How to transfer Credit card funds to bank accounts?- list all the ways.....

Danny_G

a) Which ways can funds be trasnfered from my credit card to another bank account? (the bank account is the same as the credit card)

b) can they do a straight trasnfer over the phone, from my Credit card to my savings account?, by me ringing the credit card line?

c) If not, can online banking allow transfers like this to happen? (if so, will they allow the transfer to any current account?)

d) Can they do a balance transfer from the credit card to a bank account (any bank account that is) ?

e) Can the trasnfer from credit card NOT be done over the phone, but can by online banking?

jd87

If it is a card that allows money transfers to bank accounts, then it will be possible by phone and online. You can usually transfer to any UK bank account and it usually takes 3-10 days.

But most cards don't allow such transfers.

CannyJock

The stoozing guide covers how you can do this. See step 3 in particular (stoozing site is sponsored and supported by MSE).

Only certain cards will let you do this (we call them Super Balance Transfer (SBT) cards), there's a list of them on the stoozing site. You can use the SBT cards to transfer the funds to any bank account, doesn't have to be to the same bank who provided the card. The mechanics for doing it are simple, you phone them and give them the sort code and account number, they don't interrogate you why you're doing this, it's just a routine call to them.

You only want to do this during a 0% promotion to avoid paying high rates of interest on the loan. When you phone to arrange the balance transfer, be sure to ask them to confirm the exact date that the 0% promotion ends, make a note of the date and work out a plan to clear the card before that 0% period is up.

All credit cards will let you stick the card in an ATM and withdraw cash. The interest on this is prohibitive and it can be seen as a black mark on your credit report if it's done on a card with the new detailed reporting who highlight cash advances on credit cards.

Avoid the cash advance route, and look into the cards that specifically allow you to transfer funds to your bank account (typically for a 4% fee).

Danny_G

CannyJock wrote: »

The stoozing guide covers how you can do this. See step 3 in particular (stoozing site is sponsored and supported by MSE).

Only certain cards will let you do this (we call them Super Balance Transfer (SBT) cards), there's a list of them on the stoozing site. You can use the SBT cards to transfer the funds to any bank account, doesn't have to be to the same bank who provided the card. The mechanics for doing it are simple, you phone them and give them the sort code and account number, they don't interrogate you why you're doing this, it's just a routine call to them.

You only want to do this during a 0% promotion to avoid paying high rates of interest on the loan. When you phone to arrange the balance transfer, be sure to ask them to confirm the exact date that the 0% promotion ends, make a note of the date and work out a plan to clear the card before that 0% period is up.

All credit cards will let you stick the card in an ATM and withdraw cash. The interest on this is prohibitive and it can be seen as a black mark on your credit report if it's done on a card with the new detailed reporting who highlight cash advances on credit cards.

Avoid the cash advance route, and look into the cards that specifically allow you to transfer funds to your bank account (typically for a 4% fee).

thanks.

what are the disadvantages about the cash advance route?


and how about the Online registering method, to transfer money from credit card to any bank account, can that be done?

NickX

Danny_G wrote: »

what are the disadvantages about the cash advance route?

(a) Extortionate Interest Rates
(b) Cash Advance Fee
(c) Cash Advances remain accruing interest until the full balance on the card is cleared.

To do this you really need a card with SBT (Super Balance Transfer) capability. This means a card run by MBNA (such as one from the Virgin range, Play, Sony, Ryanair and MBNA themselves), the Post Office or Egg.

Occasionally other providers (such as MINT, Capital One, Barclaycard) issue Credit Card Cheques that can be paid into a bank account at Balance Transfer rates. However, these cannot necessarily be requested, and sometimes actually attract Cash Advance rates - not adviseable unless you have money to burn.

CannyJock

What Nick says, and that some cards report cash advances specifically to the CRA's each month - consensus is this is viewed negatively by other lenders from a credit scoring point of view.

Danny_G

Thanks people for the replies.

Or it can be transfered using Paypal, correct?

or is that fiddly?
(the credit card is set up with paypal already)


and how about the Online registering method, to transfer money from credit card to any bank account, can that be done?

lisyloo

Or it can be transfered using Paypal, correct?

I'm pretty sure that paypal have charges for receiving money from a credit card.
So you wouldn't want to do this.

and how about the Online registering method, to transfer money from credit card to any bank account, can that be done?

You'll have tor Request the balance transfer using the methods prescribed by the lender.
You might have to pick up the phone with some lenders.
Do you have an issue with picking up the phone?

Danny_G

lisyloo wrote: »

I'm pretty sure that paypal have charges for receiving money from a credit card.
So you wouldn't want to do this.



You'll have tor Request the balance transfer using the methods prescribed by the lender.
You might have to pick up the phone with some lenders.
Do you have an issue with picking up the phone?

lol course not, i asked them, 1 guy said they can do it, and when i called another day, another guy said that they cant do it.

so i asked here, as you people have good knowledge.

lisyloo

yeah; call centeres are rubbish sometimes.

Whether they have an on-line interface for it depends on the lender, but I don't think it should be a central crediteria to you decision.