Credit card Balance transfer/Money transfer question

Trajan

Hi to all

I just received my Natwest Credit card today. I just need to verify few stuff on my agreement letter.

My credit limit is £1550. But the advance limit is 50% of £1550. What does advance limit exactly mean?

I have a big overdraft in my Natwest current account. I want to use my CC to pay my montly loan and some of the overdraft.

On the transaction type category; money transfers, balance transfers and advances are separate.

I was wondering what the "money transfer" exactly means? Is it the same thing as the "super balance transfer" facility or is it something different?

Balance transfer 14.88
Money transfer has a 14.88%
Advances %24.9




thank you

clio

It means if you want cash off the card your limited to half the 1550 which is
£775 and it will accure interest straight away from day 1 @ 24.9% so be careful.

Trajan

thanks thats what I thought it was as well.

What about the money transfer? Its shown separately on the agreement letter from the balance transfer. Does money transfer mean I can transfer money from the CC to my current account?

YorkshireBoy

Trajan wrote: »

Does money transfer mean I can transfer money from the CC to my current account?

Yes, but is it any cheaper than the overdraft EAR?

And don't forget you'll need to find 2.25% every month for the minimum payment. Where's that coming from?...the overdraft again?