Is it possible to do a Cash Advance on an existing Credit Card, and then pay it with a Balance Transfer 0% offer on ANOTHER Financial Institution's Credit Card as a new customer?
By the way The Greater Building Society's C.C. 11.50% interest rate looks pretty good for Cash Advances - http://www.greater.com.au/Credit-Cards/The-Greater-Visa-Cred…
You might still incur some interest between the time of the cash advance and the balance transfer.
I don't believe most providers ask for statements on the outgoing card. A balance transfer is pretty much just treated as a bpay to the other card, so you could do the balance transfer, and then a cash out and thus avoid the bulk of the cash advance fees/interest. Not 100% sure if this works with all lenders or not though.
So you can do a balance transfer to an old credit card without actually proving how much you owe on the old credit card??? I had assumed that you had to prove your debit balance on your old credit card before they would transfer funds to it!!
I have done many balance transfers that take the credit card into the black (by a lot). The surplus funds then get transferred to my mortgage with the same bank.
By changing the order of plan, you can avoid interest payments on the cash advance!
THAT'S INCREDIBLE! BankWest Breeze MasterCard offers a Balance Transfer rate of 0% on balance transfers for 13 months! Money for nothing!
get a card for $20,000. put that on your mortgage for 13 months less 1 day. save $800-ish. use savings for holiday to SE asia. awesome, scoresome
Ah! you've noticed that I go to SE Asia!? Hehe! I am going to get the cash advance and bring forward my contribution into Super and then roll it into an allocated pension before the end of this year. At the end of the year life expectancy tables are expected to change, and new rules for new allocated pensions being counted in assets tests for Age pensions. It all happens too soon for all of the young pups out there though. ( I had better do an ozbargain 'heads up' alert about this in case older bargainers are interested)
When I performed my balance transfer, I had to pass on all the account details to the new "lender" and they sorted it out with the old bank.
Hi Peck,
I have often thought about doing this, and was wondering if it would work. I can't see why it wouldnt. Let us know how you go