Credit card to current account

dbk85

I am wanting to get some money off my credit card into my current account so I can pay off my loan. I have a few credit cards where I can balance transfer between, 1 offer is 0% for 6 months and another is 0% for 12 months but how do I get the money from the credit card to my current account at the 0% rate, is it only for balance transfers from another card, or do i need to go into credit on a credit card and then ask for the money to be refunded into my bank?

CLAPTON

only some cards allow this..e.g. the mbna stable and eggmoney

remember that unless you pay off the CC before the 0% runs out you will probably be paying higher APR than on the loan

dbk85

My loan ends in april 09, however i am hoping to pay it off by the end of the year. My loan apr is 6.9% and I was hoping to somehow transfer it onto my credit card at 0% for 12 months, but I need the money in my current account first. I was hoping I could transfer my balance of my credit card (about £800) and plus some more on top, so my credit card would be in credit, and then transfer the credit on my credit card to my bank account. Any advice please?

dbk85

Could I use PayPal to transfer money from my credit card into PayPal, and then from PayPal into my bank account? Then pay off my credit card with the a balance transfer to 0% for 12 months?

CLAPTON

As I've said the MBNA stable of CCs and eggmoney allow you to BT from your current a/c. So once the money is in the current account you can use it to pay off the loan.

Most other CC dont allow a BT from your current a/c.

Most CC won't allow a significant credit on a credit card so check very carefully before considering this.. the BT may simply be returned.

Eggmoney card does however allow credit balances.. indeed it is a feature of the card and even pays you interest.
So if you got an eggmoney card you could BT from it (so making a large credit ) and then transfer to your current account... a very useful card.

Zebedee69

dbk85 wrote: »

Could I use PayPal to transfer money from my credit card into PayPal, and then from PayPal into my bank account? Then pay off my credit card with the a balance transfer to 0% for 12 months?

Paypal are fine for smaller payments but they are so tight on security I doubt they would let a fw grand go by the way side. Also it would be over most peoples limits. My limit is £3000 and im an ebay shop owner.

dbk85

Egg money card has been approved - £1900 credit Apr of 7.9% Will receive my card in the next 7-10 days.

YorkshireBoy

dbk85 wrote: »

Egg money card has been approved - £1900 credit

Since Egg Money doesn't offer a 0% intro period itself, the credit limit is irrelevant.