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123 credit card to current account ?

How can I transfer the balance of my credit card to my current account ? Need to transfer around £3000 for the short term.

Any advice please

Comments

  • grumbler
    grumbler Posts: 58,629 Forumite
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    edited 27 December 2012 at 6:31PM
    Transferring a balance (debt) from a credit card means paying money to the CC account. If you mean this, then just pay the money from your current account to the CC card account.

    If you mean transferring the money from a CC to a current account, then you cannot do this for the majority of CCs. The only way is via (expensive) cash withdrawals or CC cheques (if you have them).
  • grumbler wrote: »
    Transferring a balance (debt) from a credit card means paying money to the CC account. If you mean this, then just pay the money from your current account to the CC card account.

    If you mean transferring the money from a CC to a current account, then you cannot do this for the majority of CCs. The only way is via (expensive) cash withdrawals or CC cheques (if you have them).

    Well wanted to transfer to my account ! The only option I believe is to withdraw the cash, I could not find how much I could with draw per day from cash machine.
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Do you really want this at the cost of 3% for withdrawing plus 30%+ APR?
  • sfax
    sfax Posts: 1,154 Forumite
    Unless you plan to pay it back very quickly, borrowing £3,000 this way is very expensive. You'll pay a fee and pay interest at a high rate from day 1 until paid off

    If you have time, it's much cheaper to make as many purchases as you can using your credit card instead of your debit card or cash, pay bills possibly, pay other people's bills or CCs by transferring a balance from their card and getting the cash from them (rather than them making their normal monthly CC payment).
  • sfax wrote: »
    Unless you plan to pay it back very quickly, borrowing £3,000 this way is very expensive. You'll pay a fee and pay interest at a high rate from day 1 until paid off

    If you have time, it's much cheaper to make as many purchases as you can using your credit card instead of your debit card or cash, pay bills possibly, pay other people's bills or CCs by transferring a balance from their card and getting the cash from them (rather than them making their normal monthly CC payment).

    Can I pay the balance transfer from my card to my mrs Barclaycard as her account allow to transfer money to bank account.
  • chattychappy
    chattychappy Posts: 7,302 Forumite
    edited 27 December 2012 at 7:17PM
    Can I pay the balance transfer from my card to my mrs Barclaycard as her account allow to transfer money to bank account.

    Yes you could. She would do the transfer to the bank account first (which creates the debt on her CC account). You then take the CC balance on her account to your CC account. If they insist she transfers the money to her own bank account, then of course she could subsequently faster-payment this to you.

    But:
    1) are you sure Barclaycard will allow her to do this? For a long time, my Barclaycard Platinum account has this as a disabled option. I used to be able to do this (though I never did), but I can't do it now. The account is perfectly in order - I remember other people reporting they could no longer do it either.

    2) There will be two sets of charges. She'll pay a fee (3% or whatever) and so will you. So you are looking at 6% or so even before interest begins to run.

    Going back to the cash idea, bear in mind that some accounts restrict the amount you can withdraw. Ie your whole credit limit isn't available for cash advances. Plus, CCs can always get spooked and restrict the account if they think you are distressed.

    If you have time (sounds like you don't) there may be some cheaper alternatives. I believe you can get an M&S card and buy sterling travellers cheques. Don't know the deal, but I believe that has been mentioned here as a relatively cheap way of getting cash. A few cards don't charge a fee for cash withdrawals - Halifax Clarity, for example. They still charge interest.

    Also - what is the £3K for. Any chance whoever it is for could take a CC as a merchant?
  • Yes you could. She would do the transfer to the bank account first (which creates the debt on her CC account). You then take the CC balance on her account to your CC account. If they insist she transfers the money to her own bank account, then of course she could subsequently faster-payment this to you.

    But:
    1) are you sure Barclaycard will allow her to do this? For a long time, my Barclaycard Platinum account has this as a disabled option. I used to be able to do this (though I never did), but I can't do it now. The account is perfectly in order - I remember other people reporting they could no longer do it either.

    2) There will be two sets of charges. She'll pay a fee (3% or whatever) and so will you. So you are looking at 6% or so even before interest begins to run.

    Going back to the cash idea, bear in mind that some accounts restrict the amount you can withdraw. Ie your whole credit limit isn't available for cash advances. Plus, CCs can always get spooked and restrict the account if they think you are distressed.

    If you have time (sounds like you don't) there may be some cheaper alternatives. I believe you can get an M&S card and buy sterling travellers cheques. Don't know the deal, but I believe that has been mentioned here as a relatively cheap way of getting cash. A few cards don't charge a fee for cash withdrawals - Halifax Clarity, for example. They still charge interest.

    Also - what is the £3K for. Any chance whoever it is for could take a CC as a merchant?

    I spoke to santander if I can get the traveller cheque or the foreign currency but they say I can only have £300 per day as they treat as cash withdraw.
  • I used to work in Halifax and we could do larger cash withdrawals on credit cards over the counter. Meant you needed lots of ID and notice to draw any thing over £1000 but was possible. Maybe your local bank could do this (I'm not sure if this is still something they offer, I left the bank four years ago!).

    May be worth a try if you are desperate, but it is a really expensive way of doing things.
    Life isn't about waiting for the storm to pass...it's learning to dance in the rain. :heart:
  • grumbler
    grumbler Posts: 58,629 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I spoke to santander if I can get the traveller cheque or the foreign currency but they say I can only have £300 per day as they treat as cash withdraw.
    Unless you are going abroad you have to be really desperate to buy foreign currency on a CC only to exchange it back to ££.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    edited 27 December 2012 at 11:39PM
    You say "short term". Even if you repay in a month it'll still cost you well over £150. :eek:

    An overdraft is likely to be much, much, cheaper.

    Could you list which cards you both currently have, along with limits and current balances?

    How urgent is the need? Could you wait 2-3 weeks and make an application for the 'right' card?
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