money transfer

tedhunkin

After watching moneysaving advise on tv re money transfers I have a question
If I had a £3000 balance on my credit card and £7000 available could I get £3000 transfered to my bank account at (3% fee 0% interest which Lloyds will do) then pay it back into my credit card to get 0% interest for the 9 months
OR HAVE I MISSED SOMETHING

ceredigion

Complicated way of doing a balance transfer !

colsten

It costs £90 AFAICS. Why would you want to spend this sort of money?

Ben8282

Yes you can do this.

colsten wrote: »

It costs £90 AFAICS. Why would you want to spend this sort of money?

Presumably because the balance is interest bearing and this way the OP will pay only the 3% fee but no interest for the next 9 months. A 3% fee is pretty average for existing customer offers and to be being only offered 9 months at 0% would imply that the OP's credit history may not be good enough to get a new card with lower fee/longer term. If they could get better they probably would already have done so and not be paying interest on their balance.