Withdrawing Money from Credit Card

M

mise

Registered User
Messages
10
Hi,

This is what I want to do:

Get a 0% credit card for six months and take €8k from it to pay off a deposit for a house.

Can someone tell me:

> How can I withdraw that amount of cash from the card (short of going to an ATM for several weeks)?

> Will this be registered with ICB? I'm trying to keep this from flagging when a search is done for the Mortgage?

This is a very short term loan and will be paid off once the Mortgage comes through.

Mise le meas,

Mark
 
You can't I'm afraid.
Most Credit Card offers are 0% on balance transfers.
Some are 0% on purchases.

Taking cash off of the card would be a cash withdrawal, which doesn't come under
the offer.

Also withdrawing cash is usually at an even higher rate than the normal rate for purchases. Taking cash off of a Credit Card is about the most expensive source of cash for most people I'm afraid.

As for how to do it. You can withdraw cash at an atm, although probablt not a couple of thousand. You could probably go to your bank and buy a draft using the credit card. Some credit cards MBNA I think, come with a checkbook.

-Rd
 
Thank You Rd for you're response.

Has anyone any experience of doing this or suggestions on where to go for none ICB registered loans?
 
Many credit unions have signed up to the ICB. Why not get a short-term overdraft or loan from your bank????
 
According to this article only a few CUs have signed up with the ICB. However, as far as I know, CUs and/or other financial institutions will still ask for a declaration of existing borrowings so even if the ICB doesn't show things up the onus may be on the borrower to come clear or run the risk of jeopardising their loan agreement(s). If one has significant personal finance/debt problems in the recent past then perhaps stretching to borrow for a house purchase may not be the most prudent move?
 
Mise,

If your credit history is ok, and if this really is a temporary loan until the mortage comes through then your bank may be willing to facilitate you. To go with the CU you would need some cash on Deposit (I'd imagine 2K would be required), which if you're stretching for a house might not be possible.

If your credit history isn't good (Missed Loan Repayments, Not Making the minimum repayment at least on Credit Cards etc.) then you might have a problem.

There is always the tried and trusted borrow from Family. If you do this make sure to have some sort of formal arrangement (a handwritted agreement will do). The new house isn't worth falling out with family over.

If you haven't picked out a house yet and gotten agreement on it, then you might consider saving for a little longer. I know it seems like prices are increasing faster than you can save, but that really isn't the case.

Good luck in your efforts.

Rd
 
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