Money transfer credit cards

spock007

Hi - 

Is it possible to get a credit card whereby I can take cash from the card (say £5k) and deposit that to my bank account? 
I think that there is ALWAYS a ~3% fee for this, right? 
Thanks

[Deleted User]

Any card will let you do that, though the limits will vary. It's also the most expensive means imaginable.

A smarter way would be via a purchases card, a money transfer promo or at least have a BT card on standby to shift the cash balance.

spock007

Hello zx81. 
This is my scenario... I'm due a windfall in the next 6 months but I want to bring forward that date by moving money from a 0% card to a share dealing account. As soon as I get my money, I pay the card off. I don't understand what a BT card  or money transfer promo are - I've never touched a credit card in my life but if rates are zero and I can get benefit for 6 months then I   am more than willing to try this out.

[Deleted User]

If you've never had a card, then it's unlikely you'll get any decent first time out.

Try an eligibilty check first before you do anything and ensure you understand how the cards work.  But for 6 months, you'll be better off just waiting. 

spock007

Yes I may be better to do that. I have zero debt and invest a lot - there are a lot of opportunities right now that may not be here in 6 months which is why I wanted to bring the money forward, but it may be more hassle than it's worth.

jsmith9

google 'money transfer card' and you will get a lot of info on how they work.

jonesMUFCforever

spock007 said:

Yes I may be better to do that. I have zero debt and invest a lot - there are a lot of opportunities right now that may not be here in 6 months which is why I wanted to bring the money forward, but it may be more hassle than it's worth.

Care to share what opportunities are available?

spock007

NEX and the like have rocketed. I'm in SYME and some miners. 

So I checked but all these money transfer cards (after only a brief check) have a typical 3% fee. 
But then if investment believed to work and be worth (substantially) more than the fee then could be worth it. Need to think on it.

yksi

Deleted_User said:

If you've never had a card, then it's unlikely you'll get any decent first time out.

Try an eligibilty check first before you do anything and ensure you understand how the cards work.  But for 6 months, you'll be better off just waiting. 

This. The point is moot if you've never had a credit card. My bet is that you are only likely to be offered a card with a £200 limit. The reason is that they have no real evidence of your ability to manage a credit card and they won't trust you. Regardless of your income or your sure bet with future investment windfalls.

spock007

I got offered one with £13k limit FYI (no mortgage, decent salary etc).

jonesMUFCforever

spock007 said:

NEX and the like have rocketed. I'm in SYME and some miners. 

So I checked but all these money transfer cards (after only a brief check) have a typical 3% fee. 
But then if investment believed to work and be worth (substantially) more than the fee then could be worth it. Need to think on it.

So really you are betting that the share price will increase further and that no consolidation or profit taking will take place with money that(at the moment) you do not actually have?
I would not do it myself but each to their own.