Transferring cash from credit card

Bluegreen143

I just have a quick question on behalf of my OH. We have mostly separate finances except for one joint account for bills, and, while he's never managed to save up any money, he's never had any debt either. I have some money saved up and a couple of credit cards I pay off every month. Recently his income has decreased so he's been struggling and has been in his (v expensive Halifax) overdraft. Long story short, I lent him some money from my savings last week to pay off the overdraft and for his half of our holiday we went on last week.

He had applied for a 0% transfers and purchases credit card which he now wants to use to pay me off. I don't want him to be in debt but he'd prefer to have it on his credit card than owe me the money and of course I respect his decision. But we're not sure how a credit card will help him pay me off - can he transfer cash to my account or is it better to use his card for all spending and use his wages to pay me back? It's not enough money for a loan - around £1,550. Any help much appreciated!

Better_Off_1983

He can WITHDRAW money on the credit card... however, it is a very expensive way to borrow because credit cards are not for cash advances.

He can possibly use his card for all spending on groceries and he can use his wages to pay the credit card back - best to do a fixed payment rather than a minimum if he can afford it.

Hope that helps

Tixy

What card has he applied for?

Is it one of the few that allows money transfers (aka super balance transfers) and if so does the 0% offer apply to that. If it it then he can transfer money straight to his or your account (for the transfer fee).

If its not a money transfer card then the best option would be to use it for spending day to day or anything you want to buy.

Or if you had a paypal account he could send you the money from his card to paypal - but there would be fees for you to draw it out.

Don't withdraw cash from an ATM.

Bluegreen143

Thanks for your responses. Tixy I got him to call the bank and check, and no, he can't do money transfers. I think our only option (barring incurring Paypal fees) is for him to transfer the bulk of his salary to me and then use his credit card for his usual spending. Might take two months to pay off everything which is fine.

LadyVirb

I have a similar ish problem where I am £3300 overdrawn and paying 33 quid interest p.m. And I want to get a 'super balance transfer' so I can transfer cash from a card so I am back at zero. I am not sure who actually does these? Everyone talks about transferring balances from other cards but not to settle overdrafts. Help? Does anybody do these at competitive rates? Thanks x

smithers1981

hi just get OH to use new card for normal everyday spending, they can then give you the money they would have spent, and debt will move form you to credit card, set up direct debit to cover minimum payments.

Tixy

LadyVirb wrote: »

I am not sure who actually does these? Everyone talks about transferring balances from other cards but not to settle overdrafts. Help? Does anybody do these at competitive rates? Thanks x

Principally Virgin, and other cards backed by MBNA and Post Office Cards.
Barclaycard do them for some existing customers but not on new accounts.

Tesco & M&S have a way to do something similar, using travellers cheques - which if you search on this site you should find explanation of.

All of those cards offer 0% on money transfer (obviously subject to acceptance and they are not the easiest cards to get).