Money transfer on Barclaycard

Milomilo · 14 August 2018 at 4:35PM

New to the forum, hello everyone

I am looking to money transfer £500 to my current account from my shiny new Barclaycard Platinum 27 month purchase credit card.

Will this negatively affect my credit score because I have effectively taken actual cash from the card or does that only apply to withdrawing money directly from the card eg at a cash point?

Really appreciate your help!

[Deleted User] · 14 August 2018 at 4:36PM

You don't have a credit score, but it won't be seen as a negative on your credit file.

18cc · 14 August 2018 at 4:37PM

Don't forget you will incur charges taking cash out whereas of course you won't if you make a purchase using it at least for 27 months

Willing2Learn · 14 August 2018 at 4:46PM

Hi Milomilo and welcome to the forum

Milomilo wrote: »

I am looking to money transfer £500 to my current account from my shiny new Barclaycard Platinum 27 month purchase credit card.

You need a money transfer card, if you want to that without incurring a comparatively large fee.

Milomilo · 14 August 2018 at 4:54PM

Thank you for your fast replies and warm welcome.

I understand that will incur a £9.50 fee which I do not mind. What concerns me is whether, as per MSE website for cash withdrawals, the money transfer will be logged on my file in some way and reflect negatively on my future credit applications eg a planned mortgage in 3 years time. As in, more so than just a purchase for the same amount.

Chino · 14 August 2018 at 4:56PM

Willing2Learn wrote: »

You need a money transfer card, if you want to that without incurring a fee.

So which of the money transfer cards referred to in your link don't charge a fee?

From your link:

MBNA: 2.99% fee
MBNA: 0.5% fee
Tesco Bank: 3.94% fee

Willing2Learn · 14 August 2018 at 5:04PM

Just checked the link and they no longer do a zero fee. Thanks

(I've edited the post now!

Craig1981 · 14 August 2018 at 7:32PM

Milomilo wrote: »

Thank you for your fast replies and warm welcome.

I understand that will incur a £9.50 fee which I do not mind. What concerns me is whether, as per MSE website for cash withdrawals, the money transfer will be logged on my file in some way and reflect negatively on my future credit applications eg a planned mortgage in 3 years time. As in, more so than just a purchase for the same amount.

to clarify for you:
a money transfer is not the same a a cash advance - cash advance is using CC for cash withdrawals at ATM, gambling etc - money transfer in effect is a loan against your credit limit

but, if you dont have an all in one card, why you want a money transfer? just purchase with it instead

jonesMUFCforever · 14 August 2018 at 10:08PM

You will incur the fee of £9.50 PLUS daily interest until paid off in full.

Could you not make purchases on the card then leave the money that you would have used in your bank account?

foxy-stoat · 15 August 2018 at 1:02PM

jonesMUFCforever wrote: »

You will incur the fee of £9.50 PLUS daily interest until paid off in full.

Could you not make purchases on the card then leave the money that you would have used in your bank account?

Most likely it will be 0% interest for an introductory period.

The OP's question was answered in the first reply.

jonesMUFCforever · 15 August 2018 at 5:52PM

foxy-stoat wrote: »

Most likely it will be 0% interest for an introductory period.

The OP's question was answered in the first reply.

For a cash withdrawal?
Not many will treat a cash advance/transfer as a purchase so I think interest would be charged.

Money transfer on Barclaycard

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