using CCs to get cash for car quickly

blue-kat

hi
I would like to ask for advice on juggling CCs to generate about £5500 quickly.
I am unclear what are the costs involved, and would appreciate any tips.

I haven't made the deal yet as need to be sure I can lay my hands on the cash.
it's to buy a car advertised on ebay. it's the exact make and model I've been looking for, not many of them about, and cheaper than buying from dealer.

the seller wants cash or would accept paypal for an additional 4%.

I could withdraw £1000 from my current account by the weekend.
I have a £2200 cheque to pay in, but obviously would need to wait for it to clear. family will loan me the rest ( £2300) but I can't rush them. we are meeting to discuss terms on Friday. I'll be selling my current car soon too, which will help reduce family debt.

I could pay the remaining £4500 + 4% (£80? ouch !) by paypal, which would be drawn down from my Halifax CC. then pay it off when the £2200 cheque clears, and family loan comes through. but then I get clobbered twice, first by the paypal 4%, then the halifax cc charges.

or should I use the CC in the ATM to withdraw cash? although presume there are daily limits on how much

I pay off my halifax CC every month. I also have an unused virgin CC.

I don't want to do anything to mess up my credit rating as may need to change mortgage in few months, when our introductory rate runs out.

thanks for taking an interest !
any tips much appreciated, I'm a reformed money waster of yore, but still find it hard to understand how to make the best deals.

-

rsykes2000

Only 1 thing I can say - get an HPI check *before* laying out money on this car.

YorkshireBoy

blue-kat wrote: »

I also have an unused virgin CC.

If the credit limit is sufficient (and the account was managed well), give them a ring on 0800 783 1116 and tell them you're thinking about closing the account and ask if they have any offers on your account. You may get lucky with a 6 month 0%/0.9%/1.9% BT offer. There may be a fee (3% max £75 or 2.5% uncapped depending on your own T&C's), but often this can be waived.

When they ask where the BT is coming from, tell them you want to transfer your overdraft and a loan, and ask them to pay the money into your current account at 0%. Do please clarify with the CSA that the transaction *will* be given at 0%, and not at MBNA 'money transfer' rates.

Good luck.

---lee---

blue-kat wrote: »

or should I use the CC in the ATM to withdraw cash? although presume there are daily limits on how much

Don't do that! Whilst there are exceptions (Egg Money in positive balance) you will find most if not all credit cards charge fees for withdrawing cash. Limit would be around £500 per day.

CLAPTON

cash withdrawal fees are usually about 2.5% which is better than paying 4% paypal although you also start paying cash rate interest immediately (no free payment period), so it would pay you to clear the credit card as soon as possible thereafter.