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Balance/cash transfer help please!

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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!

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  • Eonel
    Eonel Posts: 451 Forumite
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    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
    Tixy Posts: 31,455 Forumite
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    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.
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