A possible stupid question ...
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irmclarke
Posts: 6 Forumite
in Credit cards
Dear All,
This is my first post here but I have been reading the (excellent) forum for a while now.
I have read a fair amount about how people have been making use of 0% credit card deals to pay off existing debts or to even put money into a 'high' interest savings account for the duration of the introductory period.
I can obviously understand how you can transfer a balance from one credit card to another but how is it possible to generate a cash lump sum for paying into a bank account ? It is even ok with the credit card companies to be doing such things ?
Any help would be appreciated.
Ian.
This is my first post here but I have been reading the (excellent) forum for a while now.
I have read a fair amount about how people have been making use of 0% credit card deals to pay off existing debts or to even put money into a 'high' interest savings account for the duration of the introductory period.
I can obviously understand how you can transfer a balance from one credit card to another but how is it possible to generate a cash lump sum for paying into a bank account ? It is even ok with the credit card companies to be doing such things ?
Any help would be appreciated.
Ian.
Old Faithful we roam the range together,
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.
Giddy up old fella cos the moon is yellow tonight,
Giddy up old fella cos the moon is mellow and bright,
There’s a coyote crying at the moon above,
Carry me back to the one I love,
And you old faithful pal of mine.
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.
Giddy up old fella cos the moon is yellow tonight,
Giddy up old fella cos the moon is mellow and bright,
There’s a coyote crying at the moon above,
Carry me back to the one I love,
And you old faithful pal of mine.
0
Comments
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What ur talking about is what they call SBT (Super Balance Transfer) - What cards like Egg and MBNA do is - transfer ur credit limit into a current account.
What u do from there is upto you
Hope this helps.0 -
Hi
No it's not a stupid question... You can transfer money from a credit card into a current bank account and this is called a SBT (super balance transfer). EGG allow this facility free some others including MBNA and their afilliates charge a fee to do this. It is legal. ;D
I would not personally suggest doing this and spending the money as it is a short term loan and the deals may not be repeated.
If you have a high interest loan it may be worth converting to this but your monthly minium fee may be greater than the monthly amount you pay back your loan. :o
With EGG you could feed some (or all, but this would defeat the object of trying to pay off a loan) of the money back into your account using the same method. 8)0 -
I suggest you start by reading the articles on the main site. In particular What is SBT and Revenge - make free cash from credit cards0
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Thanks for the replies, just the sort of info. I was looking for.
Regards
Ian.Old Faithful we roam the range together,
Old Faithful in any kind of weather,
When the round up days are over,
And the Boulevard’s white with clover,
For you old faithful pal of mine.
Giddy up old fella cos the moon is yellow tonight,
Giddy up old fella cos the moon is mellow and bright,
There’s a coyote crying at the moon above,
Carry me back to the one I love,
And you old faithful pal of mine.0
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