Can I withdraw cash on credit card and then transfer to an interest free card?

[Fire away]

Hi folks. The new an post credit card is giving 12 months interest free on balance transfers. I'm in the middle of doing house extension and will need small loan of about 5k to finish it. Would i be right in thinking I could put 5k on current credit then transfer balance to an post credit card and pay off 416 per month so basically interest free loan for 12 months. (Of course not spending anything additional on card then cancel it after 12 months)

 

[Funnyname]

Don't forget govt cc fee of €35pa

 

[DeeKie]

They have some current account new product too; they’re turning towards the bank thing again. Remember Postbank.

 

[RedOnion]

Don't forget govt cc fee of €35pa

30 euro.

Good point though. There's a rarely used feature of credit card stamp duty that when you transfer a credit card (closing the old one) you only pay stamp duty once. You'll be charged stamp duty on the old card, and get a closure letter to give new bank so they don't charge for the same year.

 

[misemoi]

Double check the terms, it may be only on purchases that contributed to the balance so you may need to pay for things rather than withdraw cash. But essentially yes, this is an interest free loan. Apply for a new card at above your current balance (as you can only transfer 95% of the balance) and then pay it off. We just did similar over 6 months for a car purchase. We did have to close the original credit card thought, but no issue as we now have the new one with an even larger credit limit.

 

[michaelm]

If the current card company agree to give you 5k will they not charge a cash advance fee? Also, might the new card company baulk at transferring a large cash advance?