mrklaw

Sods law really. Had a few grand on my egg card which 0%offer ran out recently, so paid the balance off from my savings account.

Next day, Barclaycard sent me a 0% balance transfer offer (never got a good offer from them before, why start now!)

So I don't have a balance to transfer, but can I just write the cheque out to myself? What if they ask any awkward questions?

Tiggs

many providers pay balance transfers to current acc......just did this today with 10k from virgin till next june. i just stuck the 10k in my savings acc.

quite easy to get 50k in this way on deposit.

P1Fanatic

Many card provide transfer and save cheques as well - just write as normal and pay off any debt which goes onto your card at 0%. Just make sure they do offer 0% on cheques if thats what your using.

Simon.

imi

Quick question: If you transfer this "EXTRA CASH" into your current account will you get TAXED on it ?

Tiggs

you pay income tax on the interest.

matt85

Yes you can. If they say anything just explain you are paying off an overdraft. Although i dont think they will anyway.

If you want any more advice PM me as i am pretty (in fact, TOO )familiar with the way Barclaycard works.

MattN

Just done 10k on Virgin too

fast bloke

unless of course you go for an offset mortgage - you don't actually get paid any interest - you just save the equivalent of the mortgage rate plus your highest rate of tax.

(except if you are as loaded as Tiggs and don't need a mortgage)


mrklaw - if you are stuck, transfer the balance of whatever to your egg card and then ask egg to transfer the amount you are in credit to your bank account. (AFAIK Barclays will just transfer the money to your current account anyway - they did this time last year - no questions)

Tiggs

FB...i have a huge mortgage but find the offset thing all very complicated so never bothered with it!

cant stand mortgages!

fast bloke

You should talk to a decent mortgage advisor. At this minute in time, Egg, Nationwide and Ulster Bank are very kindly letting me look after a large pile of cash for nothing, which I have entrusted to Woolwich who previously gave me a large pile of cash to buy my house. The net result is that with a little effort building up big card limits, these 4 lenders allow me to live here virtually interest free

Tiggs

all very clever....you should be a finacial adviser!

fast bloke

wow - you think so? I think I'll go and retrain today

Tiggs

good luck....its a jungle!

mrklaw

well, my current account is barclays too, so don't think the overdraft thing will wash.

they are 0% cheques. Think I'll just try and write one to myself and see what happens. Worst case is it doesn't work and I'll do a fake transfer to egg and back again. Don't imagine Barclaycard can ask what my balance is on a competitor.

Wonder if its a coincidence that I've just got a sainsbury's card with 0% purchases for 12 months (thats my garage conversion card

Tiggs

its a cheque....just write it to you and bank the bank. simple

Neanderthal

iTrader: (6)

I got one of those letters as well, came with a 0% cheque (till April 2005) and a 2.9% cheque which is for the life of the transfer till paid.