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Transfering a balance from a finance company

JensenCreed
Posts: 6 Forumite
in Credit cards
[FONT="]Hi,
Can anyone advise me on this.
I still have £1000 left to pay on finance for my TV and Blu Ray player. However, the 0% interest ends in a month. I asked customer service desk at a bank if it would be possible to get a credit card and use that to pay off the balance as the credit card comes with 0% on purchases for 12months. She told me that as its not an actual purchase from a retail store it would charge me a lot of interest as a cash withdrawal....
:question:
but what Im asking now is would I be able to get credit card 1 and pay the £1000 finance on that then get credit card 2 and transfer the balance from 1 to 2 using the 0% interest on balance transfers and then cancel credit card 1 .....
Would this work
I would be grateful for any advice.[/FONT]
Can anyone advise me on this.
I still have £1000 left to pay on finance for my TV and Blu Ray player. However, the 0% interest ends in a month. I asked customer service desk at a bank if it would be possible to get a credit card and use that to pay off the balance as the credit card comes with 0% on purchases for 12months. She told me that as its not an actual purchase from a retail store it would charge me a lot of interest as a cash withdrawal....
:question:
but what Im asking now is would I be able to get credit card 1 and pay the £1000 finance on that then get credit card 2 and transfer the balance from 1 to 2 using the 0% interest on balance transfers and then cancel credit card 1 .....
Would this work
I would be grateful for any advice.[/FONT]
0
Comments
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[FONT="]Thank you for that but my main concern was is it possible to pay off finance using a credit card and then transfer that balance to another card with 0% on balance transfers before i get hit with a big interest charge for the first credit card as the finance payment wouldn’t be classed as a purchase but as money withdrawal.
Thanks[/FONT]0 -
JensenCreed wrote: »[FONT="]Thank you for that but my main concern was is it possible to pay off finance using a credit card[/FONT]
The article referenced shows you how to get cash at 0% (plus a fee) into your current account, from where you can settle the finance...in case you can't pay it off as a purchase/balance transfer with your card.
Can't remember if the Egg Card is mentioned in that article, but if it isn't then that one has the same 3% fee whether you BT from another credit/store card or your (ficticious) overdraft, whereas MBNA charge a higher 4% fee for money transfers.0 -
hi i owed 1100 GBP to dell finance for my laptop that was the settlement fee they gave me so i payed 1100 GBP to them on my just recently obtained natwest patinum credit card ive just found out that im paying 37 GBP a month in interest just for that 1 tranaction coz they took the payment out of the cash element of my credit card i just cant believe it i had never heard of cash element of credit cards can anyone help me please any suggestions would be great help?thanks0
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[FONT="]Sorry Yorkshireboy, i think i phrased my question wrong. I know i can pay off the finance with a credit card ut what i wanted to know is could I. ...
[/FONT]
.... 'then transfer that balance to another card with 0% on balance transfers before i get hit with a big interest charge for the first credit card as the finance payment wouldn’t be classed as a purchase but as money withdrawal so the payment wouldnt be included in the original credit cards 0% on purchases offer'.
[FONT="]Hope that makes a little more sense (im just not familiar with credit cards and how they work).
Thanks[/FONT]0 -
The simple answer is yes.
However, you may pay 2 lots of 3% fees (one if the pay-off is treated as cash, and the other for the BT).
Putting it on an Egg Card (via the money transfer to current account feature), for example, could save you £30 plus some cash advance interest.
EDIT: Just noticed something. If you have an existing 0% purchase balance on the card you intend paying the finance with, the chances are your onward BT will repay that element, meaning the £1,000 cash advance is locked in at circa 27.9% APR until you clear the entire balance on that card. Unless you plan on BTing the lot to a new card?0
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