New to credit cards... Questions Questions!!

MissWorzel

I'm not too bothered about a premium fee, that I can handle, it'll only add a couple of pounds onto the transaction, and Its not like I have any other choice. I don't know the number of the shop, I'll have to pop down when I've got time later on.

Argh, I'm worried again now. haha.

rdty21

Sorry, didnt mean to worry you.
Just didnt want you to get to the till and then find out you have to pay a bit more because you want to use a credit card.

Phantom_Flan_Flinger

As rdty21 has stated, a cash withdrawal will start to accrue interest from the moment you take it out, usually at a higher interest rate than your standard purchase rate.

Payments to your card are usually paid off towards those transactions with the lower interest rate, so a cash withdrawal would be the last thing to be paid off on any existing balance.

MissWorzel

Oooh, that makes sense. And no, you didn't scare me... Credit cards scare me!

Thanks to both of you for mentioning that before I did something stupid!

I rang my Dad, he paid for the previous scooter we bought from him 6 years ago, on a credit card. So I think I'm going to be OK!

I hope!

MissWorzel

OK, so I have a question.

I went down to the little shop today, only to find he no longer allows people to pay by card... only cheque and cash.

£530 sent from paypal A [the one against my credit card] as a gift/service/something else... to Paypal B [the one with my bank details]
Accept £530 on Paypal B [the one against my bank details], and transfer to my bank... pay for the scooter.. and pay off the balance with monthly installments... Does paypal count as a "new payment"??

I know there will be a fee for doing that, but I really cannot think of any other way to pay for the scooter without taking out a loan... which I do not want!

Another option I can see... Balance transfer... I know nothing about them, or how they work, but could I go into my overdraft, then transfer my overdraft to my credit card, do they let you do that? Or is it just credit card to credit card balances?

Sorry for the questions again!

YorkshireBoy

MissWorzel wrote: »

Another option I can see... Balance transfer... I know nothing about them, or how they work, but could I go into my overdraft, then transfer my overdraft to my credit card, do they let you do that? Or is it just credit card to credit card balances?

Yes and no! Yes it can be done, but not (directly) with the card you have. Do you, or anyone you know, have an Egg Money card?

MissWorzel

Thanks for the reply, Yorkshireboy.
Nope, unfortunately they do not... Why isn't this possible without?

YorkshireBoy

Because Halifax isn't a super balance transfer (SBT) card, and Egg Money is.

The "super" means you can BT an overdraft to the card, whereas with most other cards, Halifax included, it's strictly credit card debt only.

Is anybody you know about to pay £500 for something - perhaps in the January sales - in cash? If so, you could buy it for them on your card and take the cash off them. No fees involved there.

MissWorzel

Nope, not that amount of cash anyway!
What about my Paypal idea... would that work?

YorkshireBoy

Sorry, no experience of PayPal.

If no-one else replies, maybe you could ask on the Ebay board?