Credit Card - Cash transfer?

Jazzyjue

Hi

Can anyone help please , I am looking to obtain a credit card where i am able to transfer cash into my current account, i need around £4,000 and I will be able to pay this off within 6 - months hence why I dont want to get a loan. I am searching the net but cant see many around that advertise this option. I have found that the B.T. card does this and has 0% for 12 months on cash transfers but you need to be a B.T. customer and im not.... HELP please... thanks
Jazzyjue:T

exel1966

Try MBNA cards, Virgin (MBNA), Post office, Egg, Mint, A&L. All offer the opportunity to transfer cash though you'll still have to pay the BT fee of approx 3.00%.
They offer between 6 and 15 months at 0%.

jd87

You are looking for a card that can do "super balance transfers" (transferring money into a bank account). [STRIKE]The Virgin credit card I think still has the lowest fee, it does 15 months at 0% with a 2.98% fee. This means it will cost you £119.20 on £4000. Also, whatever you do, DO NOT make any purchases or withdraw cash using the card.[/STRIKE]

edit: Follow NickX's advice.

YorkshireBoy

Alx_B wrote: »

It's pretty hard to find cards that'll allow this these days...

I actually think it's easier these days, although the costs have increased.

For example, I'm only aware of one SBT card that has been 'pulled' in the 3+ years I've been stoozing, and that's the MBNA Platinum Plus which had it's "0% on current account transfers" facility withdrawn 2 weeks ago.

The new kids on the block are the M&S card (via the travellers cheque loophole) and the Post Office cards.

NickX

Jazzyjue wrote: »

I am looking to obtain a credit card where i am able to transfer cash into my current account, i need around £4,000 and I will be able to pay this off within 6 - months hence why I dont want to get a loan.

Because you say you will be able to pay the card off within 6 months, I would advise the Virgin Atlantic White Amex Card.

This is an MBNA run card with Super Balance Transfer facility. The promotional period is only 6 months, but the advantage is that the fee is capped at £50, so if you manage to get the £4k that you after, this equates to a fee of only 1.25%. Most other SBT cards that offer longer promotions will charge fees close to 3%.

IMO this is a good deal as long as you are sure that you will repay within the 6 months promotional period.

If you don't want to pay a fee at all, this can be done by using a combination of Ulster Bank Gold Card and Egg Money. However the maximum initial limit on Ulster seems to be £3600.

Jazzyjue

Thanks for the replies.

I applied for and was accepted for the virgin atlantic white amex card
this afternoon. I double checked that the offer was 0% on purchases for 6 months and it was confirmed.

I sent the link to a friend who was looking for a change of CC provider and she has said the offer is not there , I checked and I'm blown if I can see any mention of the offer


Has it been withdrawn ? and more importantly do I still have my deal?

NickX

Jazzyjue wrote: »

I applied for and was accepted for the virgin atlantic white amex card
this afternoon. I double checked that the offer was 0% on purchases for 6 months and it was confirmed.

Has it been withdrawn ? and more importantly do I still have my deal?

No its still there. Here is the link :

https://wwwa.applyonlinenow.com/UKCCapp/Ctl/entry?sc=8VAAwhiteaf_ost&mc=VAA-RS-52527-53389

Congratulations on getting accepted, it has been a good card for me, but be careful to repay the debt before the 6 months promotion expires. There was a report earlier of someone being put on an extortionate 34.9% variable rate after the promotional rate finished.

YorkshireBoy

Jazzyjue wrote: »

I double checked that the offer was 0% on purchases for 6 months and it was confirmed.

I assume you mean BT's (and transfers of cash to your current account)?

Jazzyjue

NickX wrote: »

Congratulations on getting accepted, it has been a good card for me, but be careful to repay the debt before the 6 months promotion expires. There was a report earlier of someone being put on an extortionate 34.9% variable rate after the promotional rate finished.

I will have it paid in the 6 months but if any unforseen problems arise and I need a little extra time I'd perform a balance transfer ( thanks forum) i know a avg 3% fee would apply but still a good saving compared to a loan.

Thanks again