Newbie Help - Transfering from Credit Carde to Bank account?

scottee

Hi Guys

I am posting here just to get some advice. Basically this is where I stand.

Halifax Credit Card - £1800 (£2600 limit - intrest free for 2 more months)
Misses student account - -£1500 student overdraft. No longer intrest free this month.

I was thinking of paying a chunk of the misses overdraft off with whats left on the credit card, then applying for a new credit card (the virgin one offering 16months intrest free) and balance transfering it? The setting up a £200 min payment and pay it all off in 15 months?

Question is, how can I pay the misses overdraft off with the CC? If i take cash out with the CC I get charged? Is there a way around it?

Sorry if this is a dumb newbie question lol!

Many thanks in advance!!

GeorgeUK

If this is the virgin credit card you are planning to get, then there is no problem.
http://uk.virginmoney.com/credit-card-v1/popup/summary.html

There are only certain cards that allow a free money transfer (suber balance transfer) - the Virgin card is one of them.

I would advise getting the virgin card, getting the money BT'd to your current account, then from there you can use the cash to pay off the overdraft and pay off as much of the other card as possible.

I wouldn't transfer money with the halifax card as this is probably just a straight cash advance and you will be charged a higher interest rate on it.

scottee

Awsome, thakns mate. Stupid question, how do i go about doing a bank transfer using my CC? I've never had to do it before, i've only ever used a CC for purchases

GeorgeUK

Have you got the Virgin card yet?
When you call to activate the card, ask if they can transfer the maximum amount to a current account (just to be extra sure that you don't get charged and this is still 0%).

Don't do a balance transfer using your halifax card.

IJ_UK

hi, does anyone know how long it takes for the money to appear in your current account after tranfering the balance there
thanks

GeorgeUK

Balance transfers can take about 5 working days, but it is sometimes quicker.

IJ_UK

GeorgeUK wrote: »

Balance transfers can take about 5 working days, but it is sometimes quicker.

thanks george :beer: