transferring from credit card to bank account

regret70

HI

does anyone have any suggestions how i can transfer money from my credit card to current account? its not a regular thing but i am in my overdraft and being charged this month so want to get out of it

thanks

YorkshireBoy

It's unlikely to be cost-effective, being as there will be a 3% fee attached to any cash advance plus 2%+ interest, and your (agreed?) overdraft facility will probably be less than 2% for the month.

Why not make as many of your purchases as you can on the credit card, leave the cash in the bank, and settle the CC bill in (up to) 56 days time?

regret70

the trouble is i am in my personal reserve and am being charged every 5 days for it

thanks

CannyJock

As YB says, it's opening a can of worms that could cost you more in the long run.

Does your card currently have a zero balance or do you have purchases on it? Are you repaying the card in full or making minimum payments? If you did transfer money from your card to your bank would you be looking to repay it in full or make minimum payments. Will you still be needing to use your credit card for purchases each month after you transferred the money to your bank?

If you look at the back of your statement, what's the APR on cash advances. Are there any other fees for cash advances? If in doubt, call your card's customer services people and they'll be able to confirm.

Also look at the allocation of payments details for your cards that will probably state that payments will be allocated against interest and fees, then purchases before cash advances, meaning that you will be charged the full amount of interest on your cash advances until you have repaid your interest and purchases in full.

How does this compare with the overdraft charges you're paying?

If you want to come back with specific numbers, we can help you compare the two options.

YorkshireBoy

In your OP you said you were in your overdraft, not your (Barclays?) personal reserve...which is more expensive isn't it?

Do the sums to see which is the cheaper option, but if you have an existing purchases balance on your card (that you won't be settling anytime soon) you could be lumbered with trapped interest at 20%+ until you clear the entire balance.

moneysavingmarrow

YorkshireBoy wrote: »

In your OP you said you were in your overdraft, not your (Barclays?) personal reserve...which is more expensive isn't it?

Do the sums to see which is the cheaper option, but if you have an existing purchases balance on your card (that you won't be settling anytime soon) you could be lumbered with trapped interest at 20%+ until you clear the entire balance.

Costs £22 every five working days to be in Barclays "reserve team". :eek:


Thats cheaper than having a couple of items returned though, I suppose.


I find it cheaper to take a bit of cash from a "clean, empty" card at the hole in the wall to keep me out and in the first team, if I have to, if I know I will be able to get a payment straight off to the card co. before too much interest is added.