Q. Money transfers etc from Credit Card?

ShiWarrior · 3 Jun 2015 at 21:58

on my CC I was thinking about transferring the balance to my other CC (different companies) and use there 0% for 16 months @ 2.9%

but noticed they are doing a "money transfer" to my bank account at a lower rate of 1.9%

Can I still use the money transfer the same way as a Balance transfer, so instead of transferring to another CC, do a money transfer and pay the balance that way?

not sure what's the best solution to me, thanks

squerble · 3 Jun 2015 at 22:43

Check that the money transfer is included in the 0% deal but should be fine.

ShiWarrior · 4 Jun 2015 at 10:01

Thanks
My cc which I use daily is the one I want to transfer out.

They are doing a money transfer deal which is longer at 0% with a smaller fee

Not sure what the best option is ?

tom_e · 4 Jun 2015 at 10:07

Be aware that the amount you can transfer into a bank account is normally a lower % of your credit limit than the amount you can use for balance transfers, that being said if all else is equal but a money transfer is going to cost you less in fees and interest then it's a no brainer.

ShiWarrior · 4 Jun 2015 at 16:40

Thanks tom_e

I pay of my CC in Full every month, and I want to continue this
but I don't want to go into my overdraft for a long period of time

I have 2 options available

1. Balance transfer to another CC that I own, which is offering 0% for 12 months at a 2.99% fee

or

2. My CC is offering 0% p.a. until 1 March 2016, with a fee of 1.90% or min. £1.90 transfer fee

A2Z · 4 Jun 2015 at 18:38

ShiWarrior said:
Thanks tom_e

I pay of my CC in Full every month, and I want to continue this
but I don't want to go into my overdraft for a long period of time

I have 2 options available

1. Balance transfer to another CC that I own, which is offering 0% for 12 months at a 2.99% fee

or

2. My CC is offering 0% p.a. until 1 March 2016, with a fee of 1.90% or min. £1.90 transfer fee

I'm not sure what exactly you are confused about?

Choose whatever option works out the cheapest.

Money transfer is just like a bank transfer, the money comes into your account, you can do what you want with it, and the amount + fees is then loaded onto your credit card.