Balance Transfers

AceCobra1

Hi all,

I was just wondering, is it possible for a balance transfer to goto a bank account rather than another credit card? I was reading earlier and it seems that most places charge 3% for balance transfers but offer 0% for some period interest wise... so if I withdraw the monies from an ATM machine, they will still charge me a handling of 3% which would be the same as balance transfers but I would assume that there will be no 0% offers on cash advances? Am I right?

Cheers!:j

Moggles_2

Is it possible for a balance transfer to go to a bank account rather than another credit card?

A few rather special credit cards have this capability.

A card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin) or the Post Office card, will allow you to transfer an overdraft, in other words, transfer cash from the credit card to your current account.

Alternatively, you can use Egg Money in conjunction with any low-rate balance transfer card.

Mint periodically issues credit card cheques, which can be paid directly into your current account

Moggles_2

If I withdraw the money from an ATM machine, they will still charge me a handling [fee] of 3% which would be the same as balance transfers, but I would assume that there will be no 0% offers on cash advances? Am I right?

Exactly. I wouldn't use a credit card to withdraw cash from an ATM, unless you have money to burn.

sy8111

Hi, I just got new card from MBNA which offer 3% fee, 0% BT and cheque. So does this mean I can pay in amount close to credit limit to any bank account by credit card cheque and get cash out ?

Thanks

sicker

Yes, make the cheque out to yourself, pay it into your bank account paying the relevant fee and it's yours to do with what you wish. Remember to make the minimum payments (£25 ?check this ) back to your credit card.

AceCobra1

Hiya,

How do I go about doing that egg money thing then ?

PS. thanks for the replies:money:

Moggles_2

Originally Posted by AceCobra1
How do I go about doing that egg money thing then ?

Martin's stoozing article talks about using Egg Money and a 0% balance transfer card to shift cash into your current account.

In the long run, this is the best option IMO but obviously may involve two credit card applications.