Taking cash then transferring immediately?

welsh_cake

Hi
Hope someone can help with this. I need to raise £1000 urgently. If i take this out on my credit card then transfer the 1000 to a 0% would this be ok? I know taking cash from a credit card is a no no, but I'm desperate. I have a 0% card waiting to be used so could transfer immediately. Unfortunately I need to pay some fees, bond & a months rent in advance.

The card I would take the money from is clear but has terrible interest, hence me transferring immediately.

Just to let you know it wont be a problem paying my rent it's just the amount they want from me in advance.

Thanks

colin13

sounds a good idea to me:)

bigadaj

You'll probably incur two sets of fees, one for cash advance and then a balance transfer, need to check your t and cs for the cost but it could be between fifty and a hundred quid so definitely not a cheap way of borrowing.

chexum

Yes, it's a good trick, and it might just work, but it really should be a last resort. There's more than a few things to consider:
- cash advance fees in addition to higher and daily interest
- daily withdrawal limits both by the ATM and the card
- the card issuer may see you as a higher risk and stop the card before you get all your cash
- the limit for cash withdrawals might be lower than the credit limit (my Barclaycard cash limit is a below £100!)
- timing for the balance transfer - it can take from 2-14 days depending on the issuer and the checks they do
- this activity could be visible on your credit file: it might be difficult to get another card for 6-12 months, and your present card issuers may be tempted to increase your rates as well

welsh_cake

Thanks for advice everyone. I'm going to try & raise the money & this will be a last resort.

YorkshireBoy

Which cards are you using?

welsh_cake

I would take the money from a virgin card and then transfer the balance to Halifax 0% for 22 months.

Was just thinking - do credit card companies still do cheques? Wondering if i could send £1,000 to my bank account and pay it off that way?

Any help is appreciated thanks.

balmk

Asd I recall the Virgin card is a "super balance transfer card" which will let you transfer funds directly to your bank account. You may even find that you have a promotional deal for a transfer.

Have you checked your online account?

welsh_cake

Hi no I have not checked my account but as soon as I get home I will. This would b amazing if I could as I am in the process of making a list of things to sell so I can raise the money & I'm not getting very far! I will check after work then let u know! Thanks.

welsh_cake

Apparantly it's cheaper to withdraw the cash! Will check with other credit cards what they charge as I have a 0 balance on them.

Im hoping to have half of it by the time it's due now so won't need to withdraw so much.