Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
User status: Offline
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i have 2 credit cards, one card i have 2 pay interest on, other i dont 4 5 months (both purchases, and balance transfers)
i need 2 withdraw a large amount of cash.
if i withdraw the cash from the one i do not pay interest on, and then strtaight away balance transer it to the one i have interest free on, apart from the 2% they charge for withdrawls, will i have 2 pay further interest??
cheers ppl??
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willay
Moderator
Organiser: South East, National Events
Premium Member
Registered: 10th Nov 02
Location: Roydon, Essex
User status: Offline
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Mr T sez I pity the foo who uses credit.
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Teddy
Member
Registered: 19th Jul 04
Location: Northampton Drives: VW Bora 1.9TDi pd130
User status: Offline
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You will pay a massive amount of interest on cash withdrawls.
I had a credit card - bought a couple of bits - paid it off cut it up - good for the credit rating.
Seriously you will be charged 15-20% READ THE SMALLPRINT
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Jamie
Member
Registered: 1st Apr 02
Location: Aberdeen
User status: Offline
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^ This is what I need to do.
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Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
User status: Offline
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just read small print, says cash advances, means a instant interest of 2% followed by 20% monthly
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Teddy
Member
Registered: 19th Jul 04
Location: Northampton Drives: VW Bora 1.9TDi pd130
User status: Offline
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quote:
Originally posted by J-Me
^ This is what I need to do.
It does work if you buy something and pay it off really quick you dont pay any interest to begin with and its the best thing for your credit rating.
Really helps bump it up quick if you need to buy a house for example.
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Teddy
Member
Registered: 19th Jul 04
Location: Northampton Drives: VW Bora 1.9TDi pd130
User status: Offline
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quote:
Originally posted by Dan
just read small print, says cash advances, means a instant interest of 2% followed by 20% monthly
So you take a grand instanly they will charge you £20 for using the cash point and then you will pay 20% on the REMAINING BALANCE
So if you leave it a month and pay nothing that Grand will cost you £1224.
Fook that!
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Dan
Premium Member
Registered: 22nd Apr 02
Location: Gorleston on Sea, Norfolk
User status: Offline
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im thinkin more along the lines of withdrawring 450, and then balance transfering the 450 from the card i withdrew it from, and then i should only have 2 pay the 2% yea??
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Stu_22
Member
Registered: 25th Mar 02
Location: Luton
User status: Offline
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yeah withdraw the cash on the card you are paying intrest on then straight away transfer the banace on to a Virgin card 9 months interest free
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BlueCorsa
Member
Registered: 14th Jan 04
Location: Midlands Drives: MB SLK250 CDI
User status: Offline
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Only if you settle the whole balance of the interest-charging card.
If you are thinking about leaving some debt on that card, check in the terms and conditions which balances they pay off first when you make a payment. You may find they will take what you pay them off what you already owe them (which, if purchases maybe a lower rate of interest than cash advance).
e.g. you already have £1000 outstanding on the card and you're paying 15.9% on this. You take £1000 cash advance at 22.9%, and make a payment to the card of £1000 (as a balance transfer from the Interest Free card).
The card company may take your £1000 payment and use it against the lower rate purchase balance - leaving you to pay the remaining £1000 balance at 22.9% rather than 15.9% (or whatever) - just something to think about!
Most terms and conditions (and sometimes the credit card bill) states how they assign payments that you make to them.
T
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