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Money transfer to acct question, please help...??

Hi, I have just got a new MBNA Credit Card in which one of the benefits is to have a Money Transfer into my bank account at a low rate if i do it within the first 60 days.

But i really need to know from someone in the know, at the end of this year i am looking to get a mortgage on a property. And i am unsure if this will cause a problem or jeopardise this, as i really don't want to have any marks on my credit rating.

So i am asking if anyone knows that if i take out the Money transfer to my bank account, will it effect my credit rating..?? As would it look like i've taken cash out on a credit card, which will look bad...?

Please if anyone knows for definite or any confirmation on whether it effects my credit.

Thanks in advance for any information.

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    MBNA money transfers are not reported as a cash advance.


    Of course any debt remaining at the time of the mortgage application will impact on their decision.
  • Ok thankyou.. i'm just a bit worried as it does seem like i'd be taking money out on a credit card, lol... So do you think the actual Money transfer wouldn't effect my credit rating..?? :)
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    So do you think the actual Money transfer wouldn't effect my credit rating..?? :)
    No more than spending the money on a very large purchase or balance transferring a debt from elsewhere would do.
  • I can't comment on money transfers but on my Noddle report they certainly report cash advances as I had to do an emergency one on holiday a few years ago.
  • MABLE
    MABLE Posts: 4,196 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I can't comment on money transfers but on my Noddle report they certainly report cash advances as I had to do an emergency one on holiday a few years ago.

    I have taken advantage in the past and on my report shows as a promotional rate only.
  • Thats great, thanks guys for your comments. I might just take the money transfer out then... :)
  • MABLE wrote: »
    I have taken advantage in the past and on my report shows as a promotional rate only.

    Mine was a bog standard ATM withdrawal - restaurant we had just eaten at did not accept cards and I had forgotten my wallet in the hotel safe. Always carry an emergency card on me though - saved me from having to do the washing up LOL:rotfl:
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