Paying into current account from credit card?

joebloggs69 · 23 August 2009 at 10:46AM

Hi Guys,

I'm sure this must have been asked before, but I have searched and cannot find anything, so apologies if so.

I want to open the Virgin 0% card to transfer a couple of hundred pounds across from my current HSBC master card. I am nearing the bottom of my overdraft and am hanging on for payday (come on Friday!), I don't want to be hit with a charge, and to be honest I wondered if I could get more out of Virgin's offer by transferring money from my credit card over to my current a/c before I transfer the balance over.

1stly, can I do that? I can't see an option when I use online banking, will I need to draw money out from the cash point (it goes against every fibre of my being, drawing cash off of a credit card). Or perhaps I can use something like paypal?

2ndly, I am part way through the online application for the Virgin card, and it is asking how much I will want to transfer...will I need to make the transaction before applying? Or do I let them know the actual amount after application? Obviously, I will not really want to draw cash out on my cc if I don't even know yet if I'll be approved by Virgin!

Thanks,

Joe

joebloggs69 · 23 August 2009 at 10:56AM

Ah, I have found this thread, but any other comments still appreciated.

http://forums.moneysavingexpert.com/showthread.html?p=8229435

I should probably add that I am now budgeting and don't expect to be in this situation for long, I just don't want to hover around near the bottom of my overdraft risking a fee.

CannyJock · 23 August 2009 at 11:04AM

It's covered in a few places. Some tips on: http://forums.moneysavingexpert.com/showthread.html?t=1825509&highlight=cash+from+credit+card and http://forums.moneysavingexpert.com/showthread.html?t=1835701&highlight=cash+from+credit+card

Basically yes, you can do it with the Virgin card, 4% fee, repay over 16 months @ 0%.

You don't need to put the balance transfer details on the application form, you can give them your sort code and account number and the amount you want when you call to activate the card (and setup the minimum payment direct debit, and change your statement date, and confirm the exact date your 0% promotion ends, and get them to confirm the transfer is at 0%).

You won't get the funds in your account before Friday though - if you need money that quickly, your best bet is to get the bank to increase your overdraft until payday.

joebloggs69 · 23 August 2009 at 11:05AM

Aha! My second answer to my own question!

Just read Martin's article about super balance transfers, and apparently I can do this with Virgin within 60 days of opening the account. Sorted. I'll include the link in case anyone else is looking for the same info.

http://forums.moneysavingexpert.com/showthread.html?p=8229435

Thanks anyway guys!

joebloggs69 · 23 August 2009 at 11:09AM

Thanks CannyJock, we cross posted. It's reassuring to hear you confirm it.

Interestingly I went into the bank to ask for a temporary extension on the overdraft, the less than helpful chap there sucked air through his teeth and said 'they' won't grant it while I am already at the limit, but he'll make sure I won't get charged and gave me his business card. Maybe he was due to go to lunch. Still I think I'll be ok, if I need to I'll have to sponge £20 of someone until payday.

Thanks again!

Paying into current account from credit card?

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