CC to pay landlord?

steve111

My rent's due tomorrow and I don't have enough in my current account to pay it. I have a credit card with sufficient to pay the rent. But if I get a cash advance on the cc paid into my current account I expect I'll pay high interest on it. Can I instead go my bank with my cc and ask them to pay the amount from the card directly into his bank account? Presumably as its not a 'cash advance' I won't pay so much interest on it?

Steve

lisyloo

Which card do you have?
Some card allow balance tranfers or money transfers.
Do you have any documentation on the rates or fees for these?

steve111

My current account is the LLoydsTSB Gold and cc is the LLoydsTSB Mastercard.

Brian64

Hi Steve, your bank won't accept a credit card payment.If you have a direct debit set up to pay the landlord you will be charged a fee by the bank if you have not got enough funds tocover it.could you not ask your bank for an over draft to cover the payment.

steve111

I thought it would be straightforward to present the cc to my bank, provide the landlord's bank details and ask that they transfer the funds as a payment direct to him.

ironlady2022

Hi Steve whether you get it in cash or do a money transfer, it is still classed as a cash advance as it is not a transaction (ie purchase). You need to check the rate of the cash advance fee and if you can pay it off straight away then interest should not be too much. I use to work in a bank and I would advise that if you cannot afford the direct debit or standing order, call up bank to cancel straight away as you will incurr bank charges. At least if you delay payment to landlord, they will not charge you.

lisyloo

I don't think your card offers this facility.

You need to talk to your bank about an overdraft.

Brian64

I don't think the bank will do that, and Lloyds cc dosen't do money transfer to your bank account so failing an over draft the only option would be to withdraw the cash from an ATM.How much is the rent.If its only a small amount and you can pay it back quickly it shouldn't be too expensive.Any payments made to your cc after 1st Jan should go to paying the cash advance first.

steve111

Mayling, thanks. So I take it that it's impossible to transfer money out of the cc into someone else's bank account? Pardon me I'm new to credit card rules.
Steve

Brian64

Some cards ie MBNA cards allow you to transfer funds to your own bank but Lloyds don't.Are you not able to get an overdraft

JasX

steve111 wrote: »

Mayling, thanks. So I take it that it's impossible to transfer money out of the cc into someone else's bank account? Pardon me I'm new to credit card rules.
Steve

Might be a loophole if your landlord has a paypal account..... mind you you'll be hit for a few % upfront to cover his paypal fees.

You can weigh those costs against your other options and when you think you'll have the money.

......unless your landlord happens to own a busiiness he could process if through, again he'll want a little extra to cover processing fees