I'm a stoozer but have run into problems I'd like help with please

planteria

Thrifty_Kate wrote: »

I asked what would happen if I closed the credit card account. They said they'd still charge me a fee to refund the credit balance.

first thought is that that doesn't sound right to me.

is some able/entitled to close a credit card account when in credit?

are a card provider, in this case First Direct, able to send the money back to MBNA without their agreement?

Thrugelmir

planteria wrote: »

first thought is that that doesn't sound right to me.

is some able/entitled to close a credit card account when in credit?

are a card provider, in this case First Direct, able to send the money back to MBNA without their agreement?

If the terms and conditions of the account have been breached. Then it's a different ball game.

ManyAMickleMakesaMuckle

This worked a couple of years ago for me for £2000 - I don't know whether it would still be possible, or whether it would be practicable for £12000. I purchased sterling travellers' cheques using a credit card, then paid the travellers cheques into a current account. The purchase incurred 1% commission, so the process was not free but it was the cheapest way I could find of getting cash out of the credit card. The current account (with First Direct as it happens) did not charge for accepting the travellers cheques, they treated them as cash.

Obviously you'd need to research whether your First Direct Gold card would treat the purchase of travellers' cheques as a purchase rather than a cash advance, and you'd need to find the cheapest source of traveller's cheques. My recollection is that whilst foreign currency cheques were free to purchase, sterling TC were not, and I don't suppose you want to start speculating in currency as well at this juncture. You'd also need to check that the travellers' cheques would be accepted into an account, and free of charge.