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swap cash withdrawl over to 0% card
drunkmunkey6969
Posts: 5 Forumite
in Credit cards
I need £8k cash and am looking at various options, of which this is one.....so can someone please tell me if my 'theory' stacks up?
Scenario: I have a lloyds credit card, zero balance, horrid APR%, and £4k limit. I also have a Virgin CC, £10k limit, 0% transfer rate for 16 months for all balances transferd within first 60 days (plus 2.98% fee).
Question: Can i withdraw £4k cash from my Lloyds card, and then immediately balance transfer that amount over to my Virgin card to get the benefit of the 0% for 16 months? And repeat again to get £8k total @ 0% (+2.98% fee) for 16 momnths?
Have i got my theory right?
Scenario: I have a lloyds credit card, zero balance, horrid APR%, and £4k limit. I also have a Virgin CC, £10k limit, 0% transfer rate for 16 months for all balances transferd within first 60 days (plus 2.98% fee).
Question: Can i withdraw £4k cash from my Lloyds card, and then immediately balance transfer that amount over to my Virgin card to get the benefit of the 0% for 16 months? And repeat again to get £8k total @ 0% (+2.98% fee) for 16 momnths?
Have i got my theory right?
0
Comments
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The only bit you haven't factored in is the cash advance fee from Lloyds, normally about 1.5%0
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No. Virgin is an SBT card, meaning they offer 0% money transfers directly into your current account. No need to use LTSB at all.drunkmunkey6969 wrote: »Have i got my theory right?0 -
YorkshireBoy wrote: »No. Virgin is an SBT card, meaning they offer 0% money transfers directly into your current account. No need to use LTSB at all.
That sounds exciting, but i have no idea what SBT means....can you explain?0 -
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Ahhhhhh.....thats cool. :beer:
Cheers.0
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