Stuck: Credit Card to Current Account (Int free cash!)!

Elektraman

I need to get cash from my credit card to my current account. What I want to do is use CARD A to get funds to my current account and then balance transfer the balance of CARD A to CARD B. This way I will have the use of a large sum of money, short term, interest free.

The only way I can think of doing this to to do the balance transfer from CARD B to CARD A first so that CARD A now has excess funds on it (It is currently nil bal), then call CARD A and ask them to send me the balance by cheque.

Would this work? Other suggestions please! You would have thought there would be a virtual terminal on the web to do this through but I cant find it!

CLAPTON

it might work but many CC will reject a BT if it makes their card have a positive balance... have you checked

bear in mind the BT fees ..often 2- 3%

The MBNA stable of cards (including Virgin etc) cards and eggmoney allow you to BT direct from your currrent account.

EggMoney CC is happy to have positive balances so can be used as a 'mule' card to get the money to your current a/c

Bokkens

Although you have explained it in simplistic terms it sounds very Heath Robinson I would suggest reading Martin's BT articles and go to Stoozing.com to polish up on your idea otherwise you will find that you will fall foul of fees and charges.

Elektraman

The 3% charge (By both card companies) is fine. What I want to do isnt related to Stoozing.

NickX

To do this you need an SBT (Super Balance Transfer) Card. I would suggest Egg, or any card run by MBNA (e.g. Virgin), they will allow a balance transfer to your current account. Not many others will allow this !

Elektraman

Here's one I heard:

CARD A: Is a “Mule” card,it has a NIL balance and the APR etc is irrelevant.
CARD B: Is a 0% Balance Trasnfer Card.
Go to your bank and tell them that you want to do a CASH ADVANCE from a credit card and that, on receipt you wish to deposit these funds to your bank account. Because this is essentially 2 transactions there should be no problem.
I've not tried it yet, but we'll see!

Bokkens

Elektraman wrote: »

Here's one I heard:

Go to your bank and tell them that you want to do a CASH ADVANCE from a credit card and that, on receipt you wish to deposit these funds to your bank account. Because this is essentially 2 transactions there should be no problem.[/font]
I've not tried it yet, but we'll see!

The problem here is you are concentrating on the transaction for any transaction to work too your advantage you must schedule it to fit within the Terms and Conditions of the card.
You have done that but!
A cash advance say on a standard card Sainsbury's is 20.95% which is applied to the amount straight away(that is £209.50 interest on every £1000 taken as a cash advance) ,there is also the Allocation of Payments in the Summary Box to consider.