Withdrew lots of cash on my credit card!!!

R00STER00

YorkshireBoy wrote:

Question to the OP...

Which are the cards that you've applied for? I ask because unless you they're SBT cards, then I'm struggling to see how you're going to turn the credit limit into hard cash to settle your cash advance (which, by the way is probably incurring £35-40 a month interest).

Could he not just do a normal BT to the new card from the one he got the cash advance from?

YorkshireBoy

R00STER00 wrote:

Could he not just do a normal BT to the new card from the one he got the cash advance from?

Yes, I've just edited my post (was hoping to do it before someone noticed!!) - don't know what I was thinking about - sorry.

daveboy

As there is a limit per day on the amount you can withdraw (at a guess I'd say £500 but it could be more or less than that), your card statement is going to have a lot of lines on it when you get it!

As I see it, you must have gone to a cashpoint 6 times and will possibly get charged the fee on each one.

Maybe I'm wrong on this but to me it'd take you nearly a week to withdraw £3000 in cash, and that is bizarre.

YorkshireBoy

daveboy wrote:

As there is a limit per day on the amount you can withdraw (at a guess I'd say £500 but it could be more or less than that), your card statement is going to have a lot of lines on it when you get it!

As I see it, you must have gone to a cashpoint 6 times and will possibly get charged the fee on each one.

Maybe I'm wrong on this but to me it'd take you nearly a week to withdraw £3000 in cash, and that is bizarre.

I've just checked my own bank provided credit card's T&C's and the withdrawal limit seems just to apply to ATM's. ie, it's possible that you could withdraw the full £3K in one go "over the counter" at your own branch.

"There will be a maximum daily limit on Cash Advances via automated teller machines."

daveboy

I stand corrected on that one then, thank you YorkshireBoy.

I'm so unlikely to withdraw cash on a credit card I never even realised you could go into a bank (if it is a high street bank credit card) and get the money that way.

Even doing it over the counter, I bet if that is the case the person who served the OP would have been scratching their head afterwards!!!

YorkshireBoy

daveboy wrote:

I'm so unlikely to withdraw cash on a credit card I never even realised you could go into a bank (if it is a high street bank credit card) and get the money that way.

I'm (almost) ashamed to say I've done it myself back in the dim and distant early 80's - although not to the tune of £3K! Thankfully they were only "7 day loans" until pay day, and I was able to keep it under control.