Quick questions about balance tranfers

jel31

Hi everyone

Just a quick question about balance transfers.

Is it possible to do the following (e.g.):

Credit card A has a balance of £1000

1. Get a cash advance of £500 from Credit card A and put in current account

2. Tranfer new balance of £1500 to Credit card B which has 0% deal

My questions are:

1. Is it possible to do this?

2. Will Credit card B know that £500 of the balance transfer was a cash advance?

3. Will Credit card B honour the 0% interest for the entire balance or will they charge more for the cash advance portion?

Thank you for any replies, I would be surprised if this was possible but thought I'd check...

redpete

Answers in-line...

jel31 wrote: »

1. Is it possible to do this?

Yes

2. Will Credit card B know that £500 of the balance transfer was a cash advance?

Probably not, but Credit Card A will and they will charge a cash advance fee (maybe around 3%) and start charging interest immediately.

3. Will Credit card B honour the 0% interest for the entire balance or will they charge more for the cash advance portion?

You should get the normal 0% interest for the full amount, although of course you will have been charged a BT fee of maybe 3%, so your £500 will have cost £30 straight away.

jel31

thanks redpete

yes, you're right, not a very sensible thing to do really!

cheers