Help on Credit Card Balance Transfers! - HotUKDeals
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Help on Credit Card Balance Transfers!

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Hi there! I need to borrow £3k, but I dont want to go down the route of having a bank loan as I have been told Credit Cards are the best way IF you dont spend on top... Can anybody give me a pus… Read More
LCUK1978 Avatar
banned9y, 2m agoPosted 9 years, 2 months ago
Hi there!

I need to borrow £3k, but I dont want to go down the route of having a bank loan as I have been told Credit Cards are the best way IF you dont spend on top...

Can anybody give me a push in the right direction please,?!

Many thanks :o)
LCUK1978 Avatar
banned9y, 2m agoPosted 9 years, 2 months ago
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#1
I think most of the CC companies have stopped that sort of thing. MBNA and Egg still do it though.

Edit: I'm assuming you want cash in your bank rather than a CC balance shuffle.
#2
Get a credit card with the longest 0% balance transfer rate, I think most will put it in to your current account, if not you could see if a current credit card would put a positive balance back to your account so you could do a balance transfer from there even though there's no balance if that makes sense?
#3
Best place to check out this query is on Martin Lewis' website.

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards#14

I know a few cards allow a 'special' balance transfer which allows you to trasfer an amount into your bank account.

There is always a fee for any balance transfers now. Usually 2.5-3%.

If you dont get interest free period on spendind with the card make sure you dont use it for this.

But do check out all the articles on the above site.

Hope this helps you on your way.
#5
If you are sucessful be sure to make your payments on time, if you are late they may retract the 0% & their usual rate will apply :-)

Good Luck
#6
Also, some cc companies will treat a bank transfer as a cash withdrawal, & chargge higher interest on the transaction.

Generally speaking, bank loans are cheaper than cards - have a quick shop aound & compare - the old building societies (e.g. Halifax, A & L) usually have good deals going.
#7
I Googled for this .

This card offers 0% until Jan 2009 on balance transfers into your bank account.

Balance transfers from other (non MBNA) cards can be made for the same time period and fee.

NOTE: 0% on purchases only lasts a few months so you must NOT spend on this card.

There is a 3% fee for this.

https://wwwn.applyonlinenow.com/UKCCapp/Ctl/entry?sc=8ptMETse04_ost&mc=SME-AP-11111-14870

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