Credit card question

[KirriIrry]

Apologies in advance for what is possibly a daft question.

I have a credit card with a relatively low balance on it that I am struggling to clear.
When I’ve gone on this morning to check it, I can see that I have a cash withdrawal offer for 5% fee and then 0% interest for 12 months.

Is there anything stopping me from taking this offer and then using it to repay the existing outstanding balance, which I am currently being charged interest for?

Thanks

from the same card?
You can't pay a card off using the funds from the same card.
if you read the small print, it is more than likely that any payment is allocated in a particular order, probably the cash withdrawal first. So your o/s balance will continue to accrue interest at the same level you are being charged now.
That's how cc companies make their money. Crafty.
Have you looked at the Debt free wannabe on moneysavingexpert to see if there are any other ways you could pay off your debt?

if you read the small print, it is more than likely that any payment is allocated in a particular order, probably the cash withdrawal first. So your o/s balance will continue to accrue interest at the same level you are being charged now

No it won't because that's illegal. They haven't done it like that for years. OP read up on order of payments on the back of your bill. The highest interest rate ie your current balance, will be paid off first.

OP yes you could do that if you can pay your card off in cash, I don't know if this is still possible. Your CC company has no idea where the cash that you use to pay the bill in the bank/Post Office came from.

If that's not practical - eg if you can't pay your bill in cash or you don't have a convenient bank/PO then you could withdraw the money and use it for your normal grocery and travel spending until it's used up and send the money you don't spend on these items to pay off your credit card bill.

But, unless you've got missed payments on your record, have you checked to see if you can get a 0% balance transfer off with no/lower fee than 5%? Also if you change your bank account, you can get around £200 free money, which will pay off nearly half your CC balance. Look on Moneysaving Expert for help on both.

Find another balance transfer card .

Moneysavingexpert..com often lists what cards offer the best deals.

I’ve done it before. Ie. Applied for a new credit card just to get the free balance offer deal (minus transfer fee)

Thank you everyone!

i had wondered about order of payments, and assumed that that might be the catch, but I can’t see the full terms and conditions at the offer stage.

Good thought about using the money for life and paying the unused money to the card instead @Bjorkdidit Thank you.

@Springwatch123 I had thought about transferring to another card, but I’m reluctant as I’m not great with money (though trying to turn it around) so I want to keep the balance in my main banking app, where I can see it! I will have a look though.