Maximum cash advance on barclaycard platinum?

Phonix

I have a £6k limit on my barclaycard and need to borrow £3k.

I'm thinking I may be able to withdraw £3k from my barclaycard and balance transfer it to another card at a lower rate. It may be cheaper just to get an unsecured loan but it seems like such a small amount but I can get a 12 month BT on my other card at 0% and only need it for 12 months anyway.

Thanks

Peeky

Have you online access? It clearly states it within your Account Area.

jamesperrett

It will also tell you on your credit card statement. I have a higher credit limit than you but my maximum cash withdrawal allowance is under £3k (although I've only recently obtained my card so possibly it increases with time).

Cheers

James.

Moggles_2

I may be able to withdraw £3k from my Barclaycard

Do you have a Barclaycard cheque?

B'card periodically issues credit card cheques. Unfortunately, the cheques cannot be ordered and you never know when the next ones will turn up in the post.

CannyJock

Phonix wrote: »

I have a £6k limit on my barclaycard and need to borrow £3k.

I'm thinking I may be able to withdraw £3k from my barclaycard and balance transfer it to another card at a lower rate. It may be cheaper just to get an unsecured loan but it seems like such a small amount but I can get a 12 month BT on my other card at 0% and only need it for 12 months anyway.

Thanks

Would that be a cash withdrawal of 3K that charges "Cash withdrawals: 2.5% (min. £2.50)" and interest of "2.075%" per month from "Date of withdrawal" until "Paid in full" ?

In addition to the charges and interest, your second card would want a BT fee for transferring the balance from Barclaycard.

You might be able to get the money transferred and end up with maybe 7-8% in fees if you time the BT and the cash advance properly.

Easier Cheaper to go down the Virgin Money route and pay the 4% BT fee for 16 months that works out around 3% APR.

stephane_2

With Barlaycard on a 6K credit limit, you'll be able to get around £1,800/1,900 cash advance at the most

Phonix

Thanks for the help. You may be right about virgin money I will apply.

I've discovered the maximum cash advance is £3k on a barclaycard 6k limit. Only question now is could I withdraw it all in one day? As CannyJock you're right - the longer it takes to BT the 3k the more interest I will have to pay on the cash balance.

Fortunately the BT fee on the other card will be at 0% too.

chattychappy

My limit is £9000 with £9000 "cash advance limit" according to the online system. However they would only let me BT £7000 when I called them up. Plus they said they would send me a letter with a code which I have to quote back in order to transfer such a large amount. It is unclear to me whether this limit includes or excludes the 2.5% fee.