Credit Cards?

[DamoVTS]

Hey all

I dont want one dont worry :P just a bit confused on something

If for example.. you needed £300 in your bank account. and had £500 free on your credit card..Could you take it out of the cash machine and put it into your bank withotu a charge?

Just looking at this egg card and it says

Cash advances If you're new to Egg there's a fee of 3% of the cash advance (with a minimum fee of £3). However, if you're already an Egg customer when you apply for an Egg Card, you won't be charged the cash advance fee. Interest is charged from the day the cash advance is made.

But it also says this.. which i take is from credit card to bank account?

Convenient balance transfers You can transfer balances online at any time from existing credit or store cards, loans or overdrafts, or balances that your second cardholder has elsewhere. A handling fee of 3% will be applied to balance transfers made in your introductory balance transfer period (except where we tell you otherwise).

Thanks :D

[BenjaM]

I know just the people you should ask... The Bank :y:

[Craddock]

Not sure if you can withdraw cash from a credit card, you may be able to on some.

If you was to take out £300 from your credit card, you will be £300 + interest back next month.

[DamoVTS]

the bank? lol

[DamoVTS]

Not sure if you can withdraw cash from a credit card, you may be able to on some.

If you was to take out £300 from your credit card, you will be £300 + interest back next month.

I have taken out money from a cash machine before with my credit card..

But its the balance transfers from credit card to bank im more interested in

[LeeM]

if you draw money out of a machine theres a charge and i think you pay a higher interest rate and also pay that balance of last

[DamoVTS]

ok cheers leeM.. like i said im more interested in the balance transfers from the credit card to a current account at natwest

[LeeM]

that i have no idea about, i only used my credit card briefly 4 years ago, has sat in the drawer since

[DamoVTS]

well i have a credit card atm with natwest which is with my mother.. emergency cash!!

Just in january i might be £500 out getting a car.. so i might get a egg card to use the 0% interest cause my natwets one no longer has it

[gd16]

Please............ get some advice you can gaurantee to be correct before you do anything. MoneySavingExpert.com is an excellent site.

If you withdraw cash from your credit card - it'll cost. A lot. Interest is charged daily, from the day you take it out. Its not like purchases where interest isn't charged til about a month later. Cash withdrawels get charged daily from the day of withdrawel. This is the easiest way credit card companies make money!

Balance transfers - this is when you transfer you're outstanding balance on one credit card, to another. Nothing at all to do with transferring you're credit limit on your card to a bank account. Totally the wrong end of the stick.


Please check moneysavingexpert.com and read up on credit cards before you accidentally get in huge amounts of debt.

[bpm]

OK, youve got a bit confused.

1) Yes you can withdraw cash from a credit card but you normally pay a cash advance fee (possibly not with egg from wht you say)

2) you can then put this into your account to cover any bills etc going out with no fees incurred (barring the interest your paying on your credit card)

3) As for the bit about balance transfers fees, that is referring to debts transferred TO your credit card not the other way around. So if you had another credit card debt you could pay that debt off using this credit card and you would incur a 3% fee.

Assuming your £300 needed in your account is for an outstanding bill of some description, ring up and ask to pay it using the credit card, that way you are only paying the interest on your credit card until you pay off that debt, no other charges will be incurred.

[DamoVTS]

oooooo i get it now :) cheers fellas.... never had to use my credit card before so never known how it works lol

[gd16]

oooooo i get it now :) cheers fellas.... never had to use my credit card before so never known how it works lol

Which is exactly why the banks offer them to anyone/everyone, and why people often land in so much debt because of them :panic:

[stevie_m]

only reason to use a CC is for insurance purposes (full stop)

Never take money out tho because they used to (don't know if they still do) charge higher interest