What's the best way of getting ~£400 ASAP? I've just finished uni for the summer and I'm back home, but I'm going on holiday in just over 3 weeks. I have £220 owed to me at the minute, but I'm going to need about double that.. plus I have to order a new passport because I can't find mine anywhere so that's going to take up half of that money that I'm owed. My student loan has ran dry and Barclays won't let me up my limit due to a large sum of it being transferred to my m8's account recently (for the holiday). The only thing I can think of is getting an interest free credit card and taking out cash with that.. but I think there's a canny % charged for any cash withdrawls. If this is my only option, what cards are the most appropriate? Otherwise, what other alternatives are there? This will be my get rich quick but pay dearly for it later scheme no doubt..
you should try Barclays again mate, they will deffo up your overdraft if you make out your on the breadline
Well when I transferred the money it was to pay for me and my m8, and I referenced it as 'hol'. I thought that was just for me and didn't even think for one second that barclays keep track of it but on the phone the bloke said that he couldn't increase my limit because of this. I have an overdraft account set up with halifax too but I've never had any of my student loans paid into it yet so if I phone them and ask for an increase I'm pretty sure they'd question me about than and then turn me down too..
Take out a credit card with your bank, and if you have a second bank account take out a credit card with them as well, make sure they offer interest free balance transfers for 12 months or so, withdraw the cash you need on one card then transfer the balance to the other card, thus only incurring one months worth of interest from the first credit card, job done !
I know nothing about credit cards, but I'm assuming there's a set interest rate on cash withdrals and the interest free transfer from the other card is used to pay back the same amount of money I took out plus whatever interest? Does interest on a cash withdrawl get charged for every month that it hasn't been paid back in full? Also, looking at a few cards here http://www.moneysupermarket.com/credit-cards/ it says stuff like 'No transfers from other RBS Group cards'. Not sure what that means exactly. Also, where it says '0%% Interest for 15 months, 2.8% fee', what is this fee all about and what does it apply to? Sorry for my dumbness.. I've never had any debt before starting uni
I tried getting a card off HSBC on friday like, and they were having none of it. Saying that, i was still technically on the dole then and didnt start my new job til today.
The 0% means you will pay 0% interest on any money you transfer for 15 month. the 2.8% fee means you will pay 2.8% of whatever you transfer. So if you transfer £100 you will pay a fee of £2.80. With interest on this being 0% for 15 month you'll therefore owe them £102.80 and have 15 month to pay it before you start paying interest charges.
Aha! That makes more sense. What about cash withdrawls? What does that come under? And is taking out cash the only way of actully getting the cash with a credit card? I presume paying it into a paypal account would mean it gets wacked by paypal charges..
you usually pay more. Take for example the natwest platinum at the top of the money supermarket list. you'll pay 2.075% interest on any cash taken out and a 3% handling fee. so if you took £400 out you'd pay £12 handling fee and then £8.54 interest for every month you didn't pay it back (of course this amount would go down if you did actually pay some money off the card).
So if I was able to do what Leon suggested and get 2 cards, take money out with one and transfer the balance over from the other, I should only need to pay the first months interest and the handling fee, then take advantage of the 0% interest on the card that has £400 out? (plus the transfer fee too actually). I bet I won't even be allowed a credit card to begin with
