Transfer to the current account

alexnznz

I need some funds urgently in my current account and considering borrowing on my credit cards as I will be able to repay in 6 to 12 months time. I know it is possible to transfer to the current account from MBNA, but I don't have that card. I do have few others though.
Is there any workaround to transfer some money to my current account from one of the cards below:
Barclays Mastercard world, former Egg
Nationwide Gold Visa
Santander Zero Mastercard
Amex Platinum Cashback

Any advice is greatly appreciated

[Deleted User]

withdraw cash from the cc? expensive as apr charged from day you do it,unless you can get another card after with a bt at 0%?

grumbler

Ask your existing CC providers for a 6-12 months' BT offer.
If some offers you anything, withdraw cash from another card (will cost you ~3%) and then transfer the balance.

YorkshireBoy

alexnznz wrote: »

Barclays Mastercard world, former Egg

This one regularly offers 0% money transfers to existing customers, according to reports on here.

Santander Zero MasterCard

This one doesn't charge a fee for cash withdrawals, but will charge circa 27.9% APR interest...so BT any debt created sharply to one of your other cards!...even if it's not 0%.

Herbalus

grumbler wrote: »

Ask your existing CC providers for a 6-12 months' BT offer.
If some offers you anything, withdraw cash from another card (will cost you ~3%) and then transfer the balance.

This is your best bet. You preferably need a card with a nil balance to do the balance transfer to, as otherwise you'll pay interest on those purchases until the whole debt is cleared. So take cash out of card A when you have card B (with £0 owing) available to balance transfer to.

And remember not to spend on whichever card you transfer the balance to.

alexnznz

YorkshireBoy wrote: »

This one regularly offers 0% money transfers to existing customers, according to reports on here.This one doesn't charge a fee for cash withdrawals, but will charge circa 27.9% APR interest...so BT any debt created sharply to one of your other cards!...even if it's not 0%.

Thank you, I will call Barclays to find out if they can offer me a money transfer.

alexnznz

Herbalus wrote: »

This is your best bet. You preferably need a card with a nil balance to do the balance transfer to, as otherwise you'll pay interest on those purchases until the whole debt is cleared. So take cash out of card A when you have card B (with £0 owing) available to balance transfer to.

And remember not to spend on whichever card you transfer the balance to.

Great! So, if I take the cash from ATM with my Santander card, then transfer balance from Santander to my Barclays card, as they currently offer 0% and 3% transfer fee, my costs can only be 3% of the amount withdrawn providing I pay back on time?

How would this work in reality? I can only withdraw £300 per day from ATM. For £5000, this would mean 17 withdrawals = 17 days. Will I be able to do 17 balance transfer transactions every day, or do I need to wait until I withdraw everything and then do the balance transfer? What would be the difference in costs?

If I need to do this every day to reduce costs, how long does take for the bank to execute a balance transfer? If I take £300 from ATM and request a balance transfer on the same Day 1, when can I withdraw the next £300? On Day 2? Or do I need to wait for a day or two for balance transfer requested on Day 1 to take place? Which would clear my balance on Santander and only then take another £300 from ATM? I seem to remember that credit card companies always clear the latest debt first and leave the oldest, so they can charge more interest. If I need to wait for two days each time, this would double the time needed.

~Chameleon~

alexnznz wrote: »

Thank you, I will call Barclays to find out if they can offer me a money transfer.

Check your online banking. The offers are usually listed on the right hand side of the screen. It tends to be the Platinum Barclaycard Visa that offers money transfers than the Masterworld one though.

bsms1147

alexnznz wrote: »

I need some funds urgently in my current account

Why?

We may be able to think of another way around this problem.

MallyGirl

Watch out for the minimum fee on balance transfers - you need to make sure that the amount you're transferring each time means that your fee exceeds the minimum.

grumbler

alexnznz wrote: »

How would this work in reality? I can only withdraw £300 per day from ATM. For £5000, this would mean 17 withdrawals = 17 days. Will I be able to do 17 balance transfer transactions every day, or do I need to wait until I withdraw everything and then do the balance transfer? What would be the difference in costs?

You can try asking the CC company to transfer money to your current account at the cost of ATM withdrawals or to send you a CC cheque.

If you withdraw small amounts via ATMs there is no point in doing BTs every day as the daily interest is pretty small.You can do 3-4 transfers instead.

And beware of the cash withdrawals total limit that is likely to be lower than the CC credit limit.