Is there a way of releasing cash through a 0% balance transfer?

Tara100

I feel silly posting this, but I can't work out if what I want to do is possible......

I am currently with Santander as I took up their 0% balance transfer offer last year. My balance with them is about £900.
I have recently received a letter from them saying I can action another balance transfer to them with a 0% interest rate until march 2012 if I want to.

Now I really need to get my hands on about £1000 cash so I can pay off my overdraft, and can't work out how I could turn this around so that I can use this offer to my advantage.

Is there a way this could be done or am I totally confuddled?
(I don;t know if this info is useful, but I also have a Barclaycard with a zero balance, and a Lloyds TSB card with a balance of about £1,500)

I'd be ever so grateful for some helpful replies
Thank you in advance
Tara

steve1980

You want a super balance transfer, check out the cards & loans button on the menu above.

chanz4

or use paypal to a friend, it is against there terms though

lisyloo

I have recently received a letter from them saying I can action another balance transfer to them with a 0% interest rate until march 2012 if I want to.

Do you really mean only 2 months.
BT fees and/or paypal fees will be expensive if you are only talking about 2 months here.
Remember 3% for 2 months is the equivalent 18% per annum.

Or did you mean 2013?

Tara100

lisyloo wrote: »

Do you really mean only 2 months.
BT fees and/or paypal fees will be expensive if you are only talking about 2 months here.
Remember 3% for 2 months is the equivalent 18% per annum.

Or did you mean 2013?

Oops, I meant Jan 2013 (I read the letter, and saw March 2012 - which was the date you have to apply by )

Can you explain how the Paypal thing would work please? and costs involved?

Many thanks

Coveredinbees!!!!

why not do your normal spending on the barclaycard and then when the bill is due BT it to the santander one. I suppose thou that would depending on how much you spend a month as to if it would be enough.

izools

Tara100 wrote: »

Can you explain how the Paypal thing would work please? and costs involved?

Many thanks

You would add your Barclaycard to your PayPal account. You would then use the Barclaycard, through Paypal, to pay a friend £1,000. The friend then withdraws the funds into their bank account from PayPal and sends you the money from their bank account to yours.

You would then balance transfer the £1,000 transfer from Barclaycard to Santader.

PayPal would charge aound 3.5%.

Tara100

izools wrote: »

You would add your Barclaycard to your PayPal account. You would then use the Barclaycard, through Paypal, to pay a friend £1,000. The friend then withdraws the funds into their bank account from PayPal and sends you the money from their bank account to yours.

You would then balance transfer the £1,000 transfer from Barclaycard to Santader.

PayPal would charge aound 3.5%.

That's interesting, and I could definitely do that

I've just discovered the Virgin credit card allows you to transfer money to your current account, with a 4% fee (which means paying just £5.00 more than the Paypal method on a £1000 transfer) my credit rating is very good, so I should get the card.

I'm pleased I have a choice now, as opposed to not knowing how to sort the problem

I do feel dense as I could have done the 'Paypal thing' ages ago!

I have a couple of accounts; are the fees different on each account? (I'll go and have a mooch, but if you know, could you post and let me know please...)

Thank you

izools

If I were in your position I'd go for the Virgin card first, and only go down the PayPal route if they turned me down.

I've done the PayPal thing before, but when I did both I and the recipient (my other half) had to send PayPal copies of photographic ID before they allowed the transfer through

But it all went OK in the end! :beer:

EDIT: Oh, and well done on the cold-turkey becoming a non smoker! You're stronger than I

Tara100

Hmmm, I don't know what to do.
I've worked out I only need £850 now, so it would be very tempting to move 2 x £425 and see if the money moved easy that way.....I could have it sorted tonight....._party_


EDIT: Ha ha, I'm amazed I gave up the fags too!
Trust me, if I can do it, anyone can.
Smoke on an electronic cig for a month, and then stop altogether - that's how I managed it.

Tara100

Doh! I'd have to pay paypal AND Santander fees, so I'll apply for the Virgin card