Can I pay for a bankers draft with a credit card?

Nikkief

I have just got a credit card at 0% for 10 months to buy a cheap car (around £2000), but I am finding that most of the cars around for that price are private sales. I do not want to get the cash out from the card as this will cost the 2% handling fee and the high interest fee. I was wondering if it is possible to pay for a bankers draft with the credit card or something similar - does anyone know?

Thanks

Slayerx

I wouldn't of thought banks would allow it unless its the banks credit card in use.

Dave_the_Ginger_Cat

Nikkief wrote:

...it is possible to pay for a bankers draft with the credit card or something similar - does anyone know?

Thanks

Even if it is the same bank, they'd treat it like a cash withdrawal, and you'd be charged as you predict

If you have a card which offers a super balance transfer to your current account and this is also done at the 0% rate, you may then transfer to your current account, and then pay your bank the tenner or so for the draft. There is good advice elsewhere in this forum on SBTs.

Here's an idea - ask them if they take paypal. That way, your card account will show a purchase which will for sure show on the 0% rate. The seller may ask you for a little extra to cover their fees, but you will get a good rate for your loan, and you will also have the benefit of the cover of s56 & s75 of the Consumer Credit Act. It gives you chargeback rights on the seller, and additional cover by your card.

If not, think you're stuck. Sorry

Nikkief

Thanks - I will call the credit card company to find out if they offer the super balance transfer, but the paypal info sounds the best idea - I did not realise that you could use paypal in that way. I will post my solution when I find a decent car to buy!

The_Boss

Yeah, it would definitely be treated like a cash withdrawal. Do you have an Egg or MBNA card with a zero balance by any chance?

Nikkief

I have since phoned Sainsburys and there is no super balance transfer, but I have stated looking on ebay for a car and then I could pay through pay pal.

I don't have an egg or MBNA card.

Nikkief

Oh - just reading other threads and had (I think) a good idea.

I have realised that I do have a current Mint card. I currently have £1800 on it and I will have to check the limit.

If there is £2000 more available I could:

Super balance transfer £2000 into a current account to use as cash to buy the car and then pay off that money with the Sainsburys card at 0% (I am assuming that this would be treated as a purchase by Sainsbury and that you can pay money off of one credit card with another)

If I do not have a high enough limit in the Mint card I could:

Pay off Mint bill with the Sainsburys card. Then have enough limit on the Mint card to super balance transfer into my current account for cash.

Can anyone see any hitches with this idea. I am getting desperate as I have to find buy a car by the end April to be able to get to work.

YorkshireBoy

Nikkief wrote:

(I am assuming that this would be treated as a purchase by Sainsbury and that you can pay money off of one credit card with another)

No, that would be classed as a balance transfer, and the Sainsbury's card doesn't offer 0% on balance transfers - only purchases.

Nikkief

Would it still be classed as a balance transfer even if I called up and asked to pay an amount off of my card (as I do each month with my debit card to pay my bill) with the other credit card?

YorkshireBoy

Nikkief wrote:

Would it still be classed as a balance transfer even if I called up and asked to pay an amount off of my card (as I do each month with my debit card to pay my bill) with the other credit card?

Yes, see my previous reply.

grumbler

You cannot call to CC1 to make a payment by a CC2. If you want to move money from CC2 to CC1 you must call to CC2 and request a balance transfer from CC1.