Cash advance then transfer balance?

laurendo_2

This may be an obvious question but want to double check. I want to purchase something with a credit card but it needs to be purchased with cash (personal training sessions). Could I withdraw the cash from my CC (with the associated charge etc) and then transfer that balance to a 0% balance transfer CC in order to avoid the cash advance interest? Or would the new CC somehow know that the balance transfer was the result of a cash advance and charge me accordingly?
I'm sure I know this is not the case but I'm paranoid and want to double check.

Thanks
Laurenb

redcard

Can you afford PT sessions?

Cycrow

once the balance is transfered it wont be a cash advance so you wont pay the extra internet.

however, you will most likly still be paying a fee for the cash (as well as the BT fee) and any interest before the balance transfer.

why is it you want to put it on a credit card ?

laurendo_2

It's a long story why it'd be in the card and the reasoning behind it. I gained some weight rapidly and now have a brain condition that is a direct result of the gain. A significant loss should put it into remission but so far going it alone hasn't been significant enough. My partner and I have decided it's worthwhile reason to use the card as we wouldn't be able to afford this otherwise. There are no other debts apart from my student loans. If I don't make a change rapidly I risk my health worsening and my ability to work being on the line.

I know we would pay charges and some interest in the period between the transaction and the balance transfer but as long as I could mostly avoid them by transferring the balance then it's a viable option. Thanks for your help.

pjread

maybe MBNA super balance transfer, 4% fee but should be able to get a decent long 0% period? SBT probably better than a two-hop cash advance then BT...

laurendo_2

Sorry what do you mean by "sbt probably better than a two-hop cash advance"?

Tixy

laurendo wrote: »

Sorry what do you mean by "sbt probably better than a two-hop cash advance"?

That is would likely be cheaper to try to obtain a card that offers super balance transfers/money transfers at 0% than your plan of withdrawing cash and then transferring to a new card.

A money transfer card allows you to transfer cash from the card to your bank account (which you then withdraw in cash and pay for the goods).

That is subject to you being able to obtain a new card with 0% that offers money transfers (MBNA is the main lender that offers money transfers, I think post office also do)

laurendo_2

Ah I didn't know they even existed! Thank you definitely worth looking into :-)