Transferring money from credit cards

Sana_2

Hi all,

I have read a few things on the forum regarding transferring money from credit cards, balance transfers, stoozing etc. My question is similar but slightly different… I need to make a payment to a guy I owe money to for some building work. As I have a slight lack of cash flow and I was wondering if it is possible for me to pay him using my credit card? Ie. Money from my card to his bank account…

I have a tesco credit card, obviously I don’t want to take cash out the wall as I will get charged loads. He is not very happy and wants to get paid straight way which is fair enough as I have totally messed up here

Many many thanks!

Tixy

You cannot pay him using your card if his business doesn't have facilities to take credit card payments (it sounds like he doesn't).

You could possibly look into the option of paying him by paypal, if he has a paypal account and would be prepared to accept that method of payment.
I would double check to make sure that your payment would be treated as a purchase and not a cash advance (I think it is with paypal but double check to be sure).

Sana_2

Thanks

So..... there is no way I can phone Tesco Credit Card and say I would like to make a payment to so and so's current account??? How about a payment from my credit card to his credit card? I am know I am clutching and strings here but I guess I am desperate...

[Deleted User]

He COULD do a BT from his card to your card, if he has existing debt of more than the amount you owe him. In other word, say you owe him £500, he would transfer £500 of his existing debt to your card. But this would mean giving him all your card details so that he can carry out the transfer, meaning he could continue to do this in the future - so not recommended.

lisyloo

no you cannot pay an individual direct if his business is not set up for taking credit cards

ways round it are
1) cash at ATMs (generally expensive)
2) paypal
3) on an M&S card you can get sterling travellers cheques
4) Some cards do balance transfers to a current account but it would have to be a card with that deal on

but generally no

Short term loan from friends/family?

YorkshireBoy

The answer is simple. Ask Tesco for a 'Money Transfer'. That's a transfer of cash from your card to your current account (from where you'd pay him). It's fee-free and should be at your purchases rate of interest...so around 16.9% APR? (but not at 0% if you're still in your introductory period). You will be limited to around 50% of your credit limit though so check you've room.

See your T&Cs for full details.

Be aware you've no section 75 protection with this payment though.