Credit Card Cheque/cash from 0% card

Ryhs_Moggy

Hello all.
If I were to take out a zero percent credit card (such as M&S bank), rather than using it to buy any item, can I somehow get cash from the card?  I want to use a zero percent cc to buy a car for my Daughter so she can pay it back monthly over the zero percent 20 month term (as if it were a zero percent loan in effect). Problem is the car dealer won't allow me to buy the car in full on a credit card as they incur cc transaction fees.  Years ago I had an MBNA credit card and It had a cheque book so I could pay myself cash and pay back when cc statement/bill came in each month.

jonesMUFCforever

The easiest way would for you to agree to pay the fees to the garage.
If they say no you would need a money transfer card rather than a balance transfer one.

MalMonroe

NO! Never withdraw money on a credit card because when lenders see that on your credit report, they know you're a credit risk. There's a piece from this very site, it is mostly about when you're overseas but the bit about withdrawing cash on a credit card applies to any withdrawal on a credit card :  https://www.moneysavingexpert.com/travel/withdrawing-cash-abroad-credit-record/

Go to another dealer, surely there's more than one in town? Of course not all dealers want to let you pay via credit card because it costs them and they're not allowed to claw costs back from buyers any more. But larger dealers will let you pay by CC. Don't forget to make sure to use your credit card at some point, though, if you only use it to pay a deposit because then if anything goes wrong you can claim money back through your credit card via Section 75. 

Ryhs_Moggy

Not wishing to sound rude, but there is no way I will ever be deemed a credit risk. I have paid off most of my mortgage on a property valued at over £550,000, I am paying 20% of salary into a pension each month, I have no bank loans, car finance or credit card debt, and I also have cash savings and thousands in shares.  In fact when I filled out the MSE credit card eligibility form I got 100% acceptance rating for every card issuer!

SpreadableToast

Ryhs_Moggy said:

Not wishing to sound rude, but there is no way I will ever be deemed a credit risk. I have paid off most of my mortgage on a property valued at over £550,000, I am paying 20% of salary into a pension each month, I have no bank loans, car finance or credit card debt, and I also have cash savings and thousands in shares.  In fact when I filled out the MSE credit card eligibility form I got 100% acceptance rating for every card issuer!

That might change if you have a few grand cash advance showing on your credit file.

jonesMUFCforever

MalMonroe said:

NO! Never withdraw money on a credit card because when lenders see that on your credit report, they know you're a credit risk. There's a piece from this very site, it is mostly about when you're overseas but the bit about withdrawing cash on a credit card applies to any withdrawal on a credit card :  https://www.moneysavingexpert.com/travel/withdrawing-cash-abroad-credit-record/

Go to another dealer, surely there's more than one in town? Of course not all dealers want to let you pay via credit card because it costs them and they're not allowed to claw costs back from buyers any more. But larger dealers will let you pay by CC. Don't forget to make sure to use your credit card at some point, though, if you only use it to pay a deposit because then if anything goes wrong you can claim money back through your credit card via Section 75. 

Noooooooooooooooo! A money transfer card lets you transfer money into a bank account - you then settle your bill via your account. This is not the same as cashing money on your credit card.
In fact some credit cards have been set up to enable you to withdraw cash such as Halifax Clarity.

Ryhs_Moggy

Money transfer card seems to be the way to go.

cymruchris

Possibly your only challenge with a new card provider might be the credit limit. Although you have lots in actual value assets - if your credit file isn't strong (lots of well managed credit accounts) you might have difficulty getting the limit you want with a newly opened account. Did you have a budget in mind for the car?

Are credit card cheques still a thing? I haven't seen one for years.