Using Cash advance offer query?

Gary1986

hello, new to the site and have a query i'm hoping someone can advise on. I have a credit card with a reasonable sum of balance on it that is out of introductory offer so i am paying interest each month
Unfortunately, i seem illegible for another card to shift the balance to at the moment, however i have 0% offer on the card mentioned for a cash advance. My question is if i was to take advantage of the 0% cash advance offer say 3k and then use this to pay 3k off the same card that i am currently paying interest on, would this work and is it allowed? Basically, borrowing 3k to repay 3k off the same card but get 0% on it as opposed to current interest on the 3k. 

[Deleted User]

Yes you can MT off the card into your bank and then pay the card off with the money, you would likely pay a fee but nothing to stop you doing it. Make sure it is a money transfer not a cash advance though

Ebe_Scrooge

I assume you mean a money transfer offer?  In theory yes, this would work.  Any payments you make to the card are allocated to the highest-rate debt first - so, assuming the existing balance is now incurring interest, then payments would go towards that balance.

Bear in mind there will usually be a transfer fee which you'll need to factor in, and you'll still need to make at least the minimum payment each month to the new 0% balance.

And you absolutely must make sure you'll be able to clear the new balance by the time the promotional rate expires - as you've already discovered, you can't bank on being able to do another BT.