Cash Advance/money Transfer then balance trf

Sulli

Hi,

I need to obtain approx £1500-£2000 cash for about 6 months, I have a new credit card which offers a 0% fee on cash advance or money transfer, but then the apr is about 24% a year. Can I obtain this cash as a cash advannce/money transfer and then trf the balance onto another credit card which I have an introductory rate of 0% for balance trf with no bal trf fee?

Thanks

NickX

Sulli wrote: »

I have a new credit card which offers a 0% fee on cash advance or money transfer, but then the apr is about 24% a year. Can I obtain this cash as a cash advannce/money transfer and then trf the balance onto another credit card which I have an introductory rate of 0% for balance trf with no bal trf fee?

Yes this would work, but you want to act pretty quickly with your Balance Transfer request because you don't want to leave the debt accruing interest at 24% for too long.

However I would check with the 0% card that they will take Balance Transfers from the fee-free Cash Advance card beforehand - its not guaranteed that they will accept the Balance Transfer request.

Sulli

Thanks, I have asked the question to the bank that offers the 0% balance trf for 6 months and they said it is ok, just wanted to see whether anyone else had done this.

YorkshireBoy

Sulli wrote: »

...I have a new credit card which offers a 0% fee on cash advance or money transfer...

Who's the provider?...or is it a secret?

Sulli

natwest provide a 0% fee on money transfer (apparantly) although they do charge a 3% fee for cash advance - the money trf goes straight into a bank a/c & cash advance is taking money out of cash machine. Not sure why one attracts the fee and the other doesn't - I assume its because the cash advance is intsant money.

YorkshireBoy

Do NatWest still have their 'advance limit', which is (or at least was) 50% of your credit limit? If so, do you have a £4,000 limit?

Whatever you do, DO NOT take a money transfer if you have existing debt on the NatWest card and cannot clear the balance to zero with the BT to your other card. This is because any inbound payment will be applied to cash advances and money transfers last, meaning you'll have a 'locked in' balance accruing 15.9 to 19.9% APR.