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Natwest Credit Card Money Transfer
Finchy2010
Posts: 5 Forumite
in Credit cards
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
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
0
Comments
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which natwest CC is it?
I was unaware that they offer one that allows a 'money transfer' to your currrent account0 -
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.0 -
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 today0 -
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