Money transfer - is it recorded as a cash advance?

biged670

Hi all,

Does anybody know if a money transfer is recorded on a credit file as a cash advance?

grumbler

No..................

BlondBoy

I've only ever done one (Virgin Money to Amex, as they said they couldn't process a balance transfer from Amex).

Recorded as a cash advance on my credit files....

biged670

grumbler wrote: »

No..................

BlondBoy wrote: »

I've only ever done one (Virgin Money to Amex, as they said they couldn't process a balance transfer from Amex).

Recorded as a cash advance on my credit files....

Interesting... Does anybody else have any experience of a money transfer being recorded as a cash advance?

grumbler

This question was asked here many times, and this is the first time I see a report saying that it was reported as a cash advance.

bengal-stripe

BlondBoy wrote: »

I've only ever done one (Virgin Money to Amex, as they said they couldn't process a balance transfer from Amex).

A 'money transfer' does not go onto a credit card (that's a 'balance transfer'), but into your current account. In this case, Virgin would have transferred £ xx to your bank account, which you could have sent to Amex to clear the balance on the card.

I don't know what you did, but it wasn't a money transfer. A (promotional) money transfer is not a cash advance and will not be listed as such.

mcpitman

bengal-stripe wrote: »

A 'money transfer' does not go onto a credit card (that's a 'balance transfer'), but into your current account. In this case, Virgin would have transferred £ xx to your bank account, which you could have sent to Amex to clear the balance on the card.

I don't know what you did, but it wasn't a money transfer. A (promotional) money transfer is not a cash advance and will not be listed as such.

Virgin do, and Barclaycard do from my experience.

However, they are marked as promotional rate Cash advances, so don't appear to have any form of negative impact on credit worthiness.

louisaloves

I have transfered a few different ones and it has never gone as a cash advance

andyfromotley

No recorded as a cash advance by virgin for me.

BlondBoy

bengal-stripe wrote: »

A 'money transfer' does not go onto a credit card (that's a 'balance transfer'), but into your current account. In this case, Virgin would have transferred £ xx to your bank account, which you could have sent to Amex to clear the balance on the card.

I don't know what you did, but it wasn't a money transfer. A (promotional) money transfer is not a cash advance and will not be listed as such.

No, I know exactly what I did, thanks.

Requested a balance transfer to Virgin from an Amex, which they couldn't do because their system doesn't deal with 15 digit card numbers. They suggested that, to complete the balance transfer, I either a. call Amex and ask them to give me 16 digit card number or b. use a money transfer to my bank account and repay the Amex with that. I did the latter, and it's recorded as a cash advance on my credit file. So there you go.

Good point made though - it is recorded as a promotional rate cash advance, and it doesn't seem to have affected my credit-worthiness.

EDITED TO ADD: Just gone back and checked the relevant statement. The transaction is recorded as a Money Transfer, and the Money Transfer fee was charged. But it's definitely recorded as a Cash Advance with Experian, Equifax and CallCredit.

Dandytf

biged670 wrote: »

Interesting... Does anybody else have any experience of a money transfer being recorded as a cash advance?

I have to be honest.

I use check my file for credit report.

It does show cash advances for various credit cards I used prior to dmp.