cash from credit card

derryone

Hi

This question may have been answered, my apologies if it has. I recently got a barclaycard plat with 21 months on BT and 3 months on purchases. I have transferred my old tesco card debt on to the card. Now I am looking to spend another 500. My question is , can I spend or get a cash advance on the Tesco card and BT it immediately to the barclaycard? I could just spend on the card but cash would be preferable( as ill get discount). This will mean 2 balance transfers from same card in a short period.

I would rather this as I think if I purchase on the barclaycard the balance transfer gets paid first meaning the purchase debt will be racking up.

I hope I am making sense and any help would be greatly appreciated.

Cheers

Eonel

In the past I have done two balance transfers between the same cards without problems. Be aware you there may be a total balance transfer limit on your barclaycard at around 90% of your barclaycard credit limit.

derryone

Cheers for the reply. Should I balance transfer the money first and that would put the other card in credit then do a money transfer? Or money transfer then balance transfer.

Eonel

Ideally you should avoid putting a credit card account in credit. It can raise questions.

Also, you should try and do the second balance transfer to barclaycard from real credit card spending on the Tesco card - maybe put additional transactions through the Tesco card that you would normally have put through a bank account or paid cash. That way you avoid paying any money transfer fee or cash interest rate on the Tesco card.

derryone

Hi

Thanks again for the reply. I looked into a money transfer with the tesco card and they charge a cash advance fee on money transfers and a higher rate of interest.

I also did not want to have the other card so much in credit to withdraw it hours later.

Then I spotted something on the front page of tesco...travel money. From what I have read into this seems like a good deal for me and perhaps others looking for cash from a credit card.

Tesco are giving travel currency delivered with no cash advance fee and it is treated as a purchase( if you use the tesco credit card), meaning the lower rate of interest is paid (or nothing if you are on 0% deal).

This is handy for me as the seller of the product I want to buy takes EURO and ill still get my cash discount. Or I could have lodged the euro in my bank account converting it to sterling.

I will now blanace transfer the money onto the other card with 0% for 2 years ( although a small fee will be charged).

Works for me.

Thanks again.

YorkshireBoy

derryone wrote: »

I looked into a money transfer with the tesco card and they charge a cash advance fee on money transfers and a higher rate of interest.

Are you sure?

As far as I know the Tesco card, along with NatWest and RBS, does not charge a fee for money transfers.

Indeed, the summary box doesn't mention a fee, and the typical (now called representative) rate is 16.9% APR...the same as purchases.