Balance transfer by way of cash withdrawal?

corsanita

I want to pay off a cahoot flex loan with a BT to a credit card, but the &more card doesn't do it and I'm too scared to apply for another card (on a very low income right now and although no defaults etc I'm just very wary). I looked at the Egg Money card but am too scared to apply.

Could I buy sterling travellers cheques with my Amex, pay them into my current account and pay off my flexible rip-off cahoot loan and then transfer the Amex balance onto my shiny new &more 4.9% LOB?

Or I could withdraw cash on the Amex and do the same? Obviously I'd transfer the balance asap.

I want to transfer £1500 so I know it's not a huge amount but mentally I want to know it's not on 14.9% interest....

Thoughts?

Thanks in advance

CLAPTON

Travellers cheques will be counted as a cash advance so there is no benefit in doing that.

Cash advance normally charge 2-3% fee plus interest starting immediately.
Presumably the BT will also charge 2-3%

Although this is quite alot whether it's worth it depends upon how much you are paying off each month. If it will take you more than a year to pay off then its probably worthwhile.