Cheaper way to withdraw cash from credit cards

denys

Debenhams “Travel Money” Cirrus card issued by Clydesdale Bank.

Particularly useful for those who don’t have “mule” cards and need to withdraw cash from cards with high cash advance interest, but cannot afford to pay interest. Also it can be used to take advantage of purchase promos by withdrawing cash.

Cirrus cash card (MasterCard) preloadable via credit/debit cards
Transactions to load it appear as PURCHASES on your statement (confirmed over the phone only – I am still waiting for my card and transaction to show online)
Maximum balance of £1000 (no charges for reloading maximum reload amount is obviously also £1k)
One off card fee of £10 (for a new card)
Charge £1.50 per withdrawal, £500 daily limit – effectively 0.3% if withdrawn by £500 at a go (e.g. LloydsTSB machines)
Easy to get – only ID CRA check (again only confirmed over the phone)

Direct: http://www.debenhams.com/site_services/article_summary.jsp?FOLDER%3C%3Efolder_id=8110895&bmUID=1130845842414

T&C: http://www.debenhams.com/site_services/heading_summary.jsp?FOLDER%3C%3Efolder_id=8111469&bmUID=1130845972664

Seems to be a very good cash withdrawal alternative as “usual” credit cards cash withdrawal charge is 1.5% (min £2) plus no interest free period. If someone has more time please research it further.

Rafter

Denys,

Looks a lot worse than say the Nationwide debit card for overseas use (they do a cirrus cashcard only version too) and this doesn't seem to be a credit card as such?

The cash conversion fee is 3.5% where most credit cards are 2.75% (Nationwide 0%)

It doesn't really seem to be a credit card, just a very expensive pre-loadable travellers cheque alternative but at a much higher cost?

Am I reading the links wrong or something?

R.

grumbler

Rafter wrote:

Looks a lot worse than say the Nationwide debit card for overseas use... It doesn't really seem to be a credit card, just a very expensive pre-loadable travellers cheque alternative but at a much higher cost

*As I understand* Denis does not mean to use the card abroad. Money is supposed to be withdrawn in UK, but without incurring cash withdrawal fee and higher interest rate on CC from the day of transaction.

Galstonian

2.2. ...The Card is not a credit card, charge card or debit card....

I think that may prohibit balance transfers.

5.1. The Card is intended for use outside of the United Kingdom..

They could get stroppy about UK use.

6.1 You may reload your Card by telephoning the Debenhams Travel Money Order line on +44 (0)207 529 0710 between 9.00am and 5.00pm Monday to Friday and making payment over the telephone.

Don't see anything make it look a BT will be accepted.

I'd give this a miss but if anyone does try it please let us know how it goes.

Rafter

But you are not getting cash on credit.

This is a pre-loadable card.

It is trying to get travellers cheques customers to switch to something that costs a lot more than just using your debit card overseas.

I accept you could save money on cash withdrawls from a credit card and even get interest free credit on cash, if it really does appear as purchases.

I'd see clydesdale/debenhams closing that loophole though if people started to use it a lot for that purpose.

R.

denys

Rafter

Sorry for a messy post (if it is – short on time here - Friday). Surely I am not trying to advertise this facility to be used us a travel money card - ridiculous foreign commission charge (3.5%), when most cc charge 2.75% or less. It is a new way to get cash paying (or not) only purchase APR and obviously having advantage of interest free period. Most institutions if provide similar facilities tend to lock your cash card to be used with only one credit card in order to avoid MSEs using it for OTHER purposes, which seems NOT to be the case with this product.

Example: VERY high APR 29.9% with no interest free period (CapitalOne) cash advance of 1k costs £15 plus daily APR, where this facility charges £3 with up to 54ish-whatever days interest free.

Galstonian

NO BTs obviously. UK use not encouraged but neither prohibited in T&C. No need to bother if you have cheaper ways to get cash from cc (Egg, MBNA …). Good for people with no such facilities. Can save them quite a lot of money.

denys

OK. I hope THIS is clear: It is like having your own merchant account which accepts any credit cards without your provider bank filtering transactions from your OWN credit cards BUT MUCH CHEAPER and FASTER.

P.S.
I think that the change in T&C is on its way.

Rafter

Yeah - sorry Denys

It has been a long week and I was struggling with your post at first!

Get you now and agree it could be a cheap way of getting cash from a credit card without incurring immediate interest or cash withdrawl fees.

Also agree this is the only thing it should be used for, and if used as intended as a travellers cheques or debit card replacement overseas it is a complete rip off!

Sorry for being a bit slow!

R.