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  • FIRST POST
    • ryan316
    • By ryan316 10th Feb 18, 11:59 AM
    • 10Posts
    • 0Thanks
    ryan316
    Money transfer as bad as withdrawing cash?
    • #1
    • 10th Feb 18, 11:59 AM
    Money transfer as bad as withdrawing cash? 10th Feb 18 at 11:59 AM
    So I've recently taken out an MBNA 0% interest card and using a balance transfer for another outstanding CC balance and a money transfer to clear an overdraft.

    I've just had a thought....everywhere I've read it says withdrawing cash on a credit card is a big no-no and will leave a "bad mark" on my credit file. Is a money transfer looked at in a similar negative way?
Page 1
    • Dobbibill
    • By Dobbibill 10th Feb 18, 12:44 PM
    • 3,054 Posts
    • 3,975 Thanks
    Dobbibill
    • #2
    • 10th Feb 18, 12:44 PM
    • #2
    • 10th Feb 18, 12:44 PM
    No - a MT is more similar to a BT.

    It's a promo offer.
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    • seatbeltnoob
    • By seatbeltnoob 10th Feb 18, 3:00 PM
    • 446 Posts
    • 107 Thanks
    seatbeltnoob
    • #3
    • 10th Feb 18, 3:00 PM
    • #3
    • 10th Feb 18, 3:00 PM
    It's not as bad, but you shouldn't do it because its something like 4% fee.
    • jonesMUFCforever
    • By jonesMUFCforever 10th Feb 18, 4:00 PM
    • 24,767 Posts
    • 11,975 Thanks
    jonesMUFCforever
    • #4
    • 10th Feb 18, 4:00 PM
    • #4
    • 10th Feb 18, 4:00 PM
    It's not as bad, but you shouldn't do it because its something like 4% fee.
    Originally posted by seatbeltnoob
    ...........But a lot cheaper than paying 20% on the overdraft!
    What goes around - comes around
    give lots and you will always receive lots
    • seatbeltnoob
    • By seatbeltnoob 10th Feb 18, 4:23 PM
    • 446 Posts
    • 107 Thanks
    seatbeltnoob
    • #5
    • 10th Feb 18, 4:23 PM
    • #5
    • 10th Feb 18, 4:23 PM
    20% is APR. It's 20% if you take it out for the whole year.

    4% is the one off fee.

    Depending on how long you need to borrow the money for an overdraft could be cheaper.

    To attract the same amount of fees/interests on an overdraft as a MT you'd need to be overdrawn by that amount for 73 days roughly. probably isn't spot on because interest is calculated a bit differently.
    • Nebulous2
    • By Nebulous2 10th Feb 18, 4:26 PM
    • 1,870 Posts
    • 1,125 Thanks
    Nebulous2
    • #6
    • 10th Feb 18, 4:26 PM
    • #6
    • 10th Feb 18, 4:26 PM
    It's not as bad, but you shouldn't do it because its something like 4% fee.
    Originally posted by seatbeltnoob
    Not necessarily. I got two five figure sums for 39 / 40 months for under 1%

    Edit: Hmmmm, I've just had a look and fees have certainly gone up in 15 months or so. Still possible to get it around 1% a year though, cheaper than any loan.
    Last edited by Nebulous2; 10-02-2018 at 4:32 PM. Reason: Add information
    • seatbeltnoob
    • By seatbeltnoob 10th Feb 18, 4:33 PM
    • 446 Posts
    • 107 Thanks
    seatbeltnoob
    • #7
    • 10th Feb 18, 4:33 PM
    • #7
    • 10th Feb 18, 4:33 PM
    Not necessarily. I got two five figure sums for 39 / 40 months for under 1%
    Originally posted by Nebulous2
    I'd love to know which one you have, because I've just hit up the comparison sites for MT cards. They're almost all 3-4% (interest free ones).

    There are 3 of them that offer 0% fee, but they charge interest on the MT balance.
    Last edited by seatbeltnoob; 10-02-2018 at 4:35 PM.
    • Kim_13
    • By Kim_13 10th Feb 18, 4:37 PM
    • 1,901 Posts
    • 2,035 Thanks
    Kim_13
    • #8
    • 10th Feb 18, 4:37 PM
    • #8
    • 10th Feb 18, 4:37 PM
    There are options with less than a 4% fee.

    You may find the MSE guide to monry transfer cards useful: https://www.moneysavingexpert.com/loans/cut-loan-overdraft-costs
    Sealed Pot 11 #520 ~ /100
    VSP 2018 #9 ~ 19.55/180.00
    CCCC 2018 #1 ~ 20.75/180.00
    • seatbeltnoob
    • By seatbeltnoob 10th Feb 18, 5:38 PM
    • 446 Posts
    • 107 Thanks
    seatbeltnoob
    • #9
    • 10th Feb 18, 5:38 PM
    • #9
    • 10th Feb 18, 5:38 PM
    Not necessarily. I got two five figure sums for 39 / 40 months for under 1%

    Edit: Hmmmm, I've just had a look and fees have certainly gone up in 15 months or so. Still possible to get it around 1% a year though, cheaper than any loan.
    Originally posted by Nebulous2
    golden era of stoozing I hear.
    • ricky_v
    • By ricky_v 10th Feb 18, 7:32 PM
    • 302 Posts
    • 170 Thanks
    ricky_v
    MBNA sometimes offers a fee free MT at 4.9% for so many months for existing card holders.

    Use the money transfer facility then balance transfer that balance from MBNA to a seperate 0% BT card.
    • No_6
    • By No_6 10th Feb 18, 10:36 PM
    • 637 Posts
    • 129 Thanks
    No_6
    @ k-13
    but if you already have those cards maxed out ?
    • bearcat16
    • By bearcat16 11th Feb 18, 12:32 AM
    • 324 Posts
    • 387 Thanks
    bearcat16
    If you are charged a 3% fee for a balance or money transfer for 39 months, then thats less than 1% per year. I doubt youd be able to borrow cheaper than that.
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