Citibank have told me I can get a cash advance on my backup Citibank credit card with 0% for 9 months. I don't have any debt other than the home loan and they won't give me a check for this ofdfer. I want to find a way to utilise this offer but don't know how. I could transfer it to another card to get it to positive balance, but then I would need to pay 2% cash advance fee which would wipe out most of the saving.
Does anyone have any ideas on how to get the money onto my home loan?
Yes that is the only option I could think of but it is the 2% cash advance fee that would be the killer.
I am a bit confused. I think you will need to read your cards terms and conditions to determine when the 2% fee does and doesn't apply.
The deal is for a balance transfer, so I need to transfer it somewhere. All the other credit cards I have seem to have a 2% cash advance fee, so I am looking for another way of getting the money to my home loan the money without having to pay cash advance fee.
I know (from experience) with Bankwest, that if I have a positive balance and transfer it off to a regular savings account via internet banking EFT transfer, there is no cash advance fee as long as I am in the positive before the transfer, and positive afterwards (last time I did it to $1 positive to be safe).
From there - transfer against your home loan.
Also - what citibank card have you got to get this offer? Are you an existing customer or a new customer?
I am an existing customer. The offer is on the signature VISA. I might give it a try and put a card into the positive then do a transfer. I remember trying to do this years ago (like 10+ years ago) with ANZ and I couldn't do it.
FYI - still works with transferring excess funds off Bankwest credit card. I did it yesterday with the proceeds of Citibank BT.
Had a positive balance at the start of yesterday, transferred out majority of positive balance, and finished yesterday with a positive balance still. No cash advance fees charged.
Could only manage a 6month BT @ 0@%, but still can't argue!
Which company is your other card with ?
I have:
Citibank x 2
Commonwealth x 1 (opened for a free money promo and needs to be closed soon)
Westpac x 1 (opened for a free money promo and needs to be closed soon)
ANZ x 1 (opened for a free money promo and needs to be closed soon)
StGeorge x 1
HSBC x 1 (may have been closed)
The only one I can't see the cash advance fee for is HSBC, the others all seem to have 1.5% -2%.
Use internet banking for the Cash Advance the next day, after the Balance Transfer has gone through. ANZ will charge Zero, CBA $2.50.
If the account (based on transactions processed by ANZ) is in
credit balance at the time we process the cash advance, the
credit amount will offset the amount of the cash advance in
the calculation of the 2% fee.
A maximum charge of $150.00 (or a flat fee of $2.50 applies if your closing balance on previous business day was in credit).
Thankyou! I will have to look more closely.
I think withdrawing money out of an ATM on a credit card is a cash advance. Could you do this and than deposit it into your other account at a branch?