Stupid Question??Balance Transfers

EmilyS_3

Hi Everyone,
This is my first post although I lurk quite often.
This is probably a stark stariling stupid question but can you transfer money from a credit card to your current account??
Ok, my situation is that I will soon (next month or 2) have to put a deposit down on my first house. I have almost the amount needed in my bank account but am about £1000 short. Don't really want to ask for help from the family (long story :idea:), so can I transfer money from my credit card into my current account (Halifax current account) if my credit card is currently in a 0% balance transfer period?? Also I assume you can use your overdraft to count towards the deposit?? (it's interest free).
Grateful for any advice received!

tinkerbell84

EmilyS wrote: »

Hi Everyone,
This is my first post although I lurk quite often.
This is probably a stark stariling stupid question but can you transfer money from a credit card to your current account??
Ok, my situation is that I will soon (next month or 2) have to put a deposit down on my first house. I have almost the amount needed in my bank account but am about £1000 short. Don't really want to ask for help from the family (long story :idea:), so can I transfer money from my credit card into my current account (Halifax current account) if my credit card is currently in a 0% balance transfer period?? Also I assume you can use your overdraft to count towards the deposit?? (it's interest free).
Grateful for any advice received!

Most cards don't allow it. Have a mooch around the stoozing forum for more info.

Also, most mortgage companies do another credit check before releasing funds - if you've taken on significantly more debt since the mortgage offer they may refuse to lend.

Are you sure you can afford this house?

EmilyS_3

Thanks for the advice.
Yes I can afford it-my mortgage is cheaper than my current rent. I'm only 22 and been out of uni 18months and have managed to save a big chunk in that short space of time. The money needed (1k) is only a short term loan as I will get my 3k deposit back from my current rental and the end on the contract. I just want to try and do it all myself, when the reality is I should prob just ask my family for the short term loan.
Just from reading the info on credit cards, I got that you could transfer money but just had to pay 3% of the amount transfered plus the %apr?Money would come from a Halifax credit card to a haalifax current account.

Tigsteroonie

Yes, you can effectively "withdraw" money from your credit card account (either by writing a cc.cheque or by going into the appropriate bank/build.soc) and then pay this money into your current account ... but you will pay heavily for it - depending on your credit card terms, there could be a fee, almost certainly a higher rate of interest, etc. Not recommended but to answer your question, yes, it's an option.

tinkerbell84

Tigsteroonie wrote: »

Yes, you can effectively "withdraw" money from your credit card account (either by writing a cc.cheque or by going into the appropriate bank/build.soc) and then pay this money into your current account ... but you will pay heavily for it - depending on your credit card terms, there could be a fee, almost certainly a higher rate of interest, etc. Not recommended but to answer your question, yes, it's an option.

that would almost certainly be seen as a cash withdrawal so won't be 0% and will be charged heavily.

Bokkens

The answer is a definate NO!
The advice so far is although well intensioned it is incorrect.
There are several credit cards that allow a Balance transfer into a bank account they are MINT,MBNA(Virgin,A&L Abbey)and Egg.
The others don't and the only way to move the cash from one that doesn't is to BT it to a card that does.
This will incur a 2-3% BT fee to move it to the card that does(a MULE card) and another transfer fee to move it into your account.
Do not use or take a cash advance from your credit card as this attracts a heaftey interest rate from the moment the cash is withdrawn.
The easiest way around this is to have a short term increase in your overdraft or ask relatives for the cash.
You can apply for the relevant mule card but this will probably impact on your credit score and I guess you don't want to do that just before applying for a mortgage.
Not very positive but I hope that helps.

tinkerbell84

Bokkens wrote: »

The answer is a definate NO!
The advice so far is although well intensioned it is incorrect.
There are several credit cards that allow a Balance transfer into a bank account they are MINT,MBNA(Virgin,A&L Abbey)and Egg.
The others don't and the only way to move the cash from one that doesn't is to BT it to a card that does.
This will incur a 2-3% BT fee to move it to the card that does(a MULE card) and another transfer fee to move it into your account.
Do not use or take a cash advance from your credit card as this attracts a heaftey interest rate from the moment the cash is withdrawn.
The easiest way around this is to have a short term increase in your overdraft or ask relatives for the cash.
You can apply for the relevant mule card but this will probably impact on your credit score and I guess you don't want to do that just before applying for a mortgage.
Not very positive but I hope that helps.

which bit of my advice was incorrect?

Tigsteroonie

Bokkens wrote: »

The advice so far is although well intensioned it is incorrect.

Sorry, wasn't giving advice, thought I was simply answering a question as to whether it was possible.

There are several credit cards that allow a Balance transfer into a bank account they are MINT, MBNA (Virgin, A&L Abbey) and Egg.
The others don't and the only way to move the cash from one that doesn't is to BT it to a card that does.

Obviously a trend I wasn't aware of. I've successfully withdrawn cash or written BoS cc.cheques in the past (paid the dog's kennel fees with one last year). Must vary from lender to lender, and possibly even from customer to customer (perhaps the facility isn't offered to everyone)

Bokkens

No problem ,the OP question is a regulary asked question.
I only added a couple of lines to hopefully help and clarify it for others that often read the posts but may not actually write themselves.
Everyones experience is very important and valued I wasn't aware of BOS allowed BT's using a cheque.Something else I've learnt today.