cash withdrawal

jayremoh

i need to withdraw £3500 from my natwest credit card as a temporary measure. i know there will be cash advance fee but can i even withdraw such an amount? can i do this in the bank?

thanks

riad_2

Yes and yes!

It's called a cash advance, and you can do it over the counter (at any bank in the world displaying the Visa/Mastercard logo I believe). Remember to take some ID.

YorkshireBoy

I believe NatWest have what they call an 'advance limit', which is the most you're allowed to owe on cash transactions. I seem to remember it's 50% of your credit limit?

There is a much cheaper option though...

NatWest offer what they call a 'money transfer' facility. The rate should be the same as your purchase rate and there may not be a fee payable so should be much cheaper than a 'cash advance'.

Your T&C's will explain further.

p00hsticks

It's a very expensive way of getting cash - are you going to be able to pay it off quickly ?

If not, and your credit rating is good, I suggest you look at the possibility of getting another card with a 0% balance transfer facility to pay it off .....

jayremoh

cheers, that natwest 50% limit could be a problem as my limit is only 3800.

i will try the money transfer thing 1st but failing that i have a halifax one card with a 8800 limit, so i could that one instead i suppose.

cjpunkz

Yes, there is a limit on cash advance made on credit cards. The amount you can withdraw depends on the limit on your credit card. And the cash advance fee is deducted in two ways: either by deducting 1%-4% of how much you will be withdrawing, or a flat fee, usually $20 for most credit cards.

jayremoh

p00hsticks wrote: »

It's a very expensive way of getting cash - are you going to be able to pay it off quickly ?

If not, and your credit rating is good, I suggest you look at the possibility of getting another card with a 0% balance transfer facility to pay it off .....

i know its expensive, and i do plan to BT to a 0% card, but need the cash quickfast at the min.

thanks

jayremoh

just rang natwest and most i can get is £2500 and thats if they up my limit to 5k.

so my only other option is to suffer the 3% advance fee and withdraw from halifax card.

jayremoh

new idea, use my overdraft and get a virgin credit card to pay off the overdraft via a SBT?

does this make sense?

Kavanne

I believe Natwest will allow you to transfer money from your credit card into your current account for no fee. You can then withdraw it how you like. Call them again.

jayremoh

Kavanne wrote: »

I believe Natwest will allow you to transfer money from your credit card into your current account for no fee. You can then withdraw it how you like. Call them again.

aye, only 2500 unfortunately.