Quick Question on BT's

deejay22

Hi i'm after a bit of advice really... I have always been a credit card tart and tend to get my car insurance, holidays etc on them and always balance transfer for 0% deals.

I crrently have 2 cards Post Office (PO) and Barclaycard (BC) with the 0% interest that has expired, one has £600 on it and the other has £1600 on it. I have just been approved a MBNA 0% with £4300 balance and i intend to transfer the balances across onto this one.

However, i also have a loan, with Alliance & Leicester which has around £1300 remaining on the balance and i am paying 5.9% APR until April 2011 when it should be paid off.

So my question is... is it possible to draw down cash from one of my credits cards either the PO or BC which i am about to balance transfer across to MBNA and then i will be paying 0% for the loan, or dont they allow balance transfers from cash withdrawals?

Tixy

MBNA will allow you to do a super balance transfer from the new card to your current account. Which you could then use to pay off the loan. Though this would have a money transfer fee of 4% which obviously is not much less than your loan.
http://stoozing.com/sbt.php
The post office card would allow you to do the same but then you'd be paying 2 BT fees.

[Deleted User]

Good question. You CAN do this. You can shift whatever cashyou want in BT - it's effectively all muddled up and gets treated as a BT at the other end so gets the 0%.

You will of course pay a cash withdrawal fee and interest from the day you take it out, but as long as you shift it quickly it would be low. But if the fee is 3% and your loan rate is 5.9% pro rata until April - so about 3% - I don't think you're saving anything.