We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Credit card cash to pay off same card!?!
Options

MikeBart
Posts: 8 Forumite
Hi everyone, interested to know if the following will work....
I have a card which has £1000 balance that is on a low rate which is due to expire. I would like to move that balance to a low rate but am unable to apply for a new card at this time. My current card has a Money Transfer offer which is only 4% fee and 0% interest for 12 months.
My question is: Can I take £1000 into my current account and then use that money to repay £1000 on my existing card at the higher rate?
Hoping for a net result of £1000 balance on the Money Transfer rate with just the 4% fee. Will this work?
I have a card which has £1000 balance that is on a low rate which is due to expire. I would like to move that balance to a low rate but am unable to apply for a new card at this time. My current card has a Money Transfer offer which is only 4% fee and 0% interest for 12 months.
My question is: Can I take £1000 into my current account and then use that money to repay £1000 on my existing card at the higher rate?
Hoping for a net result of £1000 balance on the Money Transfer rate with just the 4% fee. Will this work?
0
Comments
-
Yes.
Make sure the cash transaction has statemented first before making the payment (depending on the card).
1 -
Deleted_User said:Yes.
Make sure the cash transaction has statemented first (depending on the card).0 -
The only catch with this plan is the order in which the lender allocates and prioritises payments, as you don't want them to assign the payment to the Money Transfer and then still be left with the £1,000 balance on the expiring rate.
Not sure how you would ensure correct assignation other than to thoroughly check T&Cs for any mention of order in which payments are made.
I am fortunate enough to have never paid any additional fees, charges, or interest, but assume that, initially, any interest would be paid off first, then any fees or charges, before the balance of the deposit goes towards the balance of the debt.
Whether to wait for the statement first or not? 🤷♂️
I think clarifying the above is the most important thing to do first.0 -
As stated you need to know which debt would be paid off first when you credit the £1000.0
-
they **should** allocate payments to the highest interest rate first but as above - check first0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards