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  • FIRST POST
    • muhandis
    • By muhandis 11th Oct 16, 12:29 PM
    • 231Posts
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    muhandis
    Withdrawing cash on Halifax Clarity and transferring balance
    • #1
    • 11th Oct 16, 12:29 PM
    Withdrawing cash on Halifax Clarity and transferring balance 11th Oct 16 at 12:29 PM
    Hi,

    I have a Halifax Clarity credit card and on the T&Cs it says that there is no charge on cash withdrawals but interest (@25%) will start accruing immediately.

    So does this mean I can get a 0% fee balance transfer card, withdraw cash from Halifax Clarity and immediately initiate a balance transfer for the same amount from my new BT card thus only costing me the 1-2 days of interest charged by Halifax?

    If that does work it is in effect a very cheap money transfer. Am I missing something here?

    If the above is indeed possible, does anyone know how I can withdraw £3,000 in one go given that the daily cash withdrawal limit at the ATM is £500.

    Thanks in advance.

    K
Page 1
    • Paully232000
    • By Paully232000 11th Oct 16, 12:41 PM
    • 2,039 Posts
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    Paully232000
    • #2
    • 11th Oct 16, 12:41 PM
    • #2
    • 11th Oct 16, 12:41 PM
    Not forgetting the balance transfer fee for the new card of 3% approx. Also you may have to do that over 6 days if you want 3000 and will cost a bit more than a few days interest by the time the transfer is complete.
    • muhandis
    • By muhandis 11th Oct 16, 12:51 PM
    • 231 Posts
    • 87 Thanks
    muhandis
    • #3
    • 11th Oct 16, 12:51 PM
    • #3
    • 11th Oct 16, 12:51 PM
    Thanks for your reply.

    It's a no-fee 0% balance transfer card. Quite a few of being offered these days.

    I could just withdraw £500 a day and initiate a balance transfer for £500 every day until it hits £3,000. The BT card has the no fee offer on all transfers made within the first 3 months. But that seems like too much of a faff, which is why I'm hoping there is another way to withdraw £3,000 in one go.

    Not forgetting the balance transfer fee for the new card of 3% approx. Also you may have to do that over 6 days if you want 3000 and will cost a bit more than a few days interest by the time the transfer is complete.
    Originally posted by Paully232000
    • Paully232000
    • By Paully232000 11th Oct 16, 1:10 PM
    • 2,039 Posts
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    Paully232000
    • #4
    • 11th Oct 16, 1:10 PM
    • #4
    • 11th Oct 16, 1:10 PM
    Thanks for your reply.

    It's a no-fee 0% balance transfer card. Quite a few of being offered these days.

    I could just withdraw £500 a day and initiate a balance transfer for £500 every day until it hits £3,000. The BT card has the no fee offer on all transfers made within the first 3 months. But that seems like too much of a faff, which is why I'm hoping there is another way to withdraw £3,000 in one go.
    Originally posted by muhandis
    I missed that bit, my fault for skim reading your OP
    • JimmyTheWig
    • By JimmyTheWig 11th Oct 16, 1:35 PM
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    JimmyTheWig
    • #5
    • 11th Oct 16, 1:35 PM
    • #5
    • 11th Oct 16, 1:35 PM
    I could just withdraw £500 a day and initiate a balance transfer for £500 every day until it hits £3,000. The BT card has the no fee offer on all transfers made within the first 3 months. But that seems like too much of a faff, which is why I'm hoping there is another way to withdraw £3,000 in one go.
    Originally posted by muhandis
    I don't know if you can withdraw cash over the counter from a Halifax branch?

    But as a half-way house you could get the £500 a day from the cashpoint and then pay it off with a single balance transfer. Would cost 51p in interest, by my calculations.
    Do you have a balance (either long-term or one you pay off in full each month) on the Halifax card?
    • muhandis
    • By muhandis 11th Oct 16, 1:50 PM
    • 231 Posts
    • 87 Thanks
    muhandis
    • #6
    • 11th Oct 16, 1:50 PM
    • #6
    • 11th Oct 16, 1:50 PM
    Guess I might call Halifax and ask, an over the counter withdrawal might be an option.

    I don't know if you can withdraw cash over the counter from a Halifax branch?
    Originally posted by JimmyTheWig
    I don't carry any balance on it usually, I've just kept it for use overseas when on holiday.

