Money transfer from CC to current account consequences

GooliesOfFire

I'm about to buy a vehicle for about 5k privately. Sadly I've only got £4k cash. Obviously full amount has to be paid by cash.

I can transfer £1k from my unused Tesco credit card to current account.. shortly after that I would transfer balance from Tesco credit card to different 0% credit card (3% fee). It seems the only way that won't cost me arm and leg.

Now will cash advance of about £1k for a period of 1 week or so destroy my credit rating?

I understand I'll be paying cash advance rate for about a week and then get hit by 3% transfer fee - I can live with that.

grumbler

Nowadays computers do the scoring, not people.
If the computer was programmed by a an intelligent professional I don't see any reason for this event to have a noticeable effect, if any.
Unfortunately, the above reservation isn't always the case and you can't be 100% sure that in some company the computer wasn't programmed by some overcautious paranoid dilettante.

YorkshireBoy

GooliesOfFire wrote: »

I understand I'll be paying cash advance rate

I believe the 'money transfer' rate is the same as that for purchases. Certainly that's the case in the summary box on their website. Perhaps you could check if your T&Cs are the same?


If yours are the same, then it's possible that the 'money transfer' won't be reported as a cash transaction to the CRAs.

GooliesOfFire

Hmm.. decisions, decisions. I think I'll do it.

The good thing is I won't be applying for any credit cards/loans any time soon. I will probably have to move home/remortgage but no sooner than in 3/4 years time.