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Can I do a balance transfer to put another card into a positive balance?
alexanderalexander
Posts: 345 Forumite
in Credit cards
I have just been granted the NatWest no-fee balance transfer card with 20 months interest-free.
I was given a credit limit which was much higher than I expected, which means that my existing credit card balances will use less than half of it. Given I have other interest-bearing debts, this seems a waste of a very good deal! Could I therefore transfer the rest of the limit to put my HSBC credit card into positive balance, and then either (i) spend that positive balance on day-to-day spending over a few months or (ii) if HSBC is willing to do it, transfer the positive balance to my bank account?
I was given a credit limit which was much higher than I expected, which means that my existing credit card balances will use less than half of it. Given I have other interest-bearing debts, this seems a waste of a very good deal! Could I therefore transfer the rest of the limit to put my HSBC credit card into positive balance, and then either (i) spend that positive balance on day-to-day spending over a few months or (ii) if HSBC is willing to do it, transfer the positive balance to my bank account?
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Comments
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You technically can, but as it's against the terms of the card to intentionally have a positive balance, they may return it and/or close your account.0
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No, you cannot use a BT to put another card into a positive balance. You would probably be breaking the applicable terms and conditions too.I work within the voluntary sector, supporting vulnerable people to rebuild their lives.
I love my job
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What are your other cards? There has been some discussion here before if you search. If another card has a deal on a money transfer offer you could transfer money to your bank account using that and then BT from Natwest to it.0
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Thank you. So presumably it's not a good idea to do it.Deleted_User wrote: »You technically can, but as it's against the terms of the card to intentionally have a positive balance, they may return it and/or close your account.
I remember that years ago there was a card to which it was possible to do a balance transfer which did permit a positive balance (a cashcard of some type...?). This was known as a "mule card". Does anyone know if there are still suitable mule cards out there?0 -
No. It was superseded by money transfer offers.0
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alexanderalexander wrote: »Thank you. So presumably it's not a good idea to do it.
I remember that years ago there was a card to which it was possible to do a balance transfer which did permit a positive balance (a cashcard of some type...?). This was known as a "mule card". Does anyone know if there are still suitable mule cards out there?
Don't think there are any mule cards. It used to be the Egg Money Card, and it even paid (3.2% I think it was?) interest on a positive balance!I consider myself to be a male feminist. Is that allowed?0
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