I have a zero balance transfer credit card, the fee is only 2.5%
Would like to transfer my my flex balance over there. Can someone confirm this is possible?
Do I use my Monzo debit number or do I use the virtual flex number for the transfer?
Although the medium is different the end result is the same (for this purpose). The balance would be transferred from one card to another (or flex account). So a balance remains on a card.
On one of my CC i get better money transfer fee/0% compared to a balance transfer
Some credit cards Barclaycard for example offers money transfer. Like 2.5% transfer fee + 17 months 0%. They will transfer requested amount to your Debit Card and then you can settle flex account.
Surely this is possible to do?
I’d say giving customers an easy way to tally up debt then not allowing them to balance transfer over to a credit card at 0% is a bit of a .
I’ve cancelled my Flex already, but with any credit product, knowing there’s a cheap exit route at the end should my financial life take a turn for the worse is incredibly important to me and I’m sure it’s the same for many others here.
Presumably any money transfer card that allows you to transfer an overdraft would work for Flex?
You can take a money transfer from a credit card, have it paid into your bank and then pay Monzo flex off that way. Nothing stopping anyone doing that.
You can also use your Monzo overdraft to pay it off, though in majority of cases it’s probably less viable to do it that way as overdrafts are far more expensive for the majority in comparison.
As it stands, it’s not possible to balance transfer. whether it comes in the future I have zero clue.
Your scenario could happen at any time with any form of borrowing in the grand scheme of things.
Hey. You could in theory use the money transfer feature this way. Transfer to your Monzo account, pay your credit card with it.
Just bear in mind there’s a 3% fee and it’s only interest free if you pay back in 3 instalments. That’s effectively a 12% rate for only a 3 month period. So unless your credit card has a woefully poor rate, or your debt is quite deep, it’s barely worth doing over just continuing to pay your credit card as normal.
Unfortunately I don’t have access, unsure if it’s due to it still being rolled out or due to having a £500 limit and can’t even an increase despite being eligible for a £7k loan