credit card balance transfer

John116106

Hi,
sorry if similar question asked before in this forum.
I recently applied for a Natwest balance transfer credit card with suprisingly13K credit limit. I have transferred the balance on my other Halifax credit card. Due to my two year fix rate mortgage ending by the new year I am considering withdrawing money from my Halifax card and transferring the balance to Natwest but I am unsure if this will help me avoid the high interest rate on credit card cash transfer .
Thanks

MorningcoffeeIV

You'd pay the cash fee and then the interest until you transfer or clear the balance.

May not be a good idea to increase your indebtedness if you're looking to remortgage, depending on circumstances.

molerat

Withdrawing cash will incur a fee and interest until the balance is transferred away.  Cash withdrawals are also reported to the CRAs so may be looked on negatively on a mortgage credit .search

John116106

Thanks.
I am considering 3k balance transfer request to Nawtest although the balance on my halifax card is less than 3k. Then I may call halifax bank to transfer the credit on my card to my other bank account. I am unsure if this work

molerat

Deliberately putting your card into credit is against the t&cs and may result in the transfer being sent back.  It may also result in the Halifax card being closed.  If you want cash you need a money transfer card, do things properly or not at all.

grumbler

Interest will be very small if you transfer the balance right after withdrawing cash. 

Do you really mean withdrawing £3K in a branch or an ATM? Many cards offer 'money transfers' to a current account for the same fee, and for some cards the fee is zero, e.g. for Halifax Clarity.

John116106

grumbler said:

Interest will be very small if you transfer the balance right after withdrawing cash. 

Do you really mean withdrawing £3K in a branch or an ATM? Many cards offer 'money transfers' to a current account for the same fee, and for some cards the fee is zero, e.g. for Halifax Clarity.

do you mean I can transfer money from my Halifax credit card to a bank account and then subsequently moving that balance to my new NatWest card? Won't Natwest decline the balance transfer as it is from money transfer/withdraw?

molerat

A balance transfer is simply paying off the card balance with another card.  Neither card will care how that balance has arisen.  My Halifax card is currently offering MT at 0% for 15mths with a 5% fee or 6.9% for 24 months with 0% fee.  The Halifax app shows you what options you have available. If you have it use the fee free option and BT it out as soon as it is showing in the Halifax app.

grumbler

John116106 said:

grumbler said:

Interest will be very small if you transfer the balance right after withdrawing cash. 

Do you really mean withdrawing £3K in a branch or an ATM? Many cards offer 'money transfers' to a current account for the same fee, and for some cards the fee is zero, e.g. for Halifax Clarity.

do you mean I can transfer money from my Halifax credit card to a bank account and then subsequently moving that balance to my new NatWest card? 

Yes. I think your plan was exactly this, wasn't it?

John116106 said:

...I am considering withdrawing money from my Halifax card and transferring the balance to Natwest but I am unsure if this will help me avoid the high interest rate on credit card cash transfer .

The 'high' interest will be at Halifax, but for a short time.

Won't Natwest decline the balance transfer as it is from money transfer/withdraw?

Your plan was to withdraw. Money transfer is no different. 

Natwest transfer the balance (= transfer money to Halifax) and don't care what sort of balance it is.

MorningcoffeeIV

John116106 said:

grumbler said:

Interest will be very small if you transfer the balance right after withdrawing cash. 

Do you really mean withdrawing £3K in a branch or an ATM? Many cards offer 'money transfers' to a current account for the same fee, and for some cards the fee is zero, e.g. for Halifax Clarity.

Won't Natwest decline the balance transfer as it is from money transfer/withdraw?

They wouldn't know.

And if they did, why would they decline it?

John116106

grumbler said:

John116106 said:

grumbler said:

Interest will be very small if you transfer the balance right after withdrawing cash. 

Do you really mean withdrawing £3K in a branch or an ATM? Many cards offer 'money transfers' to a current account for the same fee, and for some cards the fee is zero, e.g. for Halifax Clarity.

do you mean I can transfer money from my Halifax credit card to a bank account and then subsequently moving that balance to my new NatWest card? 

Yes. I think your plan was exactly this, wasn't it?

John116106 said:

...I am considering withdrawing money from my Halifax card and transferring the balance to Natwest but I am unsure if this will help me avoid the high interest rate on credit card cash transfer .

The 'high' interest will be at Halifax, but for a short time.

Won't Natwest decline the balance transfer as it is from money transfer/withdraw?

Your plan was to withdraw. Money transfer is no different. 

Natwest transfer the balance (= transfer money to Halifax) and don't care what sort of balance it is.

Thanks. Will Natwest classify this particular balance transfer from another credit card as money transfer and charge customer fee and high interest?