Cash Transfers of £5000

Straubo

Hi folks, just wondered if it is possible to get a cash transfer of this amount?
I want to pay off an existing debt but not with a loan. Can I take out a credit card with a £5000 limit and then transfer the £5000 cash to my bank account?
My idea was to transfer the balance after the initial 3 months 0% to a Virgin card with 0% for 14 months. Then at the end of that do it again, and so on.
Or is this a really daft question/idea?! :eek:

Thanks in advance!

TFD_2

Unless you're paying off a credit card, you need a money transfer. Virgin/MBNA is indeed your best bet for this.

You can only transfer 90% of the balance, so to transfer £5000, you'd need a credit limit of £5555.

Also don't assume you would get a limit this high - it depends on a lot of factors.

Straubo

Many thanks for your reply TFD.
What kind of factors would be dependant on me getting that sort of limit?

TFD_2

Straubo wrote: »

Many thanks for your reply TFD.
What kind of factors would be dependant on me getting that sort of limit?

Credit history.
Salary.
Existing borrowing.

That type of thing.

CannyJock

Virgin BT was max 95% of limit - can't see any change to that on their current summary box. In practical terms, you're still looking at a £5.5k limit or thereabouts.

TFD_2

CannyJock wrote: »

Virgin BT was max 95% of limit - can't see any change to that on their current summary box. In practical terms, you're still looking at a £5.5k limit or thereabouts.

Aah I was confused, my mum is in the process of doing a BT with them and thought it was the same as her previous MBNA card which was 90%.

But either way, still needs a limit in excess of £5k!

Straubo

Cheers folks, very helpful.
I know its a personal thing, but is this a good way to borrow?

TFD_2

Straubo wrote: »

Cheers folks, very helpful.
I know its a personal thing, but is this a good way to borrow?

The best way if you don't miss a payment and lose the 0%. Also if you understand the risk that at the end of the period, there is no guarantee you'll have another card to shift the balance onto, and the standard APR on the card could increase mahoosively.

Straubo

TFD wrote: »

The best way if you don't miss a payment and lose the 0%. Also if you understand the risk that at the end of the period, there is no guarantee you'll have another card to shift the balance onto, and the standard APR on the card could increase mahoosively.

Yeah had been thinking about that, although we are due to remortgage come the end of that 14 month spell so I'd clear it anyway :beer: