Quick credit card question

Gaz81

I need some quick cash and was wondering , is there a way to transfer funds from my credit card to my bank account? Both my account and credit card are at Lloyds TSB.

Thanks.

Moggles_2

Unfortunately, not with your Lloyds TSB card, but a few rather special credit cards will allow you to transfer cash from the card to your current account:

A card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin) Egg Visa or the Post Office card

Alternatively, you can use Egg Money [not to be confused with the Egg Visa card] in conjunction with any low-rate balance transfer card.

Mint periodically issues credit card cheques, which can be paid directly into your current account

YorkshireBoy

Gaz81 wrote: »

...is there a way to transfer funds from my credit card to my bank account? Both my account and credit card are at Lloyds TSB.

Yes there is. You can either withdraw cash via an ATM or, if you require a larger amount, you may be able to make a cash withdrawal over the counter in branch...and then deposit it in your current account.

However, you should be aware that LTSB will make a 2.5% charge for the withdrawal and charge interest on it at 24.9% APR from the moment you withdraw the money until you bring your credit card account balance to zero.

If you've a zero balance at the moment, it's an expensive way of borrowing money. If you've a purchases balance at the moment (that you won't be able to clear anytime soon), then it's a very expensive way of borrowing money.