Credit Card -> Bank Account

TMPilot

Is it possible to get some money from a credit card to my bank account to cover some due direct debits?

Thanks.

1jim

you could probably withdraw money from cashpoint from credit card and payit into your current account but you would have to be mindful of the charges that your creditcard company would charge for this cash advance

TMPilot

My initial idea was to send it to a friend on Paypal, and have him send it back. Then withdraw it to my bank. But this would take a lot longer.

Thanks.

Moggles_2

May I ask which credit card is involved?

CannyJock

TMPilot wrote: »

Is it possible to get some money from a credit card to my bank account to cover some due direct debits?

Not without incurring fees. And timescales aren't guaranteed. Don't try and withdraw cash from a credit card at a cash machine or you'll get hit with crazy interest. Some cards allow, but you need to answer Moggles question for more help on this I think.

TMPilot

The card is natwest student credit card.
There is a 3% cash advance fee and the monthly interest is 2.075% rather than 1.456%.

abinanthanb

TMPilot wrote: »

My initial idea was to send it to a friend on Paypal, and have him send it back. Then withdraw it to my bank. But this would take a lot longer.

Thanks.

Is this feasible without incurring any fees/charges?

Moggles_2

TMPilot wrote: »

The card is Natwest student credit card.
There is a 3% cash advance fee and the monthly interest is 2.075% rather than 1.456%.

I've no experience of the student card, unfortunately.

With NatWest, you can normally request money transfers to your current account over the phone. These are fee-free, but interest at your standard purchase rate accrues from day one. Also, you're restricted to 50% of your credit limit.

That said, student cards are often subject to separate conditions, so check Ts & Cs carefully.

As above, I wouldn't withdraw cash from an ATM - particularly if there's a balance on the card - not unless you have money to burn :eek:

TMPilot

abinanthanb wrote: »

Is this feasible without incurring any fees/charges?

Yes. I have a business account and withdrawals over £50 are free, and no commision is payed for sales over £50. It's just that paypal take a while to withdraw money these days.

It seems that if I withdrew £500, I would be charged £15, my minimum payment would be £12-£13 and the interest would start at around £11/month.

That doesn't seem too bad as I don't plan on paying this long term, it's temporary and will be payed off in 2 months.