Credit card cash

JimBerg

If I take "cash" out on my credit card at the higher %APR, can I still balance transfer this amount to a new card on 0%APR for how ever long the new card is for. Also when this free period runs out does it then go back to being the higher "cash" apr rate again?

Bismarck

so far as I know, the BT would not reflect whether the balance was made up of normal purchases or whatever...it's just a balance...there is no special tagging on it so after the special 0% rate runs out it should go to a normal rate rather than a cash withdrawal rate, if you see what I mean

nzseries1

You sure can, but remember that most cash withdrawls have a fee attached, as well as interest. BTing will stop the interest, but you'll still have to pay the cash withdrawl fee.

Once the free period runs out, it would go to new card's standard rate, not the cash withdrawl rate.

YorkshireBoy

2 x 3% fees would likely be payable (meaning the cost of borrowing could be 6%)...one for the cash withdrawal and another for the BT.

Interest could be minimised by good timing (ie BT 3 days before cash withdrawal) and overpayment.

Cash withdrawals are limited to £500 per day.

There are better/cheaper ways of getting cash off credit cards.

JimBerg

OK so how do I pay a builders invoice with a credit card when the builder doesnt take credit cards?

nzseries1

Hmm, if you've got time, apply for the Virgin card. This card is special because it allows you to transfer cash to your current account (known as a "money transfer") for a 3% fee, at 0% interest for 16 months.

If you don't have enough time to apply for and get a new card, then you don't have much other alternative than what you described above, unfortunately.

_Andy_

JimBerg wrote: »

OK so how do I pay a builders invoice with a credit card when the builder doesnt take credit cards?

Why did you give work to a builder when you haven't got the money to pay them?

NickX

JimBerg wrote: »

OK so how do I pay a builders invoice with a credit card when the builder doesnt take credit cards?

Need some more info to answer this properly :

(a) Which card is it you wish to use to pay the builder ?

(b) Do you have any other cards ?

(c) How long have you got until you need to make the payment ?

The key to doing this with minimal charges is either a MBNA run card (as Virgin mentioned above is) or an Egg Money card.

normanmark

JimBerg wrote: »

OK so how do I pay a builders invoice with a credit card when the builder doesnt take credit cards?

Cash, Cheque, Debit Card, Bankers Draft, Travelers Cheques, Postal Order?

JimBerg

The problem is the cost of the building work has trebled.

justmarried06

What about a credit card cheque - would that work?