credit cards

[stephen2504]

ive just received two creditcards one each from two different companies can i withdraw 2000 from 1 and then use the other one to transfer the balance to and use the 0 percent balance transfer option

[VillageVicar]

Well, I live by the adage that it's much easier to get forgiveness than it is to get permission! The simple answer is yes, you can. However, that large a transfer will clearly be reflected on your credit report as a loan. Consequently, it 'could' affect any potential other loan or financing events you may be considering. I would also caution you to pay close and specific attention to the terms relating to 'cash withdrawls' which is what this is. You may find that there are fees and interest which compound from the very day you take the loan. Bottom line, in Latin: Caveat Emptor! Buyer Beware! good luck!

[Ethel]

Yes, withdrawing cash will incur fees - and it there a fee for balance transfers? Very often it is 3%, which would amount to �60.

[stephen2504]

what would be the best way to get 2000 from my credit card into my current account without getting charged