Transfer money from a credit card to a bank account

Bluedust_mite

I currently have a virgin card with a balance of £500 (paying interest) I have just been given a Egg Money card with a credit limit of £1500 and an MBNA card with a balance of £1000. I need to get £2700 into my bank account to pay for a new boiler:mad: I can pay this off within one year. I am getting totally confused in which is the best and cheapest way to do this. Any ideas?

Sam_G_3

Cash withdrawl I'd have thought? Some companies like Vanquis let you do a credit card to bank account transfer, but I don't know if that's only when you've opened the account or not.

Either way, it's still classed as a cash withdrawl.

Or pay for the new boiler over several card payments if you are using more than one card - interest I think might be cheaper that way than with cash.

Cornwall2000

you could use a balance transfer offer on another card to load an egg money world mastercard (full title) with a positive balance. this could then be transferred fee free to a current account, leaving you to pay off the original credit card. this would be classed as "stoozing", and you should read the guide and in the forum to make sure you do it right.

dylanuk

Firstly, don't withdraw the cash - this won't be included in any 0% period, you'll be charged high interest from the date of withdrawal plus handling fees.

You can move 0% credit from MBNA to your current account, or do it via Egg Money for a cheaper fee.

You need to find out if Egg Money will offer a promotional balance transfer rate if you move the Egg Money credit (not any positive balance if you route MBNA through Egg Money to your current account) to your current account as well.

You'd get about 90% of each credit card's limit that way, and hopefully on a promotional rate too.

If you're really stuck you could also try asking Virgin if they would give you an existing customer offer for a balance transfer of any available credit there - again route it via Egg Money for a cheaper transfer fee. However be aware any payments you then make to Virgin will pay off the cheaper rate debt first.

There's an FAQ on getting credit card balances to your current account using promotional offers here http://www.credit-card-comparison-on.../0-balance-transfer/transfer-to-current-account.html