Cash Advances

OLECHKA

Hello

Please forgive my ignorance but never had a credit card before so don't fully understand all aspects of how they work. I'm looking to use a credit card to obtain money via a cash advance but it would appear all cards charge around a 3% handling fee. Does anyone know if they is a card that charges less preferably 0% or if there is a loop hole that can be exploited to get the money without any fee

Thanks

duggie1982

Dont think there is away round it.

cifpower

Apply for a Virgin Credit Card and you can get a money transfer to your current account at 0% for 16 months with a 4% fee. Make sure you pay at least the minimum payment each month as breaking the agreement will result in losing the 0%, penalty charges and a possible increase in your standard APR.

opinions4u

OLECHKA wrote: »

Please forgive my ignorance but never had a credit card before so don't fully understand all aspects of how they work. I'm looking to use a credit card to obtain money via a cash advance but it would appear all cards charge around a 3% handling fee.

Why? This is usually the most expensive way to borrow and maintain debt on a card.

What is it you want to do with the money? Other posters may be able to suggest a more cost efficient way of doing things.

Does anyone know if they is a card that charges less preferably 0% or if there is a loop hole that can be exploited to get the money without any fee

Paying for good with the card, rather than the proceeds of a cash advance.

duggie1982

cifpower wrote: »

Apply for a Virgin Credit Card and you can get a money transfer to your current account at 0% for 16 months with a 4% fee. Make sure you pay at least the minimum payment each month as breaking the agreement will result in losing the 0%, penalty charges and a possible increase in your standard APR.

Apart from the above lol but the fee can be a bit expensive depending on how much you want

CannyJock

OLECHKA wrote: »

Please forgive my ignorance but never had a credit card before so don't fully understand all aspects of how they work.

On one hand, there's a good chance you won't be accepted by MBNA who provide the Virgin card if you've no credit history.

On the other hand, if you don't know how they work then MBNA could find you very profitable.

Have a read on the articles and other threads on the forum before you embark on your mission to get free cash from a credit card.

OLECHKA

I need 20,000 which I need for home improvements. Looking to pay this back in 1-2 years. i'm willing to swap cards often to maintain the 0% interest. just need a way to avoid the 3% handling fee

duggie1982

OLECHKA wrote: »

I need 20,000 which I need for home improvements. Looking to pay this back in 1-2 years. i'm willing to swap cards often to maintain the 0% interest. just need a way to avoid the 3% handling fee

Oooft. Doubt it with no prev credit cards. And wont be able to avoid the handling fee.

CannyJock

OLECHKA wrote: »

I need 20,000 which I need for home improvements. Looking to pay this back in 1-2 years. i'm willing to swap cards often to maintain the 0% interest. just need a way to avoid the 3% handling fee

I could be philosophical on whether that counts as a need or a want

Willingness to swap the cards isn't the issue at the moment, it's the card providers being very fussy about who they offer cards to and what sorts of limits they'll consider.

A couple of years ago you could have gone from almost no credit to about 40% of salary in credit limits without too much effort. These days, I've not heard of anyone coming close.

Your best bet is to look at the schedule of work you plan to get done (I'm just getting planning permission stamped on some home improvement work myself) and work out how much you will actually need and when. If you're able to repay 20k in 12 months then you just need to work out what the shortfall will be each month and decide whether the way to cover that will be with a credit card application, an overdraft facility, or whether you need to speak to the bank for a loan. Doubt you'd need 20K all in one hit.

Like Duggie says there's generally no way to avoid the 3% handling fee (there is an exception at the moment with the Santander Zero card for existing Santander customers http://www.santander-products.co.uk/credit-cards/abbey-ebank.html). If you find a way to avoid it let me know and I'll have some of that free money too

opinions4u

OLECHKA wrote: »

I need 20,000 which I need for home improvements. Looking to pay this back in 1-2 years. i'm willing to swap cards often to maintain the 0% interest. just need a way to avoid the 3% handling fee

Find another plan.

1) You won't get a £20k limit.

2) You won't avoid cash advance fees.

3) You won't get a 0% rate on a cash advance.

Mr.Mulla

Why not apply cash advance in some pay day loan banks instead of applying for a credit card then using it for cash advance? It is actually the easiest way and best way to get money quickly. Even people with a low or bad credit score have a chance in getting approved with this type of loan.

Only downside is that maximum loan you can get is at 2,5000.