Depositing credit card moey into saving account

kingyip

Hi.

I am a new to this forum, so sorry if this has been posted before.. but I am looking for a credit card that will allow you to utilise its credit limit to fund a bank account. So just to clarify. I dont want to do this for stoozing purposes. I just need the money in my account interest free if possible. To my knowledge most cards charge some of fee for this sort of transaction. Any help would be appreciated.

Ideally I am looking to fund something to aid my career.. I need to borrow £5000. But was thinking of borrowing £7000, utilise the 5k and use the remaining 2k to service the balance until I start my career. Any advice on this would be great. I am a home owner. Got a house with 2 other named parties. But of course do not want to get a secured loan or extend the mortgage. I tried for a loan today with Santander but was rejected. I am working part time. My salary after tax is £416 and I utilise around £100 a month from the wages. The loan I would be looking to pay back as soon as I get my career off the ground but for the sake of servicing the loan I would take a 4 or 5 year repayment option. So something like borrow 7.5k repay 10k i.e. 2.5k interest @ around 10% apr~. How much I repay at the end is not too important so long as it is not a complete joke. The most important thing is I can service the debt for at least a year. I do have savings in stocks and bonds but do not want to touch them so please just concentrate on getting me a decent loan or credit card.

Thanks
Any advice would be appreciated! Sorry wasnt sure if this went in the credit card or loans section.

Caz3121

you will struggle if your part time income is your only income. The norm is to have credit up to 50% of your income. You earn £5k per year so likely to be offered low balances on a card.
If it is learning to aid your career maybe look at Career Development loans http://www.direct.gov.uk/en/EducationAndLearning/AdultLearning/FinancialHelpForAdultLearners/CareerDevelopmentLoans/index.htm. If you are under 25 maybe look at Prince's Trust

kingyip

I have more than enouigh in savings to cover the loan. But as aforementioned do not want to touch that unless a last resort. But as you say as the income is low currently, I would repay the debt ovder four or five years. Even though in reality once I have utilised the cash. I am sure I would get the job I am targeting within a few months and could pay off the debt in full within the year.

I have obtained a credit card in the last few months. A barclays platinum card with 18 month interest free. Can I use this for the purposes I listed here. The limit they gave me is £3500 so not enough. Maybe I can apply for a second if I can use it to deposit money?

All help appreciated!

chanz4

barclaycard dont tend to give the bank trasnfer option often,

jonesMUFCforever

It seems to me that you want a lender to take the risk in case you don't get a job at the end of this.
Otherwise you would use your savings.

kingyip

Yes absolutely. I am able to pay back the loan with savings even if I do not secure the job. But the lender does not take savings into account when determining whether or not they will write your risk.

Any ideas how I can borrow this cash then?

I think my barclay card also has a 0% on balance transfer but I think there is still a handling thing or something?

Anyone know where I can borrow this money? I am looking to pay for a CISI qualification as well as another service. But because there is no learning centre I cannot get the learning and development loans etc?

Thanks in advance.

Denis

Eonel

As Caz mentioned above, with the low salary you have quoted i think you are very unlikely to be accepted for another card with a 7k limit. You already have a 3.5k card and have been turned down for a loan. I wish you the best of luck but i fear you will end up having to spend your savings.

Curr946

I used to have an EGG card, and they offered the option to clear an overdraft. Though, the only information they ask is the sort code and account number. So I guess they wouldn't know if the money was to cover an overdraft or not.

But, if your not fearful of it failing why wont you use your savings?