Transfer query

Dye_Witness · 7 August 2004 at 11:47AM

Hi folks,

Here is a query for you.

I need to borrow £2500 on a short term basis.

I have just received the Barclaycard 0% offer for balances transfers.

I was going to use my Egg card, remove £2500 in cash and then transfer balance to my Barclaycard on their 0% offer.

First up will this work? ie can i transfer a cash withdrawal on a card to another card, will Barclaycard know this was for cash withdrawals or is it simply a balance transfer for them and will go through on the 0% deal?

Kind Regards

Dye

Debt_Free_Chick · 7 August 2004 at 12:29PM

Yes - but you'll pay interest from outset the moment you take the cash off the Egg Card.

Do you have a balance transfer (BT) offer on your Egg Card? They're currently offering 0% on BT on your anniversary - this is usually the "valid from month" on your card. So if that's coming up, can you wait for it?

Or call Egg and see if they'll do an offer for you. Even if they offer a low APR, with a BT you normally only start paying the interest once you get the first statement. Before then you could BT to Barclaycard. hhmmm not clear that ... Say Egg offer you a BT at 5% - take it. BT £2500 to your current account (Egg let you do this). Then immediately BT £2500 from Egg to BCard.

Remember - don't take cash from your Egg card. BT it to your current account.

Transfer query

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free