Cash from Credit Cards?

Flowers

Hi, I need some cash, £2,000-5,000 what is the cheapest way to get is?

bethanyrayne

Flowers wrote: »

Hi, I need some cash, £2,000-5,000 what is the cheapest way to get is?

Zopa Loan perhaps. I presume you've tried traditional methods such as your own bank.

Super Balance Transfer cards such as Virgin is another option but it's only for 15 months and they will probably bite you if you can't pay it back in that time.

Flowers

How can you get cash from a balance transfer card?

bethanyrayne

Flowers wrote: »

How can you get cash from a balance transfer card?

SBTs allow you to transfer money to your current account. Thats why there called SUPER!

Flowers

Thanks, I am already with Virgin. Is there any one else?

Moggles_2

Flowers wrote: »

How can you get cash from a balance transfer card?

A few rather special cards will allow you to transfer an overdraft to them, (in other words, transfer cash from the credit card to your current account), at balance transfer rates.

a card issued by MBNA (e.g. Alliance & Leicester, MBNA itself, Sony, Virgin), Egg card or the Post Office card

alternatively, you can use Egg Money (not to be confused with the Egg card) in conjunction with any 0% or low-rate balance transfer card.

Mint periodically issues credit card cheques, which can be paid directly into your current account. Unless you already have them, this is the least satisfactory option, as cheques cannot be ordered and you never know when the next ones will turn up in the post.
Note: other lenders (eg. Barclaycard, Halifax) issue credit card cheques from time to time. These can be used to settle bills, but if you paid one into your bank account, you'd be charged for a cash withdrawal - not recommended, not unless you have money to burn :eek:

Which option is best depends to some extent on which cards you have at the mo. To maximise the 0% period, 14 months is currently available to new customers from Egg card. There's a 3% handling charge.

Flowers

Thanks! Very informative! What the difference between an egg card and egg money??

Moggles_2

Flowers wrote: »

What's the difference between an Egg card and Egg Money?

The Egg card is a credit card. Egg Money is a hybrid credit card, which has some functions of a current account. For details, see Martin's *Card Trick* article

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards