Can a balance transfer include cash withdrawal?

jagu

Can I withdraw cash on one credit card and then apply for a new card with a balance transfer from the original card? Or does this only work with balances from purchases?

Thanks

J

grumbler

Yes, you can do this, BUT:

• you pay 2% fee for withdrawal
• you start paying interest from the day of withdrawal
• it can take up to 6 weeks from the application to completion of the BT (if application is successful) and could cost you another 2-2.5% fee for the BT.

There are better ways to do this. See Super BTs and Stoozing links in the blue box above.

jagu

Thanks for that. Unfortunately, the SBT cards (Egg and Mint) seem to have a 2% fee as well unless you've had them a while. However, it seems from Mint's site (http://www.mint.co.uk/credit_cards01.asp?id=CREDIT_CARDS&ref=hb) that their handling fee has a £49 maximum, which looks worth considering for larger balances.


J