Marbles 0% balance Transfer or cash withdraw offer

magpies79

So been trying to improve Credit file have 2ccjs as mentioned in post a while ago they are near 6 years old and one almost paid off so as of today a marbles credit card It has a limit of 3,000 but has a balance of £600 on it this was due to my car needing to be repaired and wife off work for a month today log in and they are offering me 0% balance transfer or to withdraw cash at 0% for 6 months but don’t have any debt on cards but won’t be able to pay off this £600 for a month or 2 

so could I when I get paid pay the £600 off with my wages then transfer £600 from my credit card to current account fee is 2% to transfer but this would be at 0% for 6 months then pay off as quick as I can right or have I got This all wrong never been offered this before or do I just have to keep paying it off as It is which I can at around £100-150 a month sorry for going on bit confused lol

SuperAllyB

Why not do the money transfer now, rather than waiting to get paid, just in case they withdraw the offer?

I don't know whether that's likely or not, Ive never had a Marbles card.

magpies79

I’ve never had or done a balance transfer or withdrawn cash from a credit card so thats where I’m like a little confused sorry so just ask credit card to withdraw £600 straight away which would be under the 0% then pay off the card off with that? Then that way kinda swapping a £600 debt at 27% to 0% is that right I’m just trying to make sure I understand it correctly thanks for the reply 
sorry just to add it states the offer is available until the 1st of may 

cymruchris

You'll pay a 2% transfer fee - so on £600 that'll be £12. So then as you say use the £600 to pay off the interest bearing balance leaving you with the interest free balance. Then work like crazy to ensure that £600 is fully paid off and cleared before the 0 percent is up, and then yes, as you say you'll have saved some interest. 

magpies79

Ok just wanted to make sure I was going about this the right way that’s all one last question credit file history wise isn’t it a big no no to take cash from a credit card and put into your account 

cymruchris

It's a big no no to go to the ATM and withdraw cash - but using a promotional offer is fine where it's all set up and done for you. 

magpies79

Really appreciate your help and quick reply looks like I’m good to go thanks 

maxximus75

Whatever you do, make sure you can pay it off within the six months as you'll get slapped with a hefty rate of interest at the end - Marbles, anywhere from 34.95% to 59.95% - Ouch!

magpies79

Yeah I will do had this card for over a year think it’s a around 30% which I know is high just been trying to improve my history and thought it wasn’t a bad offer surprised I got it to be honest not had a 0% offer for well over 8 years which was way back when my history was a lot more positive