Is this a good Idea?

Mindspace

Hello all, I'm in need of cash at the moment and want your opinions on my plan? I have an M&S CC with a limit 5500, and balance on it is 0 at the moment.

I would need around 850-1000 pounds. Plan is that, I will buy euro's from m&s buereau and convert to sterling and use the cash. since it is classed as a purchase, I won't be incurring 3%fee + higher interest rate.
M&s were selling euros for 1.02 last time i checked and went into post office to find out what they would buy them for and they quoted 1.14, which i think is bit steep.

Could you help me figure out if this is good idea or is there any other way to get around this. I'm hoping to clear this balance up in 2nd week of February.
If you know, can you also tell me where i can get a better deal on sterling, obviously will shop around, it makes it a tad easier if someone knew it beforehand.

Thanks for your help all!

YorkshireBoy

Buy Sterling travellers cheques and pay them straight into your current account. Check beforehand if your bank will accept them, but I've paid them into both LTSB and Nationwide.

There's a very reasonable 1% fee...far better than the buy/sell spread you found on foreign currency.

Mindspace

thanks YorkshireBoy. Great idea! Didn't occur to me. I have just checked with my bank HSBC and they said i can deposit them. Far better value than the route i was taking.
Thanks once again!!!