Exract cash from a CC, not cash advance

Trajan

Hi to all

I am in need of £300 urgently. I only got a credit card that I can possibly make cash.
I used my OD and have a loan with my bank. Basically, the only way left is to use my CC to make a purchase and resell that product again either to the owner or someone else. Does anyone know the best options to extract cash from a CC by making a purchase?

lisyloo

If you have friends or family that could help you i.e. can pay in cash, then pay for their goods on credit and get them to give you cash.
e.g. go to the petrol station with them and get them to give you cash whilst you pay for their petrol.

Kavanne

lisyloo wrote: »

If you have friends or family that could help you i.e. can pay in cash, then pay for their goods on credit and get them to give you cash.
e.g. go to the petrol station with them and get them to give you cash whilst you pay for their petrol.

You can't get cashback from a credit card when making a purchase in a shop.

Some credit card companies allow you to do a money transfer. This involves transferring money directly into your current account for you to use with your debit card/withdrawal. You will need to call your CC company and ask if they do this and what interest/charges you will pay on it.

lisyloo

You can't get cashback from a credit card when making a purchase in a shop.

That isn't what I meant.
What I meant was, travel in the car with your mum/dad/brother/sister/friend to the petrol station.
They put £40 worth of petrol in their car.
You pay by credit card.
They give you £40 cash.

Of course you need family/friends who don't mind paying by cash to help you out, but everyone needs to make at least food purchases and a lot of people need petrol.

Moggles_2

Which credit card do you have at the mo?

NickX

Moggles wrote: »

Which credit card do you have at the mo?

Yep, I was just going to ask the same thing. If by chance your card is an MBNA, Egg or Post Office card you may be in luck.

Alternatively have you any family or friends with an Egg Money card that would let you use to route the funds through to your bank account ?

LongTermLurker

Trajan wrote: »

Hi to all

I am in need of £300 urgently. I only got a credit card that I can possibly make cash.
I used my OD and have a loan with my bank. Basically, the only way left is to use my CC to make a purchase and resell that product again either to the owner or someone else. Does anyone know the best options to extract cash from a CC by making a purchase?

The obvious comment to make is that you're currently at the extent of borrowing with your bank and now you need £300 from the card - will you be able to pay back the £300 at the end of the month? If not, you'll start paying high interest rates and you could be on a downward spiral. Don't treat layers of debt as an easy option.