Cash back credit cards, would this work?

mozza11

I had an idea and I'm not sure if it would work. I'd appreciate any input on this.
Step 1. Get a cash back credit card eg Amex platninum, 5% cashback to a maximun spend of £4000.
Step 2. Sign up to one or more internet Bingo sites eg Butlins bingo, Virgin Littlewoods etc
Step 3. Deposit money into your Bingo account with the Credit card, thus counting as spending the money and earning 5% cashback.
Step 4. Withdraw the money from the Bingo website back onto the card.

I know you could just get the card and use it day to day and accumulate cashback that way but this seemed like a quick and easy way of making £200 to me. This is if it works. I only thought of it yesterday and havent got my cashback card yet. Presumably if it did work you could get all the cash back cards available and do the same thing. Anyone tried this or have any ideas?

Steve

NickX

The problem is that most Credit Cards treat gambling transactions as Cash Advances.

This means there is a transaction fee and interest charged from the date of the transaction. I don't even know if cashback will be paid on Cash Advances, I suspect not.

So, if you do try this, then I would make sure with your card provider that the transaction won't be classed as a Cash Advance.

latecomer

A lot of credit cards will treat a gambling deposit as a cash advance which is excluded from cashback so I dont think it would work.

From terms and conditions:

No rebate is payable on cash withdrawals,

mozza11

Typical, thought it was too easy. Thanks for the feedback.

jonesMUFCforever

Not only would you not get any cashback but it will end up costing you a fortune - cash advance fee of 3% and interest on the amount borrowed at a higher rate than purchases until your whole balance was paid off.