Ok. They have given me one for starters, but I only need it to get the cash out. I understand the charge of 1.25% for the cash withdrawal

Am i right in thinking that this would be classed as a "Cash Advance"? and therefore 15.2% APR??

I only need to "borrow" the money for about 1 month and then I can pay the card off completely and cut the fuc**r up

I'm just trying to establish whether I can just drwa this money out? - and that this is what they refer to as a cash advance.

Sorry for the waffle, but i don't have a clue about money .. and need some damn quickly

Thanks

Carlo (Yes - Rik )

 

I'm sure it would be classed as Cash Advance, but be careful that they dont cut your limit off if your withdrawing a lot of money as they might think your on the knock.....I had that happen to me once and it was a tad embarassing

Nath

 

I think it is called cash advance I'm always getting cash on mine and I'm sure thats what it says on the statement, they do a cash back thingy scheme which gets credited to your account on yearly basis but its not a lot!! A bit like points mean prizes I think!!

 

Ok, do what I did.
Get two cards (Egg and some other) take the cash out on one, then the same day transfer the balance to the other (Egg card) = cash at 0% for 6 months. Only thing is it only works once per card.

 

S0 - I have a Card from Mastercard (500 limit) and an Egg one.

Can I draw the cash from my Mastercard one, then transfer the balance, then draw out another 500 on my mastercard. Will this work??

Then I have an extra Grand

 

good plan if you take them out on the same day the cc card company will not know what you are up to as will not have time to register on you credit history that you have more than one card (not that I know about such things!!).

 

If your paying it back in a month then there will be no interest just the cash handling fee - as you say usually 1.5% up to a maximum of £20 or similar. Wouldnt it be cheaper to arrange an overdraft for a month - most banks will be fine if you make a story up like your moving house etc and need the extra leeway. No setup/handling fee and the interest if any will be minimal for a month - less than the handling charge on your Egg card anyways.

 

Hmmm, dunno about that Carlo!
I didn't withdraw the limit of my mastercard in cash.

 

just ask them for a cheque!

 

Apply for an MNBA card and they give you a cheque book and low starting APR. Write a cheque to yourself for your limit. It should cost you next to nothing for a month

 

fb,

MBNA charge a 1.5% fee plus interest from day 1 on their cheques unless it's to pay another credit card and they enforce this. The max charge is £20 or £25. The interest bit is a pain.

Thing is I did this got stung so when I did it again I transferred it to egg straight away and Egg CHARGED me for the balance transfer!!!

Carlo

Basically, today it's more difficult than people think to get 'cash' off a credit card as they ain't stupid and they know people do this to get cheap APR's and they want their share of the spoils!!!

 

cheers Matt - time to dump the MNBA cheque book methinks. I used mine to clear another balance and then transferred to a new egg card when the cheap rate ran out, so I'll take your word and not try it with anything else