CC to bank accnt

Ponyo

I have a couple of grand limit on my card and partner has about the same on their card.

Is it possible to put a couple of grand in my bank account from my CC, then in about a months time (before interest due) pay it off with partners card? By the time payments due hope to have cleared it from earnings?

KingElvis

You need a super balance transfer card to get it in your bank account and there will be a fee......as far as I know

Not all cards are SBT cards

thenudeone

Some cards allow transfers to a bank account but there is usually a fee (3-4%), and interest will always be charged from the day of the transfer even if you pay the statement off in full. It's only purchases that are interest free if you pay off every statement in full.

Promotional offers on cash transfers (eg 0% interest for 6 months) are rare but not unheard of.

Ponyo

I think I can withdraw cash from machine for free, so I can just put it into my account?

MPH80

You may not pay a fee depending on the card. However, cash withdrawls typically start attracting interest from the moment of widthdrawl, and are usually never subject to any interest free period (either the 'standard' 56-day period or a longer purchase/BT period). They also attract a higher rate of interest.

So you could end up paying a LOT for a simple withdrawal.

M.

YorkshireBoy

Ponyo wrote: »

I think I can withdraw cash from machine for free, so I can just put it into my account?

Why not say which card it is and let people confirm you what you can and can't do with it?

Ponyo

YorkshireBoy wrote: »

Why not say which card it is and let people confirm you what you can and can't do with it?

Its a normal Santander zero card. I was told you can withdraw cash for no charge but yes may be interest straight away.

I will go in on Mon morn and ask to pay it off before statement comes.

jonesMUFCforever

Interest will be charged from day of withdrawal not date of statement?

Ponyo

jonesMUFCforever wrote: »

Interest will be charged from day of withdrawal not date of statement?

Thanks mate, just paid in the cash I withdrew before santander closed Sat afternoon.

Interesting to see how much it cost for just 24 hrs. I will post again when get statement.

Tixy

Ponyo wrote: »

Its a normal Santander zero card. I was told you can withdraw cash for no charge but yes may be interest straight away.

I will go in on Mon morn and ask to pay it off before statement comes.

? Not sure if I've misunderstood but if you can afford to pay the money off straight away then why did you need to move the debt onto your credit card? couldn't you just have paid the money straight to her credit card?

EDIT - i did misunderstand - you meant you had already withdrawn it so are just repaying it back.

YorkshireBoy

Ponyo wrote: »

Thanks mate, just paid in the cash I withdrew before santander closed Sat afternoon.

Interesting to see how much it cost for just 24 hrs.

You may find it takes them a few days (certainly the weekend) to credit your account. You'll also have some residual interest to follow on the statement after next...and for the next few months if you've only just got the card and are using it for it's 0% offer.

What's your monthly rate or APR?