Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • vivavilla86
    • By vivavilla86 13th Mar 18, 9:16 AM
    • 1Posts
    • 0Thanks
    Using money transfer to pay off balance transfer?
    • #1
    • 13th Mar 18, 9:16 AM
    Using money transfer to pay off balance transfer? 13th Mar 18 at 9:16 AM
    Hi guys, apologies if this has been asked before but couldn't see anything after a brief search.

    I have a Barclaycard credit card which has two previous balance transfers making up its balance. The first balance transfer is about to have its promotional rate end, meaning interest is about to begin. Interest sucks, so I thought it's time to get a new card to shift the balance onto.

    However, Barclaycard also offer a cash transfer off, where you use part of your balance to transfer money into your bank account and enter into a promotional rate where no interest is paid, just a nominal fee to process the transaction. I've used this offer before and it's been very useful.

    So then the cogs started turning... is there anything stopping me from using the cash transfer offer, to transfer the amount of my first balance transfer, then use that money to pay off said balance transfer?

    Logistically it doesn't seem like there would be anything to prevent this, but I wanted to check just in case anybody knew of any rules that might mean this isn't an option.

    Thanks for your time!
Page 1
    • zx81
    • By zx81 13th Mar 18, 9:16 AM
    • 16,831 Posts
    • 17,829 Thanks
    • #2
    • 13th Mar 18, 9:16 AM
    • #2
    • 13th Mar 18, 9:16 AM
    Yes, it's what people normally do.
    • Akahotpot
    • By Akahotpot 13th Mar 18, 10:50 AM
    • 136 Posts
    • 86 Thanks
    • #3
    • 13th Mar 18, 10:50 AM
    • #3
    • 13th Mar 18, 10:50 AM
    I did with no issues
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,645Posts Today

8,300Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin