Can I use a credit card to pay by BACS?

EpsomOldie

Can anyone please advise re this? Apologies if this has already been asked: I've done a search here and on Google and can't find a definitive answer.

I've had some work done on my roof. It was unexpected so I applied for two 0% credit cards (Post Office and Sainsburys - both Mastercards) to spread the cost on this alone, I.e. Not using the cards for anything else. I'm working and with a bit of belt-tightening can afford to pay off the monthly amount and save to pay the balance on the cards before the 0% period ends.

The roofer has given me details for payment by BACS, i.e.
Bank (Barclays), Account number and Sort Code.

How do I go about using my cards to pay? I do online banking with the Nationwide and am used to squirting money from my account into other people's, but I've never used a credit card to pay in this way. A friend has said just to go into a branch of Barclays and do it over the counter - would that work?

Also, and the question I suppose I'm really asking is, would such a transaction count as a cash advance rather than a purchase and therefore attract a humongous APR? I've read the small print on the paperwork and it doesn't say.

If push comes to shove and I can't use the credit cards, I have some mortgage overpayments and some premium bonds that I can 'cash in' but that would leave me high and dry and without a single penny to fall back on, so as you can imagine I'd rather not.

Any help or advice gratefully received.

Thank you.

Candyapple

EpsomOldie wrote: »

How do I go about using my cards to pay? I do online banking with the Nationwide and am used to squirting money from my account into other people's, but I've never used a credit card to pay in this way. A friend has said just to go into a branch of Barclays and do it over the counter - would that work?


Also, and the question I suppose I'm really asking is, would such a transaction count as a cash advance rather than a purchase and therefore attract a humongous APR? I've read the small print on the paperwork and it doesn't say.

No. It doesn't work like that.

Unfortunately for you, you applied for the wrong type of card. What you needed was a money transfer card;
http://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs

If you withdrew cash from your credit card yes it counts as a cash advance with no 0% period and you will be hit with the high APR and fees.

Nothing you can do now except find the funds elsewhere to pay for it.

agrinnall

Might have been sensible to ask the roofer if he takes credit cards before applying for two. As it's now too late, rather than leaving yourself penniless you might be better to apply for a loan.

grumbler

EpsomOldie wrote: »

...I applied for two 0% credit cards (Post Office and Sainsburys - both Mastercards)

I think both offer 0% on BTs as well as on purchases.
If so, you can withdraw cash from one and transfer the balance to another. This will cost ~3% + BT fee, i.e. ~6% of the total amount.

EpsomOldie

Thank you for the information. I'll ask if he can take credit cards. Lesson learned for the future!

HappyMJ

EpsomOldie wrote: »

Thank you for the information. I'll ask if he can take credit cards. Lesson learned for the future!

If he does accept there will usually be an additional fee that you may need to take into account.

Wouldn't applying for a personal loan be cheaper and easier?

You can get the funds into your account in the next few days. I'm sure your roofer can wait a few days for the money.

Personally though I'd sell the premium bonds. This counts as a time when you need to use your savings to undertake essential property maintenance and that's what it's there for.

Over the next 6-12 months you can use your 0% on purchases card to buy everything and you can restore your savings. I wouldn't recommend Premium Bonds though. There are better returns to be found elsewhere.