Balance transfers

padleydi_2

I have a good credit rating, and always pay off my balance in full each month. However this month I want to spend an extra £1000, without affecting any of my savings account. My question is: Can I use my credit card to transfer £1000 to my current account, and then use it to pay of the balance, and keep this going for a few months? The fact that I get 2 months between making a purchase and it coming on to the account seems to be able to allow for this.
Will I get charged for the transfers? ???

Unbelievable_2

Not quite sure I understand what you're trying to do here but even so it doesn't look like it will work! You need to post more info like what credit card you have, is it at 0% and how long before you'll be able to pay back the £1000. :-/

Robert_Sterling_3

I think you mean.
Can I have £1000 cash out on my card.
Make the minimum payment each month.
Pay off the loan a few months down the line.
Answer yes.
Probably cost you more than £10 on day one to take out the £1000 cash.  Check YOUR terms and conditions.  Then it might cost you £10 or more per month while the £1000 is outstanding.
Can you do it yet.
Would I do it no.
Should you do it ... Your call.

Reaper

Only a few credit cards allow you to transfer cash to your bank account, as opposed to sending it to another credit card. So your first requirement is to have one of these eg Egg, and Mint. These are known here as SBT cards.

These cards also allow you an interest free period of 6 months or more if you do it soon after taking out the card.

However it sounds as if you are just proposing to use the period between the transaction and statement dates for a brief interest free period. This is also possible although not used much due to the short times. You can see a discussion on it here. If you decide to do it make sure you do a Balance Transfer not a Cash Advance and check that your credit card will not charge you or it wipes out the benefit.

I'd suggest sticking to standard SBTs as it is easier and more profitable. Read this if you are not sure how to go about it.

deemy2004

I have a good credit rating, and always pay off my balance in full each month. However this month I want to spend an extra £1000, without affecting any of my savings account. My question is: Can I use my credit card to transfer £1000 to my current account, and then use it to pay of the balance, and keep this going for a few months? The fact that I get 2 months between making a purchase and it coming on to the account seems to be able to allow for this.
Will I get charged for the transfers? ???

Your existing card probbaly won't do that ! or if it does its going to charge you ! Unless its on an offer period.

Open an egg and by magic you may be able to get more than £1k for a period at 0%