Can I borrow £10,000 for just 1 week on a credit card?

scoobyvelvia

Hi,
I need to pay a supplier for some printing I have had done for my business. They need paying on delivery and I am fairly confident that the client I am supplying these printed documents to will pay me within the following 2 weeks.
I do not have £10,000 that I can pay the printers with, but I do have a £12,000 credit limit on my credit card.
Would this be a sensible option for getting £10,000 quickly?


How do I actually get £10,000 cash with my credit card?
If I pay it back within the month will I be charged interest on it?

Many thanks.

YorkshireBoy

You forgot to say which card you have!

p00hsticks

Won't the printer accept a credit card payment directly ?

If you try to use the credit card to get cash (you could withdraw it from an ATM, but there'll be a daily limit of a few hundred pounds maximum, so not much good) it would be a cash advance and you start paying interest straight away - there is no interest free period as with purchases.

scoobyvelvia

Sorry, It is a normal Natwest Credit Card. I have had it for years, but sorry don't know the interest rate.
What would I be charged on this cash advance if I were to pay the money back in full after 1 month?

YorkshireBoy

scoobyvelvia wrote: »

Sorry, It is a normal Natwest Credit Card.

It's a no-go on that card I'm afraid.

NatWest have a circa 50% 'advance limit'. That is, the most they'll let you have by way of 'cash' is 50% of your credit limit.

Give them a call and ask about a 'money transfer'*, or read up on it in your T&Cs, but bear in mind that may have the same restriction.


* Fee-free and charged at your standard purchases rate of interest.

stephane_2

You'll never get a cash advance for that amount with Natwest....why not pay the supplier directly with the credit card

scoobyvelvia

Ok, thanks for the useful info.

I will try and pay the printers direct with the credit card.

If I do this, and then pay off the credit card within the month, will I be charged any interest?

Thanks.

MyRubyRed

Sorry to sound negative but a few alarm bells are ringng here. A "fairly confident" view that you will get paid on time by your customer rings first alarm. What terms and conditions have been agreed in delivery and payment.
Biggest alarm - have you taken on more than you can deliver - if you are relying on a credit card to pay your supplier I would be nervous on two counts.
One as a customer - they haven;t checked you out as a supplier and are looking for something on the cheap
Two - if they don't pay you on time are you in trouble?

YorkshireBoy

scoobyvelvia wrote: »

If I do this, and then pay off the credit card within the month, will I be charged any interest?

Who knows!? Depends on:

1. How close to your statement date you make the transaction and how many days interest free your card offers. eg 56 days interest free means you might only have 25 days to find the cash if the transaction is posted the day before statement date, and

2. Whether you cleared last month's bill in full.

chattychappy

MyRubyRed wrote: »

Sorry to sound negative but a few alarm bells are ringng here. A "fairly confident" view that you will get paid on time by your customer rings first alarm. What terms and conditions have been agreed in delivery and payment.
Biggest alarm - have you taken on more than you can deliver - if you are relying on a credit card to pay your supplier I would be nervous on two counts.
One as a customer - they haven;t checked you out as a supplier and are looking for something on the cheap
Two - if they don't pay you on time are you in trouble?

All good points, I'm sure. But whether the OP pays the supplier by credit card or not, if the customer doesn't pay then there will be a loss. At least if the supplier has been paid by credit card, the OP can take more time to pay the debt off. Some businesses are financed through overdrafts - and they are repayable on demand.

If the dates work out and the supplier doesn't surcharge CC payments, then the finance for this transaction is free.

I read the "fairly confident" comment as referring to the expected time period rather than any serious doubt as to whether the customer will pay at all. Of course short of getting payment upfront from a customer, there will always be a risk or non-payment.