Natwest Credit Card Money Transfer

Finchy2010

Hi Guys,

I was wondering if someone could please clarify what I have been told just now by an online Natwest advisor?

Basically, I owe money to family and have a few other outstanding debts and was looking at getting a loan however I was declined by my own bank and a few other companies despite having a good credit record.

I created a thread the other week about using a credit card as a loan and was helpfully advised by member KiKi.

Anyways, I have been offered a credit card from my bank (Natwest) and I'm waiting for it to arrive as we speak.

After talking to an online advisor he told me that I could do a money transfer for a £1000 into my current account at a rate of around of 15.0APR.

He told me that if I paid back £95 each month for a period of 12 months the I would have effectively paid back everything I owe the bank including interest (£140)

I wanted clarification whether this is true or not? I'm in full time employment and get paid each month so to lend £1000 and only be charge £140 in interest is a very attractive option for me.

Effectively I would be using the credit card as a loan.

KiKi mentioned to me that if I did this then I wouldn't be able to use the card for anything else such as paying bills or making purchases until the whole balance has been paid off although I have no problems with this - I just could really do with the £1000 cash.

Like I mentioned on my previous thread, I'm not looking to be lectured or told to budget better, I know I've made a few mistakes financially and I'm not going to make those same mistakes again but as the situation stands I'm looking to use my credit card as a life-line and to get back on track.

Any help much appreciated, thanks in advance.

Finchy2010

CLAPTON

which natwest CC is it?
I was unaware that they offer one that allows a 'money transfer' to your currrent account

Finchy2010

CLAPTON wrote: »

which natwest CC is it?
I was unaware that they offer one that allows a 'money transfer' to your currrent account

Natwest Advantage Gold Credit Card

Just checked the PDF terms & conditions on their website and it does mention money transfer's. Also, the advisor I've just spoken to online said it's possible.

CLAPTON

Finchy2010 wrote: »

Natwest Advantage Gold Credit Card

Just checked the PDF terms & conditions on their website and it does mention money transfer's. Also, the advisor I've just spoken to online said it's possible.

Thanks; I've learnt something new today

YorkshireBoy

CLAPTON wrote: »

Thanks; I've learnt something new today

Whilst they're fee-free, they're interest bearing from day one...but at your purchase/BT rate, not your cash advance rate.

There's also an 'advance limit', which is typically 50% of your credit limit.