get cash from virgin card and balance transfer to egg 0%?

Wi11iams

Hi, Can someone tell me is it possible to withdraw cash from atm on my virgin credit card and then balance transfer the amount to my new 0% Egg card (i have a month left to complete 0% transfers)? Thanks.

twist-and-shout

You would first need to check if the facility for cash is available on your account as virgin have withdrawn this facilty for many of it's customers.

If you are able to use your card for cash then you will be able to take out £500 max a day unless you contact them to put an approval on the account for anything over that amount.

Beware though as cash carries very high charges you will get 3% charge on whatever you withdraw and the interest is charged daily and it's the highest rate aswell on the account-very expensive!!

Wi11iams

Thanks for the reply. I have a post office and lloyds credit card also. I would like to get £1500 cash in the cheapest way possible transferred to my egg card at 0% could you or anyone else give me my best options please? I'm unsure what to do. Thanks again.

twist-and-shout

Virgin have the facility to do money transfers, so they will put a lump sum into your personal bank account this also carries a handing fee of 4% but they may be able to offer you a low interest rate.

Most credit cards are the same for withdrawing cash, no cheap way about it sorry

Wi11iams

OK so, I can transfer £1500 to my bank account via virgin @4% Can I then transfer that balance to my 0% Egg card as I would any other bank transfer? Thanks for your replies and patience

twist-and-shout

Yeah that's right.
The only thing with Virgin is the transfers can take up to 5 working days to go through so it all depends on how quickly you need the cash!!

YorkshireBoy

Your plans incur 6-7% in handling fees don't they?

Why not just take a money transfer from Egg...and pay only a one-off 3% BT fee?

Wi11iams

Thanks for the replies again! YorkshireBoy, if I do a money transfer with Egg would that come under the 0% for purchases and transfers do you know?

twist-and-shout

Sorry I couldn't advise you on Egg, i didn't realise they did the money transfers aswell.

YorkshireBoy

Wi11iams wrote: »

...if I do a money transfer with Egg would that come under the 0% for purchases and transfers do you know?

You can transfer a (ficticious) overdraft balance to the Egg Card, and it's treated exactly the same as a BT from another credit card, ie 0% for x months with a 3% fee.

See your T&Cs, your secure area online, and the FAQ section on the Egg site, where you'll find it explained in detail.

Wi11iams

Thanks very much Twist and shout and Yorkshire boy, looks the the BT on the egg to clear my "overdraft" is the solution.