Credit card balance transfer question.

danblukk

I see a lot of ads for balance transfer but this always seem to be from one credit card to another.

Can you transfer the blance of a credit card to my bank account?

For instance I want to buy a car but I don't want to get a loan or car finance with fixed payments everyone month over 3-4 years. I'd rather buy it on credit card where I can pay more and pay it off sooner but most car companies will only accept a certain amount on credit card.

I was looking at the HSBC balance transfer credit card 0% for 32 months, it says you can tranfer money to your bank but not how much or if thers a fee.

Can I transfer the balance of a credit card to my bank account.

TadleyBaggie

It's called a money transfer.

Brie

Some places will take payment on a credit card.  Others will only use it for a deposit.  I've done it both ways in the past.  But, yes, if they want a transfer from your bank then you will be looking for a money transfer, particularly if it's to take advantage of a 0% offer.  

danblukk

Brie said:

Some places will take payment on a credit card.  Others will only use it for a deposit.  I've done it both ways in the past.  But, yes, if they want a transfer from your bank then you will be looking for a money transfer, particularly if it's to take advantage of a 0% offer.  

Thanks for replying. I've had a look at money transfer credit cards. Most of for 12 month 0%. With these card can you then transfer to a normal 24 month balance transfer credit card once the 12 months is up?

grumpy_codger

danblukk said:

Brie said:

Some places will take payment on a credit card.  Others will only use it for a deposit.  I've done it both ways in the past.  But, yes, if they want a transfer from your bank then you will be looking for a money transfer, particularly if it's to take advantage of a 0% offer.  

... With these card can you then transfer to a normal 24 month balance transfer credit card once the 12 months is up?

Yes, you can

CliveOfIndia

danblukk said:

With these card can you then transfer to a normal 24 month balance transfer credit card once the 12 months is up?

As per the previous reply, yes you can - a MT card is just a standard credit card, so you can transfer the balance to another BT if you wish.

Subject to the usual caveats, of course - you need to be accepted for another BT card, and you need to be given a sufficient credit limit, neither of which you can guarantee.  And you can't usually transfer between cards operated by the same banking group.

Also, bear in mind there's usually a fee to pay each time you do a transfer.  Almost all MT cards charge a fee, and fee-free BT's are becoming a lot less thin on the ground than they once were.