    Do you have a balance (either long-term or one you pay off in full each month) on the Halifax card?
    Originally posted by JimmyTheWig
    Last edited by muhandis; 11-10-2016 at 1:57 PM.
    • muhandis
    • By muhandis 12th Oct 16, 12:07 PM
    • 231 Posts
    • 87 Thanks
    muhandis
    • #7
    • 12th Oct 16, 12:07 PM
    • #7
    • 12th Oct 16, 12:07 PM
    Called Halifax and checked. Turns out you can withdraw cash from a credit card at a counter in a Halifax branch. Just need to show some ID. Decided against it though as apparently it's a negative on the credit rating for a few months. Doing a bit of bank switching at the moment, wouldn't want to mess that up.
    • JimmyTheWig
    • By JimmyTheWig 12th Oct 16, 12:15 PM
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    JimmyTheWig
    • #8
    • 12th Oct 16, 12:15 PM
    • #8
    • 12th Oct 16, 12:15 PM
    What some people do is ask to make the transfer even though the card that is receiving the money, Halifax in your case, has no balance.
    You then ask, again Halifax in your case, to refund your positive balance to your bank account.
    That won't count as a cash withdrawal.

    There is a risk in doing this that the bank will return the funds to where they came from. Sometimes that means that you will pay the fee for the balance transfer but not end up with the money transfered. But in the case like this where there is no fee for the transfer it doesn't really matter.
    • JuicyJesus
    • By JuicyJesus 12th Oct 16, 12:42 PM
    • 2,517 Posts
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    JuicyJesus
    • #9
    • 12th Oct 16, 12:42 PM
    • #9
    • 12th Oct 16, 12:42 PM
    What some people do is ask to make the transfer even though the card that is receiving the money, Halifax in your case, has no balance.
    You then ask, again Halifax in your case, to refund your positive balance to your bank account.
    That won't count as a cash withdrawal.

    There is a risk in doing this that the bank will return the funds to where they came from. Sometimes that means that you will pay the fee for the balance transfer but not end up with the money transfered. But in the case like this where there is no fee for the transfer it doesn't really matter.
    Originally posted by JimmyTheWig

    You could also quite possibly get your credit card blocked as putting the card in credit is often expressly against the terms and conditions. This especially counts when you are obviously doing it deliberately, such as when you get thousands of pounds in credit at once and then want it all back in cash - credit card companies are quite amenable if it's a card you don't use much and get a tenner in a refund from something or other, not so much if you're gaming the system. Some will actually insist on processing credit balance refunds with a cash fee if they suspect you're doing it on purpose rather than as a genuine mistake.

    This is not to mention that they will probably also want proof of where these funds have come from before they release them to you, since there would be absolutely nothing saying this balance transfer actually came from your credit card and not a stolen one.
    Last edited by JuicyJesus; 12-10-2016 at 12:46 PM.
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    • zappahey
    • By zappahey 13th Oct 16, 8:02 AM
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    zappahey
    You could also quite possibly get your credit card blocked as putting the card in credit is often expressly against the terms and conditions.

    This is not to mention that they will probably also want proof of where these funds have come from before they release them to you, since there would be absolutely nothing saying this balance transfer actually came from your credit card and not a stolen one.
    Originally posted by JuicyJesus
    I'm genuinely curious, rather than disagreeing, do you have any examples of this or is it speculation?
    What goes around - comes around
    • chattychappy
    • By chattychappy 13th Oct 16, 10:45 AM
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    chattychappy
    Decided against it though as apparently it's a negative on the credit rating for a few months. Doing a bit of bank switching at the moment, wouldn't want to mess that up.
    Originally posted by muhandis
    I wouldn't worry about that. I regularly obtain cash on my Clarity card and have never had a problem. I think it's only negative when taken with other factors - up to your limits, only paying minimums. It is, afterall, a service they offer. It's not like going over limit or missing a payment.
    • JuicyJesus
    • By JuicyJesus 13th Oct 16, 12:32 PM
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    JuicyJesus
    I'm genuinely curious, rather than disagreeing, do you have any examples of this or is it speculation?
    Originally posted by zappahey


    The terms and conditions, for the Halifax card I took out recently:


    You must not pay us more than you owe when you make payments to your account, or transfer funds from another credit or store card if this creates a credit balance on your account. If there is a credit balance on your account at any time, we may apply it to any recent transactions not yet shown on your account, or to transactions made after the date your account goes into credit. We may also return any credit balance to the account from which the money has been sent or pay the funds into a deposit account you hold with us. We do not pay interest on any credit balances or take them into account for the purpose of any reward schemes.

    With regards to requesting the source of funds, that is speculation but it is a probability.
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
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