Balance/cash transfer help please!

redwino

hi all,

i wonder if any of the credit card experts can help me with a couple of questions i have with using credit cards please! i have looked through the info. on the site but can't find the answer ....

if i had a cash transfer credit card that allowed me to transfer a cash lump sum directly to my bank account of say £1,000 with a flat percentage rate charge for doing this -
would i also be able to use a separate balance transfer card to transfer say £1,000 to the cash transefer credit card and transfer a total of £2,000 cash to my bank account?

if that senario is possible, would the cash transfer credit card charge me the flat rate percentage on just the £1,000 or the full £2,000 (even thought technically i would be borrowing just £1,000 from them)?

any advice on these questions would be great, i appreciate any help with this matter!

Eonel

You should be able to do this, but the balance transfer charges will add up.

The first balance transfer to move money between cards will cost you 3% of £1000.

The second balance transfer to your current account will cost you a further 3% of £2000.

( 3% is only an example - you would need to check the exact balance transfer fees applicable to your specific cards. )

Tixy

You need to be careful with the limits on the card.
If the card that allows cash transfers only has a £1000 limit then you will not be able to do a cash transfer of £2000, even if your card is £1000 in credit.