Debit Overdraft debt to Credit

gingercordial

Nipper

Do not withdraw cash on your Barclaycard. There may be a cash withdrawal fee. In addition, interest will be applied from the day you make the withdrawal (ie no interest-free period as for purchases) and this will undoubtedly be at a higher rate of interest than the overdraft you are trying to clear. Check your Barclaycard t&cs or statement to see what the interest rate would be for cash advances!

The same would apply if you were to ask Barclaycard to transfer some money from the card into your bank account, so don't do it! You will be far worse off than you would be just with the overdraft.

The only credit cards which will transfer money into your bank account without treating it as a cash advance are Egg Money (no fee), Egg Card (2.5% fee uncapped), Mint (via credit card cheques, fee capped at £50 I think) and Virgin (also capped at £50 I think, I might be wrong). Please check the t&cs on these for exact figures.

Do take a look at your business however, don't get into any more debt!

Nipper78

Cash carries a 2.5% fee. I'm surprised a bank transfer/Bacs isnt possible with low or no fees, and I cant see anywhere to suggest not, can someone say for sure? If not then A) I could just transfer it to a family members account, then there's to my debit, with no fees, right? I could make a purchase and get a few cash backs to use that cash, I cant see anything to suggest there's a fee on that!?

YorkshireBoy

OK, we're going round in circles here.

There are only two (no/low cost) ways to extract cash from your Barclaycard, which may be cheaper than your overdraft's EAR...

1. Obtain Egg Money, as previously suggested.

2. Go shopping with your family/friends as previously suggested.

A third, more costly, option is to apply for another SBT card such as those suggested by another poster.


Nipper78 - I'm a little puzzled by your continual references to 'cashback'. Could you explain what you mean as retailers don't give cashback on credit cards (like they do with debit cards)?

Nipper78

1. Denied an Egg and Egg Money account, probably because of self employment.

2. Will try this but not easy or going to be longterm answer.

By cashback I meant cashback the same as Martin refers to here, a card that pays interest on purchases, but it'll be 6ish weeks until that'll be the case really so nevermind. I still can't quite believe I cant do a straight forward bank transfer to my debit, or even to a relatives account, then mine, whats stopping this and wheres the fee's, I cant believe thats not possible with no/low fees!?

YorkshireBoy

Nipper78 wrote:

By cashback I meant cashback the same as Martin refers to here, a card that pays interest on purchases, but it'll be 6ish weeks until that'll be the case really so nevermind.

Cashback is usually only paid once per year, and will typically be 0.5-2% of the purchase value. So, this is unlikely help you on both counts.

I still can't quite believe I cant do a straight forward bank transfer to my debit, or even to a relatives account, then mine, whats stopping this and wheres the fee's, I cant believe thats not possible with no/low fees!?

You need an SBT card to get money out of a credit card. Do you have a (trusted) friend/family member who has an Egg Card, Egg Money, Virgin, etc credit card and preferably one without a balance on it? Anything other than Egg Money or by using +ve balances on the others, will cost you money - whether this is via an (S)BT fee or interest incurred.

Nipper78

I dont have a close friend or family member with egg/virgin or other no.

What will be the charge approx if any, for transferring from my Barclays credit to a family members account online (standard common BACS) of say a mere £200, then do the same over to my debit?

YorkshireBoy

Nipper78 wrote:

What will be the charge approx if any, for transferring from my Barclays credit to a family members account online (standard common BACS) of say £200, then do the same over to my debit?

You don't need to go through a family members account. You can walk into Barclays and ask for a cash withdrawal over the counter, or withdraw from an ATM over two successive days depending on your T&C's.

However, as stated before, this will be a cash withdrawal and is just about the worst thing you can do with a credit card. A quick check of the Barclaycard T&C's shows that the APR for cash withdrawals is a whopping 21.9% (yours may be different). It is very likely that your overdraft EAR is less than this, so adopting this method will actually cost you more money.

Nipper78

I know I can do a cash withdrawal lol, of course, and I also know this will be fairly costly, I've known that all along, and its been said here aswell. However I'm facing £60 fee's for the overdraft, so it cant be more than that can it!?

What I'm talking about is simply BACS Bank transfer, paying someone/a bill via online banking. I do this all the time with debit, and know people with credit that do too, its the most simple basic common thing ever. So if I cant do this or similar from the barclays credit to the barclays debit (?), then surely I can transfer from the barclays credit to a family members account, then from they're account to my debit, with little or no fee!?

YorkshireBoy

Nipper78 wrote:

What I'm talking about is simply BACS Bank transfer, paying someone via online banking. I do this all the time with debit, and know people with credit that do too, its the most simple basic common thing ever.

Several credit card providers (NatWest/RBS being 2 of them) will let you carry out a 'money transfer', which is what you're describing. However, the interest rate payable on those cards that do is very similar to the cash withdrawal rate. The Barclaycard does not offer this facility.

So if I cant do this or similar from the barclays credit to the barclays debit (?), then surely I can transfer from the barclays credit to a family members account, then from they're account to my debit, with little or no fee!?

Yes you can, but what I've being saying all along is that their card needs to offer SBT capability, ie Egg, Virgin, Mint, etc. Did you click the SBT link in my last post?

grumbler

Nipper78 wrote:

...simply .... the most simple basic common thing ever... surely I can transfer from the barclays credit to a family members account... with little or no fee!?

Simply.... surely....:rotfl:
You was told many times that the fee is 2% and, what is the most important, you start paying interest from the day of transaction. And the interest rate is not 0%, but your Barclaycard interest rate on cash transactions that you can find in your T&C.
Ask the people you know that did this with other credit cards :rolleyes: