Transferring CC Cash into my current account.....

neatheyc

Hi all,

I have stupidly run up a big overdraft limit on my bank account. I also have £2500 on a 0% balance credit card that I'm paying off.

I would like to transfer money from the credit card to my bank account but the card I'm with (Natwest) doesn't do this unless I just withdraw money as usual at a 15% apr. Which of course I laughed at.

I know from reading the Super Balance Transfer article that there are credit cards (egg) that so 0% balance transfers to current accounts, but I don't really want to apply for another credit card to increase the chances of my credit rating being bad as I'm about to apply for a mortgage.

I currently have another credit card (Lloyds), that has no 0% balance transfers but was wondering, if I used this to transfer funds to my bank account, lets say its the same 15% apr rate and then use my natwest credit card to do a 0% balance transfer to the Lloyds card the same day. Now would this work out that I don't get charged anything as I'd pay off Lloyds straight away?

Confused? I am! :rolleyes:

YorkshireBoy

neatheyc wrote:

Now would this work out that I don't get charged anything as I'd pay off Lloyds straight away?

Probably not, as there will be a cash withdrawal fee in the region of 1.5-2.5% - check your T&C's.

You may also incur interest if you don't get the timing perfect.

If the NatWest money hits the LTSB credit card account before you've withdrawn your cash, there may be a danger that LTSB will just return it to NatWest if they have a 'no +ve balances' policy.

You'll probably have to withdraw your LTSB cash from a branch where you are known to them.

A much more simple method would be to open an Egg Money account, and use this for the SBT. Then get your other unused credit cards closed down prior to making the mortgage application. The only major change to your credit report would then be the Egg Money search.

neatheyc

Thanks Yorkshireboy.

I can't see what the benefit would be from getting Egg Money? As far as I can see its just a credit card that allows you pay more than what you owe into the account. There is a 6.9% apr so its not even 0% balance transfer? Or did I miss that?

YorkshireBoy

neatheyc wrote:

I can't see what the benefit would be from getting Egg Money?

The Middle Route explains how it will work for you.