Halifax won't do balance transfer as cash - is there a way around this?

budokan

Hi all,

I need £10k to America ($15k)

Rather than take a loan I figured Halifax's 25 month 0% credit card.
3% fee = 1.5% a year over two years - sweet.

I've applied, been accepted, and my estimated credit limit is £10k.

I can't use the card to purchase the $USD, they won't let me pay with credit.

Halifax also say that they won't let me transfer anything into my bank account as cash - they will only transfer debt.

There must be a way around this. Any clever ideas? Obviously trying to avoid any additional fees.

Thank you!

InsideInsurance

The only possible fee free way is by ignoring the Halifax card and get one of the super balance transfer stoozing cards like MBNA for 20 months and a 4% fee.

Outside of that it will be using one card to buy cash (for a fee) and then BT it to the Halifax with a 3% fee

budokan

I've got another idea -

I'll just transfer the £10k onto a Natwest card with £0 balance on it.

I've rung Natwest who say it's inadvisable, but I pushed them and they haven't said it's not allowed - or that that they won't accept it.

I'll end up with a £10k positive balance on my Natwest card, I'll call them and get them to put it into my NW current account.

I've randomly had a big positive balance before - they didn't know what to do with it, and agreed to transfer it into my current account.

If anyone's interested in how this works out - let me know and I'll post an update.


(Thanks for MBNA suggestion, but I have an old card with them with £0 balance, which rules me out. Note to self: cancel old cards).

eschaton

budokan wrote: »

I've got another idea -

I'll just transfer the £10k onto a Natwest card with £0 balance on it.

I've rung Natwest who say it's inadvisable, but I pushed them and they haven't said it's not allowed - or that that they won't accept it.

I'll end up with a £10k positive balance on my Natwest card, I'll call them and get them to put it into my NW current account.

I've randomly had a big positive balance before - they didn't know what to do with it, and agreed to transfer it into my current account.

If anyone's interested in how this works out - let me know and I'll post an update.


(Thanks for MBNA suggestion, but I have an old card with them with £0 balance, which rules me out. Note to self: cancel old cards).

Good luck, you'll need it.

grumbler

Withdraw cash from another CC (not Halifax/BOS/...), then transfer the balance to your Halifax CC.
This will add cash advance fee to the cost.

stephane_2

I would not be surprised if they blocked your account....keep the money and investigate for money laundering....good luck!!

zerog

stephane wrote: »

I would not be surprised if they blocked your account....keep the money and investigate for money laundering....good luck!!

Agreed for £10k.

If you wanted £1k you could pay me through paypal and I would withdraw the money and buy your USD with cash. Of course, you should probably do this with someone you actually know.

glenbois

My Mint card will allow me to withdraw 1/2 of credit limit in cash with no fee, so when in need, I do this and do a balance transfer the next day to another card 0%.

dominic7il

You could always western union yourself.

grumbler

It's 0% on Balance Transfers. How can you utilise this by using WU?

sfax

budokan wrote: »

Rather than take a loan I figured Halifax's 25 month 0% credit card.
3% fee = 1.5% a year over two years - sweet.

It's not 1.5% APR as you are paying the 3% on the whole balance. More like 2.75% APR equivalent. If you're having to pay another 3% on a cash advance as well, that's 5.45% equivalent APR. Not bad but a super balance transfer card at 4% would have been a better option