Balance transfer question bit confused

n57602000

If i wanted to apply for a credit card just to use the balance transfer offers to have some money for a loan quickly without paying interested and getting it transferred to my Visa Current account Nationwide flex can this be done or does it have to be transferred to another credit card? as i just need it for a few months and theni can pay it all back

GeorgeUK

Some cards do a "super" balance transfer - which allows you to transfer the money to another CC or your current account - and you can use this cash for whatever you want.

I think Virgin do that, but worth looking into this. This card requires you to pay 3% in the first month, then only £25 each subsequent month (last time i looked)

Ivan_Konstantinov

mbna &their "other"cards and egg to personal cheque a/c

n57602000

Oh ok so with MBNA i can do this to my current account do a transfer from the credit card offer of 0% balance transfer?

Moggles_2

With MBNA, I can do this to my current account - do a transfer from the credit card offer of 0% balance transfer?

Yes. A card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin) will allow you to transfer cash from the credit card to your current account at the balance transfer rate. You can borrow up to 95% of your credit limit. There's a 3% handling charge.

You then have cash in your bank account equal to the balance on the 0% BT card and can pay off your loan.

Caution: it's best to request the transfer by phone (as opposed to online), so you can check the 0% offer will apply. You can do this when you call to activate the card. The money arrives in your bank account in about 6 days