Question about balance transfers from credit card to bank account

digitalphase

If I used a '6.9% for life of balance transfer' with Barclaycard to transfer cash into a bank account to buy a car with, can someone tell me what the repayment options would be on a balance of £7k.

So, £7k over say 3 years (36mths) at 6.9% - how much would that be per month and how much would I pay back in total?

NickX

digitalphase wrote: »

If I used a '6.9% for life of balance transfer' with Barclaycard to transfer cash into a bank account to buy a car with, can someone tell me what the repayment options would be on a balance of £7k.

Barclaycard do not offer the facility to transfer funds directly to your bank account.

The cards that do allow this are MBNA run cards, Egg and the Post Office card.

You may be able to do this with a Credit Card Cheque but special care would be needed to check the Terms and Conditions of the particular cheque.

digitalphase

Thank you. With the cheques, what sort of penalty is there? As it's a great offer at 6.9% for life of balance.

Do you know what the repayments would be?

[Deleted User]

digitalphase wrote: »

Thank you. With the cheques, what sort of penalty is there? As it's a great offer at 6.9% for life of balance.

Do you know what the repayments would be?

Is there a balance tranfer fee (there usually is)? SOmething like 2.9% up front. On £7000 this would be £203.

kalaika

Payments into bank accounts are often classed as cash withdrawals and as such are likely to be excluded from the 6.9% offer (which is usually reserved for purchases and transfers only).

You'll have to see the terms of the particular card for details as to the interest rate (but cash withdrawals are likely to be 17%-19% APR or more, depending on the card)

digitalphase

OK, thanks, so would the only viable option be to use it for a one off transaction (using the card) and that way we'd get the rate?

It's for a car, so would we have to go through trade only?