Cards for Cash?

pippa55

I am shortly going to buy a second hand car- it is a private purchase and the vendor has asked me to pay £2000 in cash.I have 4 credit cards - all currently empty - Egg,Virgin,Halifax One, and FD Gold Visa. What is the best way to get the cash out of a card account and repay it over approximately one year?Would I be better using a c/c cheque from my Virgin Card and then transferring the balance to another card - for example the Egg visa - or just withdrawing the cash on any of the above? I have savings that would cover the cost, but I have this money earmarked for other things - am I better to use the savings now and use the credit card to cover the planned purchases in a few months time? Just trying to borrow the money the best way I can! Any suggestions!

schiff

Welcome to MSE!

Have you considered a 0ne year loan at the sort of lowish rates that apply these days eg.Alliance & Leicester?

Perhaps the savings you refer to are earning a rate of interest which is possibly half what you will pay on the loan, and that will bring down the costs.

The time element is important obviously - depends how much time you have available. But once the loan cheque is in your bank a/c you can draw it in cash.

Pay for everything on your CCs and pay off in full each month. I reckon you would know exactly where you are up to at all times. I am not fully conversant with the ins and outs of getting cash from credit cards (I don't do it) - my only impression is it costs!