Free credit card cash transations

Litotes

A word of warning before we begin - only use this technique if you are disciplined... it can cost a lot of money...

Many casino sites allow you to load your account with a credit card...

Many credit cards do not count this as a cash transaction and therefore do not start to charge interest immediately

Many gambling sites allow you to refund any winnings to a different card...

Therefore it is possible to load a casino account from a credit card and immeditately refund to your bank account - thus freeing up immediate cash.

This is not a recommended practise if you are short of money permanently, but can be used in cash flow emergencies and also to get your spend up on a credit card if you get cashback on the level of spend...


Comments?

Milarky

Can you specify any cards which you know do work in this way at present? These types of transactionsare being highlighted increasingly by credit card terms & conditions [i.e. as exclusions from the normal interest-free period on purchases]. If you can provide such a 'list' we can monitor those cards' terms from time to time to see if they would still apply.

More generally, things like this are of use where you already have a card - they would not be a reason for taking out such a card. It would do little harm, I suspect, if one were to phone up customer services and get them to confirm whether any restriction currently applied to casino transactions - if they say 'no' it should then be safe to use the card in this way at least for the current statement period.

johnllew

Perhaps you could tell us, in your experience, which casinos allow this and which credit cards do not treat such deposits as cash advances.

Litotes

In my experience, SportingOdds is a casino site which allows account loading from a credit card, and refund to another card or bank account.