Can I over balance transfer?

[milkround]

Being the boring type I have a reasonably good credit rating. I went on moneysavingexpert credit card checker and it said I was 90% sure to get a top balance transfer card.

So I've applied for one and it's given me a limit of £18000. About half of my salary. Over 25 months. With a 1.5% fee. So in effect the interest is only 0.75% per anum.

Now... is there anything to stop me transfering £15k into my other credit card and then repaying the amount over a couple of years?

Sidenote - I am going to central America in a couple of months for 10 weeks. So i'd be interested in putting it into my Halifax travel card and using it as spending money with no fees. The rest is just a really cheap loan.

I know the balance transfer card will let me. But will Halifax kick of a fuss if I do this? I've loaded my card before by overpaying my credit card bill when travelling and have never had a problem.

Cheers

[aquarianone]

Depending on the card / company you can Money Transfer back to your current account...which is a bit more straight forward.

https://www.moneysavingexpert.com/credit-cards/mon...

[nikaiyo2]

I have over balance transferred in the past, but not to this scale. It was rounding, transferring £500 when the outstanding balance was £463 etc. Hence i had 3 cards with positive balances for ages lol.

There are money transfer cards available, where obviously what you want to do would not be an issue. Might be worth looking at one of them?

[NickCQ]

milkround said:

Now... is there anything to stop me transfering £15k into my other credit card and then repaying the amount over a couple of years?

What's the rate after the end of the teaser period?

[milkround]

NickCQ said:

What's the rate after the end of the teaser period?

No idea. As it will be paid off like all my cards are. I've never paid interest on a credit card and don't plan on starting now. I'm as tight as a Scottish man which is why I load my Halifax credit card before I go so I don't have to pay any interest between the cash being taken out and me paying it off.

[milkround]

nikaiyo2 said:

I have over balance transferred in the past, but not to this scale. It was rounding, transferring £500 when the outstanding balance was £463 etc. Hence i had 3 cards with positive balances for ages lol.

There are money transfer cards available, where obviously what you want to do would not be an issue. Might be worth looking at one of them?

Cheers.

Tbh I don't desperately need the cash. So I wont bother. Just seemed like an easy way to get a loan for 2 years which will be below inflation.

I reckon I'm going to chance it for 5 grand and see what happens.

[easy_rider33]

I put a £7k deposit down for a kitchen using my card, paid the balance and just before work started the company went in to administration. I claimed the money back from the credit card company and had a positive balance for ages. I don’t think they really care TBH

Cheers

[SimonTheSailor]

I have a Halifax Clarity card and I tried to over pay the amount just so I had it covered, but it clearly stated that I could not pay more than the outstanding amount.

[milkround]

SimonTheSailor said:

I have a Halifax Clarity card and I tried to over pay the amount just so I had it covered, but it clearly stated that I could not pay more than the outstanding amount.

A trick is to repay the amount repeatedly on the app.

Obviously they could close your account but I've never had that problem.

[NickCQ]

milkround said:

No idea. As it will be paid off like all my cards are. I've never paid interest on a credit card and don't plan on starting now. I'm as tight as a Scottish man which is why I load my Halifax credit card before I go so I don't have to pay any interest between the cash being taken out and me paying it off.

Might as well pay it off now and avoid the 1.5% fee then.

[33q]

Some CC companies get a bit upset if you overpay

I play the cards quite a bit with balance transfer offers and a couple of years ago Tesco threatened to return an overpaying balance transfer from another CC.

I refused to tell them the origin of the payment...they obviously knew...but couldn't do it without my authority!

It got a bit heated....and they suspended my account!

They seem to treat the overpaying as money laundering.

In the end I got to speak to someone who was a bit more reasonable...account reinstated...£150 compensation...sorry from complaints etc. But that was for the way they dealt with things not that they agreed with overpaying.

They pointed out in T and C's that overpaying is not acceptable.

If it's a small amount you will be fine...a few £k and it might be different.

[SimonTheSailor]

milkround said:

A trick is to repay the amount repeatedly on the app.

Obviously they could close your account but I've never had that problem.

Ah yes - that's a good idea !!

[milkround]

SimonTheSailor said:

milkround said:

A trick is to repay the amount repeatedly on the app.

Obviously they could close your account but I've never had that problem.

Ah yes - that's a good idea !!

I've done enough longish term backpacking that I'm a full on cheap skate. I've got half a dozen cards which charge no fees. But none beats the Halifax Clarity - apart from Tandem if you want to actually buy things rather than getting your cash.

Last time I went away I loaded the Halifax with about 3 grand by simply paying the 500 quid balance 6 or 7 times. No problems. I've done this for a number of years no problem. For me if they close the account it's not the end of the world as I have loads of travel cards (mainly debit but a few credit).