Just reading up on this with my Macquarie VISA (I'm looking at alternate ways for a deposit!) - you can take your card into any Bank that accepts Visa and withdraw a maximum of $5000 out over the counter. Just need to provide photo ID.
YMMV.
Deposit using CC? Is this scenario possible?
- Thread starter Electro
- Start date
Just reading up on this with my Macquarie VISA (I'm looking at alternate ways for a deposit!) - you can take your card into any Bank that accepts Visa and withdraw a maximum of $5000 out over the counter. Just need to provide photo ID.
YMMV.
My 5 cents on Balance transfers/cash advances
CBA Credit cards have no restriction on cash advance limits. Also quite competative cash advance fee of 1.25% some are 2-2.5%
You can often balance transfer onto an existing card without needing to apply for a new card! CBA for example will allow upto 6per year
SO if you were to have 2 cards that you kept open you could balance transfer between them without this showing on your credit file(the balance transfer is just a payment to your other card, it doesnt reflect on ur credit file only the initial application for the card itself does)
Having the two cards open to balance transfer between may hinder your servicability but will atleast limit the activity on your credit file. Draw back may be that the 2 banks choose may not always have the most competative balance transfer rate.
PAYMENT ALLOCATION- something else to keep an eye on, lets not forget that your payments to your credit card will pay off the outstanding balances in a particular order. Can be easy to contaminate the credit card if have purchases on it also....as your payments will more than likely pay the balance transfer portion prior to the purchase portion of your balance so you could be stung with high interest on your purchases.
Good luck though!
(this is my first post i will introduce myself later )
CBA Credit cards have no restriction on cash advance limits. Also quite competative cash advance fee of 1.25% some are 2-2.5%
You can often balance transfer onto an existing card without needing to apply for a new card! CBA for example will allow upto 6per year
SO if you were to have 2 cards that you kept open you could balance transfer between them without this showing on your credit file(the balance transfer is just a payment to your other card, it doesnt reflect on ur credit file only the initial application for the card itself does)
Having the two cards open to balance transfer between may hinder your servicability but will atleast limit the activity on your credit file. Draw back may be that the 2 banks choose may not always have the most competative balance transfer rate.
PAYMENT ALLOCATION- something else to keep an eye on, lets not forget that your payments to your credit card will pay off the outstanding balances in a particular order. Can be easy to contaminate the credit card if have purchases on it also....as your payments will more than likely pay the balance transfer portion prior to the purchase portion of your balance so you could be stung with high interest on your purchases.
Good luck though!
(this is my first post i will introduce myself later
)
