Getting cash off credit card

abulhasnat

I have balance transferred 6000 pnds from one credit card to another at 0%. Now, the balance on the card was actually 4500 pnds. The reason for this was that I have to make a payment of 1300 pnds using my credit card and was trying to be clever. Unfortunately he funds are not going to transfer in time. I wanted to ask if I can withdraw this 'extra' 1500 pnds credit as cash without any penalty? Thanks for any help, I am desparate!

tinkerbell84

Unlikely.

You never EVER get 0% on cash advances from credit cards.

Only thing you could do would be to balance transfer from that card to an Egg money card and then into your bank account, but that isn't free and unless you have an Egg Money account already it will take a few weeks to sort out.

CLAPTON

too confusing... two CC which one has the surplus
what are the cards?

NickX

tinkerbell84 wrote: »

You never EVER get 0% on cash advances from credit cards.

No, but the cards with SBT (Super Balance Transfer) facility will allow you to transfer funds direct to a Bank Account.

These cards include Egg, Egg Money and any card administered by MBNA (including the Virgin range of cards).

In addition MINT periodically issue Credit Card Cheques that can be paid into a Bank Account at Balance Transfer rates. However, this is the least satisfactory option because the cheques cannot be ordered and unless you already have them you never know when they are going to drop through your letterbox.

NickX

To the OP, we need to know which cards you have and which card has the surplus balance you want to move into your Bank Account ?

tinkerbell84

NickX wrote: »

No, but the cards with SBT (Super Balance Transfer) facility will allow you to transfer funds direct to a Bank Account.

These cards include Egg, Egg Money and any card administered by MBNA (including the Virgin range of cards).

In addition MINT periodically issue Credit Card Cheques that can be paid into a Bank Account at Balance Transfer rates. However, this is the least satisfactory option because the cheques cannot be ordered and unless you already have them you never know when they are going to drop through your letterbox.

Yes, I mentioned Egg money in my post :rolleyes:

They still charge a BT fee for doing it.

NickX

tinkerbell84 wrote: »

Yes, I mentioned Egg money in my post :rolleyes:

They still charge a BT fee for doing it.

Urm Egg Money do not charge a fee for moving funds to your Bank Account.

Standard Egg do charge a fee IF you are on a promotional deal.

B.E.N

Worst case (because of the fees levied):

Go to Western Union website.

New feature allows you to send money anywhere in the world using your credit card.

So, you could, theoretically, send money to yourself, via your local Western Union affliate.

NickX

B.E.N wrote: »

Worst case (because of the fees levied):

Go to Western Union website.

What are the fees though ?

And is this going to be treated as a Cash Advance by the Credit Card Company, so they charge a fee and charge an extortionate rate of interest from the actual Transaction Date - not to be advised unless you have money to burn.

Also don't many fraudsters use Western Union to receive funds from unsuspecting customers ? This may well alert the fraud team at the Card Company.

Moggles_2

IMO, this is not just a question of timing or whether you have Egg Money.

Credit card companies take a dim view of any transaction which breaches their Ts & Cs and where a balance transfer is miscalculated, either by accident or design, some will insist on returning the surplus funds to the account from whence it came. If, as in your case, this account happens to be another credit card, you could incur two balance transfer fees and gain nothing.

Credit cards - other than Egg Money - are not designed to carry a positive balance. Small amounts that arise temporarily (due to a refund, for instance) are okay, but some providers' Ts & Cs specifically prohibit payments or balance transfers that deliberately place the account in credit.

The pivotal question now, as others have said, is which credit card currently has the surplus £1500?

lisyloo

Credit cards are not designed to carry a positive balance.

Sorry if I'm repeating stuff you already know, but Egg money is a hybrid debit/credit card and it IS designed to carry a posistive balance.
I agree with you about plain "credit" cards though.
Monye in credit is often not insured.