Stoozing

Originally Posted by dellwear

As for the idea here, well yes it'll help your credit rating, BUT you'll not make a much money on it. Even though there may be no interest charged on balance transfers and purchases, there sure as hell will be fees and interest on cash advances. There always is.

ive been told that there a few that offer a 100% free cash advances.
However if this is not available you can still do this based upon your normal spending. If you always pay you credit card bill off in full you could accumulate an interest free balance and then depost the cash that you would have used to pay the balance in an interest earning account.

[ian@huth]

Originally Posted by gary_580

ive been told that there a few that offer a 100% free cash advances.
However if this is not available you can still do this based upon your normal spending. If you always pay you credit card bill off in full you could accumulate an interest free balance and then depost the cash that you would have used to pay the balance in an interest earning account.

If I were to accumulate an interest free balance it would have to be by doing a transfer to another credit card who are unlikely to match my £27k credit limit.

What I couldn't grasp is who would let you do a balance transfer from their credit card to a personal bank account? I wouldn't have thought it was at all possible.

Originally Posted by ian@huth

If I were to accumulate an interest free balance it would have to be by doing a transfer to another credit card who are unlikely to match my £27k credit limit.

What I couldn't grasp is who would let you do a balance transfer from their credit card to a personal bank account? I wouldn't have thought it was at all possible.

There is no mention of transfering a balance to a personal bank account why would you do that as a credit card balance would be a negative bank balance

The point is either :-

Get a cash advance from the credit card which is interest free and pay it into a bank account

or

use the credit card and when you get the bill at the end of the month, rather than settle the bill make use of the interest free facility by leaving the outstanding balance but pay the cash that you would have used to settle the bill into the interest earning account

[danielf]

Originally Posted by gary_580

There is no mention of transfering a balance to a personal bank account why would you do that as a credit card balance would be a negative bank balance

The point is either :-

Get a cash advance from the credit card which is interest free and pay it into a bank account

or

use the credit card and when you get the bill at the end of the month, rather than settle the bill make use of the interest free facility by leaving the outstanding balance but pay the cash that you would have used to settle the bill into the interest earning account

Walks into bank: Hi there, can I have a £27,000 cash advance please

Originally Posted by danielf

Walks into bank: Hi there, can I have a £27,000 cash advance please

some credit cards do cash advances by cheque

[danielf]

Originally Posted by gary_580

some credit cards do cash advances by cheque

That's not quite the same is it?

Originally Posted by danielf

That's not quite the same is it?

dunno, i thought the ones i get are. But then again the ones i get arent interest free

[ian@huth]

Originally Posted by gary_580

There is no mention of transfering a balance to a personal bank account why would you do that as a credit card balance would be a negative bank balance

The point is either :-

Get a cash advance from the credit card which is interest free and pay it into a bank account

or

use the credit card and when you get the bill at the end of the month, rather than settle the bill make use of the interest free facility by leaving the outstanding balance but pay the cash that you would have used to settle the bill into the interest earning account

There was mention of transferring money from your credit card to your bank account in the link in post #1 and it was referred to as a super balance transfer.

I know of no credit card company that will give you an interest free cash advance and doubt there is any that would.

[paulyoung666]

Originally Posted by gary_580

you get the cash interest free for say 6-9 months

ahhhhhhhhh whooops on my part , no need to call me a though

Originally Posted by paulyoung666

ahhhhhhhhh whooops on my part , no need to call me a though

i did, or didnt you understand that either