100 from 3 or 3 from 1

Dandytf

I require to withdraw 300 from a card or cards

with cash withdrwals ranging from high 30s to high 40apr

Is it more sensible to use 2 or 3 existing cards or 1 card
I dont have any loan options
Thanks

Ebe_Scrooge

The sensible option is not to withdraw cash from credit cards at all - you're going to be stung with very high interest rates, plus a cash withdrawal fee. Plus a slight adverse effect on your credit file.


Do you REALLY need to withdraw cash ? Really ? How long will it take until you've repayed the withdrawal plus the interest ? Can you not just pay "whatever it is you need the cash for" using the card ?


All that aside - the lesser of 3 evils is to use the card with the lowest APR. But really, don't do it unless you really really have to.

A4445

I think one cash withdrawal from 1 card would look better than 3 individual withdrawals. I don't think one cash withdrawal will make a huge deal to your credit file, if it was a frequent thing it could show affordablity issues.

Dandytf

thanks ebe scrooge

I'll review a few existing cards this evening

Required essential home improvements to prepare my flat for sale early next year
I had a few valuations over the winter and replacing all internal doors is essentail before placing on market.

Dandytf

thanks a4445

refervto my prevoius reply when I'll use 1 card only lowest possible apr though a quick scan of current provider is certainly high 30's at best though at least 1 is 44.9

Review existing cards time

Dandytf

And the winner is Cap 1@35% 3% fee

or Chrome@39.3 3% fee

Is there a kind mser to run some calculations for withdrawing 300@35% apr and 39.3 apr

Dandytf

slight ammendment

luma@31.1 3% fee is the winner though i had planned to use this as my service/mot card as i did last year though only making above average min payments I'll need to increase repayments considerably after cash withdrwel

maby I'll use chrome for mot next year

A4445

Definitely pay as much as you can, 30+APR is very expensive!

[Deleted User]

Who says you need to replace internal doors? would a coat of paint or varnish not be ok? we replaced all ours (by choice) not that long ago they cost about £20 plus the handles etc and we did them ourselves with a little help. Even if you have to buy them couldn't you put some weekly spending on a card then use the cash you would have spent for a door or 2 at a time, saving the fees etc?

binaryuniverse

If you are putting it on the market early next year, can you not save the money up and have the improvements done later this year?

If you can't, then how are expecting to pay off the cash advances?

Ebe_Scrooge

binaryuniverse wrote: »

If you are putting it on the market early next year, can you not save the money up and have the improvements done later this year?

If you can't, then how are expecting to pay off the cash advances?

^^^^ This ^^^^ - with bells on.

OP, if you can't afford to put money aside every month to save up for the doors ( if, indeed, they actually do need replacing, as per a previous poster ), then how do you propose to repay the cash advance plus interest charges ?

If it really is worth replacing the doors ( i.e. the increase in value of the flat will substantially outweigh the cost ), then look into getting a more mainstream credit card with a more reasonable APR, or even a 0% purchase card, and buy some doors from B&Q or wherever. That way you'll only be paying the - more reasonable - standard purchase APR. And plain basic doors will look reasonable enough without costing a lot.

But really, I'd question whether you'll make your money back if you do replace them - doors are easy enough for the new owner to replace if they so wish. And as previously mentioned, for something non-urgent like this, you really should be able to save up beforehand. Then use the money you've saved by not having to pay high interest charges to treat yourself to a nice evening out