CC transfer to current account

GTango

Hello all,

Is there an alternative way to transferring money from credit card to my current account other than withdrawing cash and putting into my current account? 

I need a little more cash in my current account for a certain date to make my final car payment.
I have cleared my credit card fully and aim is to make the car payment and clear credit card again as quickly as physically possible to be debt free. 

I have a Barclays Credit Card with limit of £4,400 and 0 balance.

I will need to move approx. £3,500 to my Lloyds current account to cover the car payment. As it stands Barclays have no offers for money transfer for me. 

Any suggestions?

TadleyBaggie

Apply for a CC that offers a Money Transfer?

molerat

Surely they do have a money transfer option ? Maybe not a very good offer / rate but it should be there, most cards usually do.

https://www.barclaycard.co.uk/personal/customer/money-transfer

GTango

molerat said:

Surely they do have a money transfer option ? Maybe not a very good offer / rate but it should be there, most cards usually do.

For some reason it doesn't. My credit rating is poor. Maybe that's why? This should change as I have aggressively repaid everything but at the moment it's not letting me do a transfer. 

GTango

TadleyBaggie said:

Apply for a CC that offers a Money Transfer?

I don't think my credit rating would allow me this option at present

northwalesd

GTango said:

molerat said:

Surely they do have a money transfer option ? Maybe not a very good offer / rate but it should be there, most cards usually do.

For some reason it doesn't. My credit rating is poor. Maybe that's why? This should change as I have aggressively repaid everything but at the moment it's not letting me do a transfer. 

My credfit file is fine, and I have no MT offers from BCard - two BT offers but that's it. They don't always offer both.

cymruchris

I don't have any MT offers either from Barclaycard at the moment - other cards yes - but not BC. They might be being a bit conservative at the moment in their handing out of cash. 

If you can't get a MT - what will you do? What other options do you have? What happens if there's not enough money available when the payment is due?

Could the car finance be paid by card? Have you spoken to them?

GTango

cymruchris said:

I don't have any MT offers either from Barclaycard at the moment - other cards yes - but not BC. They might be being a bit conservative at the moment in their handing out of cash. 

If you can't get a MT - what will you do? What other options do you have? What happens if there's not enough money available when the payment is due?

Could the car finance be paid by card? Have you spoken to them?

That is strange that they don't offer money transfer. I still have over a month until it's due so have a bit of time to weigh my options.

I have spoken to them, they won't accept credit card payment.

I could use the car finance company to refinance the car but it's not ideal. I would rather have the difference on the credit card and manage the repayment better

MrFrugalFever

The final balance on your car finance typically cannot be paid by credit card. 

There is a way around it, with the use of Curve card, depending on whether your limit covers the total amount payable?
Curve card is deemed as a Mastercard Debit transaction not a Credit Card.

GTango

MrFrugalFever said:

The final balance on your car finance typically cannot be paid by credit card. 

There is a way around it, with the use of Curve card, depending on whether your limit covers the total amount payable?
Curve card is deemed as a Mastercard Debit transaction not a Credit Card.

I will look into this. Thank you

2021BJ

MrFrugalFever said:

The final balance on your car finance typically cannot be paid by credit card. 

There is a way around it, with the use of Curve card, depending on whether your limit covers the total amount payable?
Curve card is deemed as a Mastercard Debit transaction not a Credit Card.

https://www.curve.com/en-gb/legal/fair-use/

Curve Fronted transactions:

Curve has functionality which enables you to:

• pay off your credit card bills with a different underlying credit card selected in the Curve app

• make other financial transactions where you normally cannot pay with a credit card or where you would incur significant fees

• make government payments where you normally cannot use a credit card or incur significant fees

These types of transactions incur a 1.5% fee, depending on the Curve card subscription you are on (see our Terms of Service and our FAQs). In addition to any fees charged by Curve, note that the issuer of your underlying card which is funding the Curve Fronted transaction may also charge you fees/fines for these transactions. You will be able to use the Curve card, with an underlying debit card selected, to pay off your credit card bills for no charge (and this usually has no impact on your credit rating).

Might not be the best idea.  I'd expect paying off finance to be a quasi-cash transaction on the CC side.