can i get cash from 0% credit card

dantai2000

Hi peeps,

I desperately need £1500, so I was wondering if I applied for a 0% credit card, could I get it as a cash advance, as opposed to purchasing stuff?

Any ideas?
Thanks

bengal-stripe

dantai2000 wrote: »

I desperately need £1500......

That desperation will significantly reduce your chances of getting a 0% CC. Those are reserved to those applicants who look like good long-term customers.

Even if you did get a card and the limit was high enough to get a cash advance of £1500, it would not be interest free. Cash advances have usually a higher interest rate than purchases and have interest charged from Day One.

sfax

http://www.stoozing.com/sbt

thenudeone

Most 0% offers are on balance transfers (from existing cards) only, not cash withdrawals or bank transfers

You may be able to use paypal to send a "gift" to yourself from an existing CC; then transfer the balance to a CC offering 0% BTs, but IIRC there is a hefty fee to pay to paypal.

dantai2000

Well, I have a very good credit rating, so I don't think getting a card would be that difficult, and I'm able to pay it off in 6-12 months...

Gizmo247

If you have a "good credit rating" why not get an overdraft or loan from your bank instead.

Hoping to get access to 0% cash from a credit card is the dream of the desperate.

balmk

Hello,

You would be better off getting a card that permits Super Balance Transfers - these are transfers to your bank account rather than transferring a balance from a credit card.

MBNA do them (as do Barclaycard, but I think that you need to be with them for a while before they let you do it).

There is a charge for the service of about 4% typically, but there is often a promotional low or 0% rate on the balance for a period.

Hope that helps

YorkshireBoy

Gizmo247 wrote: »

If you have a "good credit rating" why not get an overdraft or loan from your bank instead.

Probably because that would cost around 19.9% EAR (or APR in the case of a loan)?

An MBNA card would charge a one-off fee of between 2% and 4%, depending on 0% interest duration required (6-22 months or so).

Hoping to get access to 0% cash from a credit card is the dream of the desperate.

Well I've been doing it for just over 8 years now on various cards, and I'm not desperate.