Credit card money transfer

[DCAtarget]

Hi all,

 

Hoping someone can answer this for me as I can't seem to find an answer on google, or here.

 

Recently got a credit card who have written to me with a "money transfer" offer. In other words I can transfer money to my bank account to pay off my overdraft. It's 0% for a few months and I am confident of paying it off within the interest free period.

 

My question is will the credit card company report this as a cash advance to the credit agencies as it's going to a bank account?

 

Best wishes,

DCATarget

[renegadeimp]

Could always ring and ask them, and get them to confirm in writing

[Old Cogger]

Cash advances are recorded as it is a cash advance and a true record??

[DCAtarget]

Cash advances are recorded as it is a cash advance and a true record??

 

Fair enough. I get your point and I guess it would be a true record.

I've never carried out a money transfer as they call it, or cash advance for that matter. I just thought I'd check in case cash advances was simply a term used for withdrawing cash from an ATM.

 

My experience when calling banks about anything to do with credit reference agencies in the past hasn't gone well.

 

Thanks to both for replying.

[CraigMcK]

While there may be 0% interest are you sure there is not a fee. I got one of these the other day and from memory it was something like 2.5% fee on what you transfer.

If there is a fee, you need to work out which is cheapest, if you are paying it off in a few months the bank might work out better after all. Also if you don't happen to pay off the card in time the results will be eye watering!

[caro]

I did a balance transfer some years are ago to clear an overdraft and it wasn't classed as a cash advance. Balance transfer fees are one off fees so likely to be cheaper than OD interest but good point about the card rate when the offer ends.

 

You need to check your t&c's as it depends in the individual agreement. Phoning to check is a good idea.

[DCAtarget]

Just a quick update. The money transfer was with Barclays.

Got them to confirm in writing it wont be reported as a cash advance, it just gets reported as promotional balance apparently.

 

Thanks for your advice. There was a small fee but I did all the right calculations and was worth doing and importantly I'm confident I can pay it off before the high rate kicks in

[obiter dictum]

Vanquish are always contacting me over this

 

They say if you transfer money from your credit card to your bank account there will be no cash advance fee

 

I have no idea if it is recorded as a cash advance with the credit agencies though

[DCAtarget]

Vanquish are always contacting me over this

 

They say if you transfer money from your credit card to your bank account there will be no cash advance fee

 

I have no idea if it is recorded as a cash advance with the credit agencies though

 

That was the bit I was unclear about but Barclays wrote in no uncertain terms that it would not be recorded as Cash advance. Not sure if different banks/finance companies treat them differently.

[obiter dictum]

It will be the Credit Card provider who will make the decision if it is recorded as a cash advance or not, not Barclays.

 

Not unless we are talking of a Barclaycard

[DCAtarget]

Sorry, meant Barclaycard