Using a Credit Card to 'fund' an account

KillerHERTZ

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Can you apply for a credit card and ask them to add X amount into your current account from the offset, for example, rather than take out a loan?

Looking at the deals on loans agaist the current great deals on 0% credit cards I could make a large saving.
 

Spinal

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What you're looking for is a balance transfer card, they'll either ask you for details of the account you want to transfer money to, or send you a check to pay in.
 
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KillerHERTZ

KillerHERTZ

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I was under the impression can only be done from a card to another card, not to a current account - so im guessing it makes no difference (an account is an account)?
 

Meldrew2

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You'll need to take out a "cash advance" for which there will be a charge. The 0% deal may not apply to cash advances - check the T&C carefully.

More efficient to use the credit card to pay for whatever you want the loan for.
 

m2287

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Natwest do sometimes offer a creditcard where you can transfer money to a natwest current account at 0% for a year.

I did this to fund doing up my house.
 

Spinal

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I had an MBNA amex 0% balance transfer card which I used to pay off my student loan (which was with HSBC at the time); they send you a check, which you can pay into anything you want.

I know natwest just ask for details of where to pay money to - this can be a current account from what I've seen...

M.
 

st13phil

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AFAIK, there are no credit cards currently available that don't class a drawdown to another account (aka "balance transfer") as a cash withdrawal. This means that while they may charge 0% interest for a period on the outstanding balance, there will invariably be a cash withdrawal fee in the region of 2% - 2.75%. This will possibly be cheaper than a personal loan, but not necessarily so.
 
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KillerHERTZ

KillerHERTZ

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Called 3 places, none of them would do it. :(

Basically im buying a car from a private seller, wanted to do a bank transfer from my current account and pay for it with a Credit card as its alot cheaper (32months at 0%) than a loan.

Or am I being really thick, can you send a bank transfer from a credit card? :dk:
 
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moonloops

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Called 3 places, none of them would do it. :(

Basically im buying a car from a private seller, wanted to do a bank transfer from my current account and pay for it with a Credit card as its alot cheaper (32months at 0%) than a loan.

Or am I being really thick, can you send a bank transfer from a credit card? :dk:
MBNA credit card allows you to transfer to bank account - and charge 4% for doing so,
 
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KillerHERTZ

KillerHERTZ

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Cheers, went with MBNA who seem to be the only ones who still do 'cash' transfers!

Thanks for your help
 

PenelopePitstop

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Cheers, went with MBNA who seem to be the only ones who still do 'cash' transfers!

Thanks for your help
MBNA cards are very good for balance transfers to bank accounts and offer constant 0% promotions.
 

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