Mobby
Member
Registered: 31st Dec 07
Location: Leicestershire
User status: Offline
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i want to get a credit card, withdraw £600, then transfer the balance over(a day before a month) to another credit card which gives me 6months free interest. so i get £600 interest free, can this still be done on the current market???
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DannyB
Premium Member
Registered: 6th Feb 08
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It wont be interest free on the original card will it though?
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John
Member
Registered: 30th Jun 03
User status: Offline
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Interest on taking out cash is massive.
Can you not get one that has interest free on purchases and buy whatever it is on the credit card?
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Mobby
Member
Registered: 31st Dec 07
Location: Leicestershire
User status: Offline
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quote:
Originally posted by DannyB
It wont be interest free on the original card will it though?
ill do it before im charged, like the first payment invoice i will swap it over to the second one. and isnt it 4% on withdrawals plus its for a engine change
[Edited on 17-10-2008 by mobby]
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Ellis
Member
Registered: 11th Sep 07
Location: Aberdeenshire
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For the sake of £600, speak nicely to your bank manager and get an overdraft
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ed
Member
Registered: 10th Sep 03
User status: Offline
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You get charged daily from the minute you withdraw the cash.
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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A credsit card is nothing like a debit card lol
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ed
Member
Registered: 10th Sep 03
User status: Offline
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Oh, and you'll find that when you do a balance transfer between cards, you'll only get the interest free bit on the balance of purchases and not cash advances.
In summery, cash advances are bad. Don't do it.
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corsasriboy
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Registered: 23rd Mar 07
Location: leicestershire
User status: Offline
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i managed to get a £600 overdraft without even trying, just went in, said i need an overdraft incase i withdraw etc etc, they said we can give you £600. all good!
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Mobby
Member
Registered: 31st Dec 07
Location: Leicestershire
User status: Offline
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quote:
Originally posted by corsasriboy
i managed to get a £600 overdraft without even trying, just went in, said i need an overdraft incase i withdraw etc etc, they said we can give you £600. all good!
but i wont be able to pay it off in a month, so ill get charged
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Mobby
Member
Registered: 31st Dec 07
Location: Leicestershire
User status: Offline
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quote:
Originally posted by ed
Oh, and you'll find that when you do a balance transfer between cards, you'll only get the interest free bit on the balance of purchases and not cash advances.
In summery, cash advances are bad. Don't do it.
there might be a way of me buying something (but not) and then guy who runs the business giving me cash.
[Edited on 17-10-2008 by mobby]
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Mobby
Member
Registered: 31st Dec 07
Location: Leicestershire
User status: Offline
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quote:
Originally posted by ed
You get charged daily from the minute you withdraw the cash.
what on all credit cards???? i thought if you pay it by then end of the month you dont get charged
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Tommy L
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Registered: 21st Aug 06
Location: Northampton Drives: Audi wagon
User status: Offline
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quote:
Originally posted by mobby
quote:
Originally posted by corsasriboy
i managed to get a £600 overdraft without even trying, just went in, said i need an overdraft incase i withdraw etc etc, they said we can give you £600. all good!
but i wont be able to pay it off in a month, so ill get charged
you'll pay a little bit of interest. You won't have to pay it off at the end of the month
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AndyKent
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Registered: 3rd Sep 05
User status: Offline
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quote:
Originally posted by mobby
quote:
Originally posted by corsasriboy
i managed to get a £600 overdraft without even trying, just went in, said i need an overdraft incase i withdraw etc etc, they said we can give you £600. all good!
but i wont be able to pay it off in a month, so ill get charged
Even so, it'll be a fraction of what £600 cash withdrawal on a credit card would be!
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ed
Member
Registered: 10th Sep 03
User status: Offline
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quote:
Originally posted by mobby
quote:
Originally posted by ed
You get charged daily from the minute you withdraw the cash.
what on all credit cards???? i thought if you pay it by then end of the month you dont get charged
Not on cash advances.
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Mobby
Member
Registered: 31st Dec 07
Location: Leicestershire
User status: Offline
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so a bank loan is my best bet then.
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danward
Member
Registered: 14th Nov 06
Location: Northants Drives: C Exclusiv
User status: Offline
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No an overdraft is your best bet. You only get charged the interest and it will be much less than a loan or credit card.
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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quote:
Originally posted by mobby
quote:
Originally posted by corsasriboy
i managed to get a £600 overdraft without even trying, just went in, said i need an overdraft incase i withdraw etc etc, they said we can give you £600. all good!
but i wont be able to pay it off in a month, so ill get charged
You won't mate. Unless it's just for a month. You can get a £600 interest free overdraft for as long as you like really! And if it's not interest free, it'll be something like 1.2% per month...
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Colin
Member
Registered: 4th Apr 02
User status: Offline
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Get 0% card for 10 months or so & make the min payment every month!
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Eck
Premium Member
Registered: 17th Apr 06
Location: Lundin Links, Fife
User status: Offline
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quote:
Originally posted by Colin
Get 0% card for 10 months or so & make the min payment every month!
Aye but he's going to transfer that on to another credit card Col so he'll be charged for a balance transfer I would have thought!
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Mobby
Member
Registered: 31st Dec 07
Location: Leicestershire
User status: Offline
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all i want is to borrow £600 as cheap as i can and i could pay back 100 a month no problem
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Mobby
Member
Registered: 31st Dec 07
Location: Leicestershire
User status: Offline
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quote:
Originally posted by Eck
quote:
Originally posted by Colin
Get 0% card for 10 months or so & make the min payment every month!
Aye but he's going to transfer that on to another credit card Col so he'll be charged for a balance transfer I would have thought!
the only reason i was going to switch was because i thought the offer 6 months free interest when you transfer the balance, and i was told of a charge
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liamC
Member
Registered: 28th Feb 04
User status: Offline
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avoid credit cards like the plague for anything at all, at any time.
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John
Member
Registered: 30th Jun 03
User status: Offline
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Although in this case a credit card is one of if not the worst option avoiding them at any time is just stupid advice.
Why should I avoid my credit card that gives me 3% cashback on fuel and 1% cashback on all other purchases, I can only see an advantage 
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Mobby
Member
Registered: 31st Dec 07
Location: Leicestershire
User status: Offline
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quote:
Originally posted by liamC
avoid credit cards like the plague for anything at all, at any time.
fancy lending me £600, im not a stupid lad and i will never be using them for anything else except the £600
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