Credit card cheques into bank

stevesmithanon

When you have credit card checks from companies such as MBNA, can you use them to just deposit money into your bank account or are they just for balance transfers?

Thanks,

Steve

duggie1982

Its just like taking a cash advance from the cash machine. They also charge the cash advance fee's and APR!!!

stevesmithanon

Oh, I didn't know that! So its completely different to a balance transfer then.

duggie1982

Well with the cheques i get from my credit card company they are treated as cash so would end up costly. Im not sure with other companies but mines was MBNA at the time

david39

MBNA have been flashing some special offers around with their cheques recently - usually a zero percentage interest offer of three or six months, depending on how much you spend.

Check whether your cheques have this offer attached to them otherwise, as said by previous poster, they are just the same rates as drawing cash with the card from a machine.

If you have a zero percentage offer cheque, make sure that you clear the sum by the end of the offer period, otherwise you will be charged a high rate on the balance afterwards AND you shouldn't do it if you already have a balance on the card from previous statements - that balance will remain locked in, with interest charged, until the zero-percentage money has been repaid or has reverted to a higher rate.

CannyJock

duggie1982 wrote: »

Its just like taking a cash advance from the cash machine. They also charge the cash advance fee's and APR!!!

MBNA provide 0% promotional period cheques. There's a 4% fee for using them. It should be detailed on the cheque or accompanying letter, if not, phone their customer services and ask them to confirm.

The answers you get on here will be general, get it straight from the horses mouth on the specific cheques you've been sent.

stevesmithanon

What is the cheapest way to get cash from your credit card? Any shenanegans I can pull to deposit some money into my bank account without it going against my credit record? I understand if you draw cash from a cash machine using a credit card, that counts against you, right?

CannyJock

stevesmithanon wrote: »

What is the cheapest way to get cash from your credit card?

During a 0% promotional period via an old Egg Money mule card where you only pay the balance transfer fee.

stevesmithanon wrote: »

Any shenanegans I can pull to deposit some money into my bank account without it going against my credit record?

Not from a credit card, it'll show as an increase in the balance of the card.

stevesmithanon wrote: »

I understand if you draw cash from a cash machine using a credit card, that counts against you, right?

You pay extortionate interest rates.

stevesmithanon

I am not so much talking about the increase in balance recorded but the fact that you are drawing cash from a card, and this is indicative of financial difficulty.

CannyJock

For most cards only your balance, credit limit and summary of payment history show on your credit reports.

Recently Barclaycard, Halifax and MBNA cards are now reporting the actual amount paid, previous statement balance, cash advance, advance amount, payment code and whether there's a promotional rate on your account.

Going back to previous replies - before you use these cheques you call customer services and confirm that it's not a cash advance and it's treated as a 0% balance transfer (overdraft transfer) instead.

If you just want to take cash out on your card and damn the interest and effect on your credit report then you're already in trouble.