Would this work?

dreamdreamer

I currently have £1200 on finance (at 29.9% APR). I looked at 0% balance transfer cards but apparently paying off finance is considered a "cash advance" so I'd wind up paying just as extortionate rates of interest if I did that.

Last night this occurred to me:

Could I pay off the finance on my current credit card (which is empty - a Natwest card) - and then immediately balance transfer it onto a 0% balance transfer card from the Natwest CC?

I don't see why this wouldn't work but my knowledge of CC's isn't great (I try not to use them these days) so I thought I'd run it by some experts first!

Thanks

Dreamer x

stephane_2

If it is something like a catalogue account yes....if it is a loan then no.

BugsyBrowne

dreamdreamer wrote: »

I currently have £1200 on finance (at 29.9% APR). I looked at 0% balance transfer cards but apparently paying off finance is considered a "cash advance" so I'd wind up paying just as extortionate rates of interest if I did that.

Last night this occurred to me:

Could I pay off the finance on my current credit card (which is empty - a Natwest card) - and then immediately balance transfer it onto a 0% balance transfer card from the Natwest CC?

I don't see why this wouldn't work but my knowledge of CC's isn't great (I try not to use them these days) so I thought I'd run it by some experts first!

Thanks

Dreamer x

Think you will find you need to use a debit card as far as I am aware.

CLAPTON

dreamdreamer wrote: »

I currently have £1200 on finance (at 29.9% APR). I looked at 0% balance transfer cards but apparently paying off finance is considered a "cash advance" so I'd wind up paying just as extortionate rates of interest if I did that.

Last night this occurred to me:

Could I pay off the finance on my current credit card (which is empty - a Natwest card) - and then immediately balance transfer it onto a 0% balance transfer card from the Natwest CC?

I don't see why this wouldn't work but my knowledge of CC's isn't great (I try not to use them these days) so I thought I'd run it by some experts first!

Thanks

Dreamer x

what sort of finance are you talking about?
what are the payment options for the finance?

Brian64

dreamdreamer wrote: »

I currently have £1200 on finance (at 29.9% APR). I looked at 0% balance transfer cards but apparently paying off finance is considered a "cash advance" so I'd wind up paying just as extortionate rates of interest if I did that.

Last night this occurred to me:

Could I pay off the finance on my current credit card (which is empty - a Natwest card) - and then immediately balance transfer it onto a 0% balance transfer card from the Natwest CC?

I don't see why this wouldn't work but my knowledge of CC's isn't great (I try not to use them these days) so I thought I'd run it by some experts first!

Thanks

Dreamer x

You could apply for a card that allows you to transfer cash to your current account at the 0% promotional rate these are known as super balance transfer cards (SBT CARDS) an example is the virgin credit card you will pay a transfer fee of 4 or 5 %. You than the pay the Finance from your current account.

dreamdreamer

It's retail finance from buying some electronics - V12 - from my less financially prudent days! I'll phone them on monday but I'm pretty sure you can pay by debit OR credit card over the phone, if you're settling in full.

That's a great idea Brian64 - I'll have to explore that option too! Thanks!

BugsyBrowne

dreamdreamer wrote: »

It's retail finance from buying some electronics - V12 - from my less financially prudent days! I'll phone them on monday but I'm pretty sure you can pay by debit OR credit card over the phone, if you're settling in full.

That's a great idea Brian64 - I'll have to explore that option too! Thanks!

Settling V12's finance for electronics by credit card, can't see them having any of that TBH.