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Credit Card Money Transfers
dunk83
Posts: 15 Forumite
in Credit cards
Hi - thank you in advance for your help!
I have both a 0% balance transfer (4.5% fee) and money transfer offer (5% fee) on an existing card, with both offers being for the same period. I plan to use the 0% offers to have work completed to a new house so does involve cash payments to trades so a money transfer would preferable (other option being making regular payments on another card, to free up cash in current account and transferring the balance to the offer card).
Appreciating the fee is slightly higher, I have never done a money transfer before and would be grateful if anyone could confirm if they are treated the same as a balance transfer (i.e. would just show as an increase to my use of available credit as opposed to a payday loan etc.)? Are there any other downsides?
I would only transfer the amount and needed and would be paid off within the offer period.
0
Comments
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It just shows as an increased balance. Nothing like a PDL.0
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