Best way get cash from new credit card.

danielbb

HI everybody.

I need to buy a motorbike in august to get to college (£600), im fed up of cycling 16 miles twice a week. Using a credit card is a bit impractical to purchase a bike.

I was thinking of using mock ebay auction and paypal to get cash, the combined fees would be £42 ish.

I have read about using an egg card, but im apprehentious incase i do something wrong, does the egg card way still work, should i apply for it? The balance tranfer fee would be for my card £17.94 (2.99%) If i understand correctly id have a £600 positive balance on the egg, would i be charged by egg ?

My credit card has the following.

0% Interest on purchases until 1st June 2008

0% Interest on balance transfers until 1st June 2008

A 2.99% fee applies to each balance transfer*.
*The minimum amount you can balance transfer is £100

I suppose i really just want to hear what others are doing to get the cash. Any advice appreciated.

YorkshireBoy

I assume you have a Skycard now?

If so, you'd apply for the Egg Money card (note, this is the Mastercard...not the Egg Card Visa which has it's own 0% BT offer) and BT a ficticious debt from here to your Skycard.

You can then move the resultant positive balance from Egg Money to your current account fee-free.

As you say, the only fee involved is your Skycard 2.99% BT fee.

The method is explained in further detail here:

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards (look for the 'Card Trick: Use Egg Money' section)

danielbb

Thank you!..........Ok accepted for that :beer:

16.9% rate though, but im not going to use it for spending ever.

Bokkens

Two points for you.
1/ Have you been to the bike dealership as they often take the full payment on credit cards.
2/ You need to read martin's article on allocation of payments to credit cards and NEVER use your card for purchase(fuel,clothing etc)after you have used it for a BT.You also need to clear any debt from the card before you use it for BT or you will be paying a lot of interest.
have a look at the other credit card questions from today and yesterday as there are some that cover other credit cards that allow BT into your bank account so that may be useful to you.

danielbb

Its a sky card with 0% on purchases and balance transfersw for 10 months, so it shouldnt matter if i spend on it after?

Bokkens

danielbb wrote: »

Its a sky card with 0% on purchases and balance transfersw for 10 months, so it shouldnt matter if i spend on it after?

Yeah that's how a lot of people get into debt,you will have to pay off your purchases before the end of the 0% period or BT to a new 0% card either way you will need to monitor it and know what your doing otherwise you will end up paying interest.
Good luck.

danielbb

But by then ill be paying interest whatever im a tart anyway lol

danielbb

Ok, fed up of waiting for a sky card, applyed for virgin one be here soon (i hope)

How do i do a balance transfer work? do i phone up to do it? or is there usually an online facillity.

And does this egg money trick still work ok thanks in advance.