer credit limit, then balance transfer. Expect to pay a few pence in interest while the balance transfer takes effect.


    Any smart, MSE way to get around this?
    Yes by using a fee free money transfer card then immediately balance transfer the balance from the money transfer card onto the 0% balance transfer card, as described above.


    Curiosly, which creation card is offering a fee free MT? I cannot find it on the website and as far as I know only Lloyds offer fee free money transfer to existing customers once in a blue moon.
    • Ben8282
    • By Ben8282 9th Jun 19, 1:26 AM
    • 3,171 Posts
    • 1,735 Thanks
    Ben8282
    • #3
    • 9th Jun 19, 1:26 AM
    • #3
    • 9th Jun 19, 1:26 AM
    I can't find the Creation card mentioned but the Creation Everyday card at 12.9% APR offers this.


    https://www.creation.co.uk/credit-cards/understanding-creation-cards/money-transfer-and-credit-cards
    Last edited by Ben8282; 09-06-2019 at 1:30 AM.
    • sultanoflondon
    • By sultanoflondon 9th Jun 19, 6:20 AM
    • 47 Posts
    • 8 Thanks
    sultanoflondon
    • #4
    • 9th Jun 19, 6:20 AM
    • #4
    • 9th Jun 19, 6:20 AM
    Yeah itís the Creation card that Ben has posted a link to.
    • ricky_v
    • By ricky_v 9th Jun 19, 3:06 PM
    • 320 Posts
    • 186 Thanks
    ricky_v
    • #5
    • 9th Jun 19, 3:06 PM
    • #5
    • 9th Jun 19, 3:06 PM
    Yes it is possible to fast stooze using the creation card as a mule card. I've applied as well with that in mind however my stooze pot is currently about 3/4 of my annual salary over seven cards so unsuprisingly I was rejected using their eligibility checker.
    • ChrisJ1988
    • By ChrisJ1988 27th Jun 19, 3:13 PM
    • 56 Posts
    • 21 Thanks
    ChrisJ1988
    • #6
    • 27th Jun 19, 3:13 PM
    • #6
    • 27th Jun 19, 3:13 PM
    Is there any easy way to find money transfer cards with a 0% fee, having googled and checked various sites I am not seeing any.

    thanks.
    • MallyGirl
    • By MallyGirl 27th Jun 19, 3:20 PM
    • 3,863 Posts
    • 9,305 Thanks
    MallyGirl
    • #7
    • 27th Jun 19, 3:20 PM
    • #7
    • 27th Jun 19, 3:20 PM
    there are few to none these days
    • Fingerbobs
    • By Fingerbobs 28th Jun 19, 10:16 AM
    • 702 Posts
    • 274 Thanks
    Fingerbobs
    • #8
    • 28th Jun 19, 10:16 AM
    • #8
    • 28th Jun 19, 10:16 AM
    Is there any easy way to find money transfer cards with a 0% fee, having googled and checked various sites I am not seeing any.

    thanks.
    Originally posted by ChrisJ1988
    Looks like Halifax Clarity credit card still does fee-free Money Transfers.
    • ChrisJ1988
    • By ChrisJ1988 28th Jun 19, 12:40 PM
    • 56 Posts
    • 21 Thanks
    ChrisJ1988
    • #9
    • 28th Jun 19, 12:40 PM
    • #9
    • 28th Jun 19, 12:40 PM
    Nice thanks, I have just applied and been accepted for the clarity card, 14.5k credit limit. Can someone tell me/show me the maths how to work out what the interest cost will be on a 10k money transfer that I balance transfer the same day. With a yealry interest rate of 25% just for an example.

    thanks.
    • YorkshireBoy
    • By YorkshireBoy 28th Jun 19, 12:57 PM
    • 30,792 Posts
    • 18,832 Thanks
    YorkshireBoy
    Nice thanks, I have just applied and been accepted for the clarity card, 14.5k credit limit. Can someone tell me/show me the maths how to work out what the interest cost will be on a 10k money transfer that I balance transfer the same day. With a yealry interest rate of 25% just for an example.

    thanks.
    Originally posted by ChrisJ1988
    The interest cost will be zero. How could it be anything else?
    • Fingerbobs
    • By Fingerbobs 28th Jun 19, 1:00 PM
    • 702 Posts
    • 274 Thanks
    Fingerbobs
    Nice thanks, I have just applied and been accepted for the clarity card, 14.5k credit limit. Can someone tell me/show me the maths how to work out what the interest cost will be on a 10k money transfer that I balance transfer the same day. With a yealry interest rate of 25% just for an example.

    thanks.
    Originally posted by ChrisJ1988
    Daily interest is just Annual interest divided by 365

