newb - taking cash out then transfering?

dotty_totty

I need approx 3k for 10 months and at the moment have a tesco c.c. and a barclaycard. Barclay are offering 0% on balance tranfers until June 09. Question is can i withdraw cash on my tesco card and then transfer the balance to my barclaycard?

Also if the limit of my tesco card isnt sufficient, can we withdraw cash on hubbys capital one card and then transfer his whole balance onto my barclaycard too?

TIA
x

YorkshireBoy

Answer to both is yes, possibly.

However, might be better to make a 'money transfer' on Tesco, rather than a cash withdrawal.

pendle68

Hi there
can anyone help.
I have just found out, my credit card company have transfered some money from my son's account, to pay my credit card bill, can they do this?
The account is in my name for my son, who is only 9 years old. I am think of transfering the balance to his other account. The credit card company is the same bank as my current account.
please advise. help?
lol
pendle

stevie_wonder

Firstly, can I ask why your 9 yr old son has a credit card? I can't imagine a situation where a 9yr old will need a credit card, but perhaps you can enlighten us.
Secondly, children under certain ages (believe its around 12) dont hold accounts on their own (Current savings or whatever) and they are held by their parent or guardian in their place.
Thirdly, I would check the t's and c's of your son's credit card. If it is linked in anyway to your own then they will be able to take any credit from that in order to pay your debt.
Finally, why is your sons credit card account in credit? If you've got any spare cash you should be sticking it in savings account/ISA anything but on credit card where you'll get no interest on it!

YorkshireBoy

Stevie,

The account referenced is a savings account!

It's probably held as a joint savings account or maybe it's in the mother's name only. Perhaps if it were held 'in trust', the lender wouldn't have been able to remove funds from it under their powers of 'set off'.

McKneff

if the savings account is in mothers name the bank/cc company will treat it as belonging to mother - hence they clear the debt legally.

Put your sons savings with another bank or like another op says hold it in trust.

stevie_wonder

YorkshireBoy wrote: »

Stevie,

The account referenced is a savings account!

It's probably held as a joint savings account or maybe it's in the mother's name only. Perhaps if it were held 'in trust', the lender wouldn't have been able to remove funds from it under their powers of 'set off'.

I can see my error there - misread things. Thought it was strange for 9yr old to have credit card! LOL.