Can I draw money from Nationwide CC into current account?

longwalks1

I knoe it will probably be on a high interest rate, but could I draw money from my Nationwide Credit Card and put it int omy Lloyds current account, and then pay off the Nationwide credit card asap with a my Barclaycard 0% BT offer I've just recieved?

Thanks in advance

jonesMUFCforever

In theory yes - your cash limit will probably be 50% of your card limit - there will be a 3% fee for the cash(+ interest rate at around 18% until paid in full) and then on top whatever the Barclaycard fee is.

Why not pay Nationwide direct with your 0% Barclaycard offer??

longwalks1

I dont owe anything on the Nationwide card, have a £0 balance and £5,400 credit limit. What I want is cash in my current account (Lloyds) and trying to work out ways I can get that with minimum fees/costs

iancrt

Use the nationwide card to buy things you usually put on debit card. - result is cash in your bank - debt on your card.
Then BT from the barclaycard back to the nationwide card.

Takes longer depends on how much you want compared to your monthly spending

Hominu

There is a way, but it's not a "nice" way, and if you do it often you'll have cards cancelled.

Basically, buy something on the card to the value of the cash you want, then balance transfer to another card, then return the product for a refund. First card will then go into credit and you can ask for a cheque to clear the credit balance.

longwalks1

Thanks people, Hominu I'm after £2,000 (a lot i know), IF, and its only an IF, you or I were to do such a thing, what type of thing would you buy ,that you definatley could return for a refund? :cool:

bsms1147

Super Balance Transfer card?

ie Fluid - 27 months 0% with 4% fee
http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs#fluid

longwalks1

bsms1147 wrote: »

Super Balance Transfer card?

ie Fluid - 27 months 0% with 4% fee
http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs#fluid

Thanks bsms, I applied for one last night actually, but was deferred for a written decision in 7-10 days, my other thread on here regarding a recent fraud attempt on my name for a new bank account may of effected Fluids decision? As in my other thread, am a good earned with no bad or adverse credit (other than an intercepted credit card 3 years ago that was maxed out :mad:, and this recent failed attempt to open a new bank account as detailed in my other thread)

Thanks again all

longwalks1

Update, been accepted for a Fluid card with 26 or 27 months 0% on money transfer @ 4% fee so all good. nice limit too so all happy

Thanks all for your help and advice, especially you Hominu

iAMaLONDONER

Hominu wrote: »

There is a way, but it's not a "nice" way, and if you do it often you'll have cards cancelled.

Basically, buy something on the card to the value of the cash you want, then balance transfer to another card, then return the product for a refund. First card will then go into credit and you can ask for a cheque to clear the credit balance.

Have you done this before?