NEW: Got questions about energy? Put them to Gary and Andrew from MSE's Utilities team during our energy-themed 'Ask An Expert' event. Check back here from Tuesday 9 August, 12pm
Credit card cash to pay off same card!?!

8 Posts
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
Latest MSE News and Guides
Replies
Make sure the cash transaction has statemented first before making the payment (depending on the card).
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.