    If the MT and the BT both go through on the same day, you won't pay any interest at all.
    If the BT goes through on the following day, you'll get charged 1 day of interest (beware of weekends).
    Last edited by Fingerbobs; 28-06-2019 at 1:10 PM. Reason: minor clarification
    • pinknsparkly
    • By pinknsparkly 9th Jul 19, 9:13 PM
    • 405 Posts
    • 889 Thanks
    pinknsparkly
    ChrisJ1988, and anyone else reading this thread in the future.... I thought you might be interested to know that you can money transfer multiple times from a Halifax Clarity card. I have a limit of just under £6k on my Halifax Clarity card and opened a Natwest 0% Balance Transfer card that gave me a limit of just over £12k and allows interest and fee free balance transfered in the first 90 days of opening the account. I money transfered 95% of my limit from the Clarity card to my bank account, balance transfered this to my new Natwest card and then repeated the process a few days later (today!) and the second lot of money and balance transfers went through fine. I thought that Natwest might pick up on the fact that it's the same card that I've already balance transfered from and refuse to let me do it but the lady on the phone didn't even mention it. I had been wondering whether to ask to increase the limit on my Clarity card (it's not set to automatically increase the limit) but was a little reluctant to do so in case it reduces the limits I get offered on stoozing cards, and the current limit is plenty enough for my daily and holiday purchases! We're also doing slow stoozing with 0% purchase credit cards opened under my husbands name but this money transfer--> balance transfer definitely speeds up the process!!
    MFW 2019 challenge #99: £6,778.51 / £6,000 (£4,500 is in "offset" pot)
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: £6,778.51 / £30,000
    Save £12k in 2019 challenge #99: £18,030 / £12,000
    2019 keep moving challenge: 271.3 / 1000 miles
    Last updated: 28/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Sep 2052
    • MariiaR
    • By MariiaR 12th Jul 19, 2:19 PM
    • 2 Posts
    • 0 Thanks
    MariiaR
    It's great!
    • il638
    • By il638 19th Jul 19, 3:20 PM
    • 43 Posts
    • 1 Thanks
    il638
    i cant find this halifax clarity card people are talking of with 0% fee on money transfers? has it now finished? all seems to be around 3% fee atm
    • pjcox2005
    • By pjcox2005 19th Jul 19, 3:29 PM
    • 636 Posts
    • 720 Thanks
    pjcox2005
    I could be wrong but i think a "Curve" card which basically allows you to pay by Curve and then assign each transaction to the credit card/account you want (e.g. if you had personal current account, personal credit card, business account) allows you to effectively pay into an ISA from your credit card without any charges.


    WARNING - I've not done this yet, comment came from a friend, but could be worth looking into as an easier way than the options outlined above.
    • Somerset La La La
    • By Somerset La La La 20th Jul 19, 6:28 PM
    • 757 Posts
    • 266 Thanks
    Somerset La La La
    Don't do this with a Tesco bank card, they charge as cash.

    I believe RBS/Natwest do too

    I used to pay my cards with Curve (sometimes using the same card, went about 12 months without reducing balance, whilst having all the money invested instead) - they've tightened up and started blocking it recently though (or just got fed up with my account....).

    Did manage to pay my entire LISA with a credit card too.

    The Curve card has uses, but they've tightened up on the abuse (sadly). I'd personally try a small transaction on a new card, wait a few days for it to appear on your statement (check it's not counted as a cash transaction) then look at repeating.

    My personal best way for stoozing going forward will either be genuine spend on a 0% purchases card, or using a Money Transfer card then BT to that. Curve has too many risks/variables IMO - that could cost a significant sum if you're doing it with several £k!
    Work in Underwriting (Mortgages) - posts are my opinion/experience etc, not official company policy/lending rules.

    Only the underwriter assigned to a case at full application stage can give a 100% definitive answer to queries
    • pinknsparkly
    • By pinknsparkly 23rd Jul 19, 2:50 PM
    • 405 Posts
    • 889 Thanks
    pinknsparkly
    i cant find this halifax clarity card people are talking of with 0% fee on money transfers? has it now finished? all seems to be around 3% fee atm
    Originally posted by il638
    https://www.halifax.co.uk/creditcards/landing/cards/clarity-card/all/

    Under Summary Box --> Fees:

    Promotional balance transfer fee = 3% of transfer (min £3).
    Promotional money transfer fee = 3% of transfer (min £3).

    Non-promotional balance transfer fee = 0% of transfer.
    Non-promotional money transfer fee = 0% of transfer.
    MFW 2019 challenge #99: £6,778.51 / £6,000 (£4,500 is in "offset" pot)
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: £6,778.51 / £30,000
    Save £12k in 2019 challenge #99: £18,030 / £12,000
    2019 keep moving challenge: 271.3 / 1000 miles
    Last updated: 28/06/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Sep 2052
    • OceanSound
    • By OceanSound 15th Aug 19, 12:06 PM
    • 665 Posts
    • 114 Thanks
    OceanSound
    Don't do this with a Tesco bank card, they charge as cash.
    .....
    Originally posted by Somerset La La La
    Yep!, I was stung. About 48 quid cash transaction fee. Spoke to Tesco Bank today and luckily (after pleading) he said he will refund fee. Won't be using Curve + Tesco bank credit card together again (for paying other card).
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