Is a money transfer the same as withdrawing cash

Anna111 · 24 April 2017 at 9:30PM

Hi

Advice I have read says don't withdraw cash using a CC, as it affects your credit rating that's no problem.

However is a money transfer being offered by my CC classed as a 'cash withdrawal' or a balance transfer.

Thanks Anna

Weybridge78 · 24 April 2017 at 9:38PM

Who is your CC provider? Only some offer this, such as MBNA, Barclaycard & Virgin Money.

Anna111 · 24 April 2017 at 9:47PM

It's MBNA that have offered it

molerat · 24 April 2017 at 9:49PM

It is treated the same as a balance transfer, it is not reported to the CRAs as a cash withdrawal.

Weybridge78 · 24 April 2017 at 9:54PM

Ok, then probably will actually be a money transfer.

bolton_joe · 24 April 2017 at 10:56PM

Actually Money Transfer balances are treated as a cash transaction by all providers and that is how they are treated across the board. Doesn't mean it's bad though. Very little impact past the next few weeks. Companies very rarely will look at your cash usage further back than 3 months.