HOW TO BUILD UP CASH LUMP SUM WITH NO PENALTIES?

Harvos

Can anyone help me out here as I am confused.How can you build up money you want to transer to a bank account without paying penalities?

I understand you can balance transfer from existing loans etc that give you 0% fixed period but with most cards this does not apply to cash advances and purchases?

How are you supposed to transfer say 2K from a credit card card to a bank account to invest as the money taken out from the card will be a cash advance and thus incur charges.

Do you need to take money out to the max on the one card, balance transfer to another card so thsi will count as a balance transfer and not a cash advance.

Also, as I am fortunate to have a small mortgage (though small property too) I wanted to borrow 2K from my CC and pay off 2K off the mortgage.Can this be done also instead of a cash advance?Is this only possible with cards that issue credit card cheques?

Also are credit card cheques classed as cash advances or purchases?

Sorry for the amount of questions but any advice would be greatly appreciated.

TheDink

Read this: http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894,
(Sorry, can't get the link to work properly - you may need to cut and paste it into your browser)

It sounds like you are getting confused between cash advances (very expensive ways of getting cash via your credit card), and super balance transfers (offered by a small number of credit card providers, which balance transfer to your current account).

Make sure you fully understand all the details before even starting out.

Gotabiscuit

Also are credit card cheques classed as cash advances or purchases?

This varies widely from company to company - read the t&cs carefully.

Some providers also supply cheques at different rates. I've got numerous cheques from Capital One - some are charged at BT rate, some are treated as purchases and some are treated as cash advances.

Above all, be careful.