looking for some advice

Sleepyz

hi i thought i was being clever when i decided to pay off my credit cards to stop me paying intrest , thinking i had a credit card cheque book , now though i have been told the credit card company wont issue chque books any more so im a little stumped
basiclly my plan was

instead of saving the money in a lowish intrest account , i was going to clear my debts , then use the credit card chuqe to pay off this bill then transfer the chque amount to a 0% balance creit card i had set up for this purpose , only now the credit card company has told me they dont issue chque books any more , though when i phoned up 2 weeks ago the said they would send me one out , im just glad i phoned last night to see where it was and i have now got a little bit of time to sort this problem out

basically what i need to do is transfer money from my credit card to my bank account so they can right the chque for me is there a wway i can do this ?

thank you for any help your able to give in this problem it will be great;y appreciated

MissEyre

This won't help you at all-the last time I got some credit card cheques through (unsolicited!) I read the paperwork and the interest rates charged on the cheque money was much higher than a standard purchase rate-I think it was the same or even higher than the cash loan rate. Even if you transfer the money you borrow to a 0% card, you will still be paying cash advance rates to the original lender. If you have a 0% card, why not just balance transfer? That way the only charge will be the BT fee, if they charge one. Hope that helps.

Sleepyz

thats my problem i no lnger have any balance on the card i paid it off in an attempt to avoid any intrest charges , so untill i actually wrote the cheque i had nothing to transfer

thats why the way i see it i have only one sure option of withdrawing cash paying it into my bank account and then transfering the balance to the 0% intrest card , ut i really dont want to do that if i can affoid it

some thing i am currently looking it to , is paying myself though paypal and prehaps then transfering the funds to my bank that way , well its a possibilty im looking into , i have contacted paypal to ask if this is even possible , but i am unsure if it can be done .

its one of them things i thought i was being clever on and now i been stung so im looking for a solution really or a way to minimise the amount i will have to pay either way ,

another thing that cought my eye was the stoozing , how can you transfer money from a card into a savings acount ? can i pay directly into my bank the amount needed for this cheque the have the bank write it out for me and then transfer the card balance to the 0% intrest one so in esance paying a bill ,

MissEyre

I think it would be useful if you read the articles on the main site about credit cards generally, and then there is a sticky at the top of the board for more information about stoozing. Generally, if you try to do something smart and haven't read all the small print, the CC companies will have thought it out already and make some more money out of you. Cash advances are generally expensive, credit card cheques are lethal and you really need to know what you are doing. If you are struggling for money, a good place to start in the Debt Free Wanabee board-they can give you loads of advice about how to cut your outgoings and increase your income to deal with the debts, without resorting to expensive borrowing from cards.
I hope that helps.

Sleepyz

yes unfortunatly my finacial revolution came before i discovered this site
but i did check the intrest rates of righting cheques and it was the tied to my standad card rate , but cash withdrawls was not

guess its a case of thought i was being smart but got out smarted
one of them occations then of sucking it up and moving on thank you for all the advice you have given ,

i know the costs im going to incure are going to be minimum but on the bright side they still going to be less than the intest i would of had to pay so its not all a loss i was really lokoing for a way to minimise the costs , but oh well

CannyJock

If you read Martin's article on stoozing you'll see how to do it, and there's a few step-by-step guides in the stoozing forum too.

Sounds like your best bet will be to make sure that these other cards are actually cancelled and not sitting with £0 balance but still technically active, and if you've cleared a lot of credit you're in with a good chance of getting a new card if you've shown a half-decent credit history.

Read Martin's article on 0% balance transfer cards for some advice on one that'll suit your, or try the moneysupermarket.com "Smart search" option to try and find out that you'll likely to be eligible for.