Cash Advance on CC, then Transfer?

pgudge

Hi all,

I was ready to make a purchase on my CC for about £3k, then have decided to wait a few months. My plan was to make the purchase for the item I wanted, do a balance transfer for a 0% CC and save me some pennies.

Becuase I am waiting, I want to get the CC sorted asap, is this possible?

1. Signup and get new CC (with 0% on Balance Transfers)
2. Get a cash advance on my current CC for £3k and pocket the cash.
3. Transfer the full current CC limit to the new card and enjoy 15months of 0%

Current bank is HSBC.

Thanks, PaulG.

pgudge

Are you refering to one off charges for taking cash advances? or the 1st monthly statement with the cash advance transaction on the CC?

YorkshireBoy

You'll pay a 3% cash advance charge (and circa 24.9% APR interest until the BT completes), and then a 3% BT fee.

Your plan has cost you 6%+ (£180+) before you've even made your purchase...and that's why Al Mac termed it a stupid idea.

Get yourself a long 0% on purchases credit card (see www.stoozing.com/purchase.php) and then BT the substantially reduced balance at the end of the introductory period.

pgudge

Excellent, I was unaware there was a surchange for Cash Advances, I knew there was a higher interest rate than for purchases, but thats it.

www.stoozing.com is a great site, explained it all. Thanks.

PaulG.