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Advice needed re Credit cards/balance transfers

(10 Posts)
Nottalotta Mon 29-Jun-15 07:26:03

I have a 0%interest latest card with �4000 on which i have been chipping away at slowly. I have another card which was almost clear until a series of misfortune (vets bills) and it has almost �2000on it now. This is really worrying me with impending maternity leave. Some of the �2000 will be paid by insurance.

The first cards 0%interest period is at an end. My plan was to have the second one clear then transfer to that one on a similar deal but i understand that if i do that now i will still be paying the interest on the t�2000 balance.

Can i withdraw cash from the �4000 card, pay off the �2000 card then transfer the whole debt to the �2000 card? I have a 0%interest offer from them.

Thank you.

Or, any other suggestions that isn't 'get a loan'

buttonmoonboots Mon 29-Jun-15 07:30:53

Don't withdraw cash; most credit cards require you to pay interest on card withdrawals.

I think you'd be better off finding another 0% deal to transfer to; the major money sites let you do a 'soft search' which predicts which you'll be able to get without searching your credit file.

If you can't get another 0% deal, then a loan IS an option; there are some very low-cost personal loans out there and it doesn't need to be a dodgy pay day thing.

HelenF350 Mon 29-Jun-15 07:39:40

I agree, find another 0% card to transfer the balance to. Tesco Bank are doing 35 months interest free with 2.7% fee.

Nottalotta Mon 29-Jun-15 07:39:51

Thanks button

I am not sure I would find a CC that would let me transfer both amounts, when i was looking before the upper limits were very low. I have accounts with the two banks that have the cc with hence the higher limits.

I won't have another loan while on maternity leave, it was the fixed payments that i struggled with that ended up with this situation in the first place (previous loan).

Is there a reason not to withdraw cash from the first then transfer to the second?

Nottalotta Mon 29-Jun-15 07:41:54

I do have a pretty good credit rating but will struggle with this on maternity leave.

Frowndalier Mon 29-Jun-15 07:54:15

Look into getting an MBNA card, they'll let you do money (cash) transfers for a reasonable fee, i think around 5%?

buttonmoonboots Mon 29-Jun-15 12:11:54

As I said above, the reason not to withdraw cash is that you will charged interest on cash withdrawals from CCs. Usually around 20-30%.

QforCucumber Mon 29-Jun-15 12:24:47

I understand what you're saying OP, withdraw the cash - but then pay off the full balance of the card you've withdrawn the cash on so no interest to pay?!

just be careful as some credit cards charge to withdraw cash - not interest but an actual; withdrawal fee. I have a barclaycard which currently has 0% transfers to a bank account, so could transfer the cash to a bank account and do it that way? worth seeing if one of your cards if offering the same.

Frowndalier Mon 29-Jun-15 13:45:21

Yeah that's what i meant, not withdrawing cash from you cc. an mbna money transfer is 0% interest but you transfer it to your bank account. The tranfser fee is comparable to other 0% deals i think around 5%.See www.mbna.co.uk/understanding-credit/money-transfers/

Nottalotta Mon 29-Jun-15 16:59:38

Yes that's what i meant, withdraw from card 1, clear card 2 balance then transfer whole debt to card 2 on 0%interest offer.

I will look into cost of money withdrawal/transfer.

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