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    Credit card,can you get the bank to.........

    write a cheque/bankers draft from your credit card?

    just wondering as it would probably work out cheaper thn getting finance on a car,its a private sale so cant pay via credit card

    12 Comments

    You can normally get cheques from your credit card ime, but are you really sure that a loan wouldn't be better? Normally much better terms than the interest charged on a card.

    Original Poster

    thing is I'm not currently working but hubbys wages are paid into my account and he has bad credit history,if i tried for a loan they would probably refuse me on the grounds of not working but I have a nice amount available on the credit card,dont think they would entertain hubby at all!

    Go to an independent advisor. Banks are much more strict.

    Best thing to do is to try to get a new CC offering 0% that allows you to write a cheque out (I think Virgin would be one of them)

    If you proceed as planned youll probably end up paying over 17% as it will be viewed as a cash advance

    You normally have to pay a fee if you use a CC cheque (normally 2.5 - 3%, the same as the BT or cash withdrawal rate). Also, check what the APR for the repayments of the cheque will be, as it might be different from your normal CC purchases rate, and finally be careful that you don't have the cheque balance pushed to the back of your account, meaning that you whenever you make a payment it pays off the other items first, leaving you accruing loads of interest on the cheque amount.

    It might be worth trying though before doing anything else.

    Original Poster

    thanks for the advice fingers crossed then

    Cheques are classed as a cash advance and attract a % charge initially and then a much higher interest rate until repaid. This is a really bad idea, unless you are absolutely desparate!!!!

    bankofmumndad;2453422

    Cheques are classed as a cash advance and attract a % charge initially … Cheques are classed as a cash advance and attract a % charge initially and then a much higher interest rate until repaid. This is a really bad idea, unless you are absolutely desparate!!!!



    Unless you've got a 0% Balance Transfer or low-interest life of balance card you could transfer it over too:thumbsup:

    Mardyass;2453124

    thing is I'm not currently working but hubbys wages are paid into my … thing is I'm not currently working but hubbys wages are paid into my account and he has bad credit history,if i tried for a loan they would probably refuse me on the grounds of not working but I have a nice amount available on the credit card,dont think they would entertain hubby at all!



    Most banks base their loan approval on what goes into your bank account each month ( even if it goes straight back out again)
    If your husbands wages are paid into your account regularly and have done for a few months then there is a good chance the bank will approve a loan in your name despite you not working.

    A loan would be a better option for a large purchase if you are not planning on paying it all off before interest is incurred.

    Ask the bank first - the worst they can do is say "no".

    midlandscomics;2453434

    Unless you've got a 0% Balance Transfer or low-interest life of balance … Unless you've got a 0% Balance Transfer or low-interest life of balance card you could transfer it over too:thumbsup:



    That wouldn't avoid the initial cash advance charge. Although you could then transfer the balance onto a 0% card, but this is only any good if you can truly budget to repay it within the set time as when you later come off the interest free period the rate is higher than for purchases. You could in theory transfer it again onto a 0%, but everytime you do this remember it isn't free, you pay a fee on the balance when you move it. Credit is no longer cheap no matter how hard you try!
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