pay via 0% card and then withdraw to bank?

stevo84_2

Following on from a recent post I am wondering whether there are any online companies (i.e. paypal, bookies etc.) where we could load in funds via a 0%

I have looked in to paypal To prove whether we could use paypal to obtain cash from a 0% on purchases card I sent a friend a £1 payment via paypal. 50p was already in my paypal account, the other 50p was taken from my card. He was charged 23p in fees. I then got him to refund me, this process also refunds his fees. I was refunded the full £1 back, however paypal being very astute sent 50p back to my paypal balance and 50p straight back to my card !!

The test did not cost anyone a penny and clears up a couple of things.

If they sent the full balance back to my paypal account i could then have pulled the balance in to my current account and wolla, cash at 0% with no fees. Not quite. I think paypal must have realised how this could have been abused (costing them lots in merchant fees!)

I have also tried this through betfair, however betfair only allow you to withdraw finds to a bank acc if you have withdrawn an ammount equal to or greater than the original deposit to a credit card first. This means that you can load in £100 from a card and withdraw that straight back to the card, but not to a bank account.

If anyone has any ideas as to any other ways of getting cash out of a 0% on purchase card it would be appreciated.

Only reason I am asking as I could do with some cash to purchase a car, however I can not realy apply for an egg money account as I have received 2 new credit cards, just setup a morgage and setup a small loan all within the last month and do not realy want to be declined the egg money card which I may get in a couple of months time.

Many thanks in advance!

Steve

doingwhatican

Be careful when you pay money into your betfair account from paypal. If your credit card was used as the funding source then you will be charged a cash handling fee by them. I found out the hard way.

stevo84_2

yer I know a mate who was stung doing a simmilar thing with bet365 i think. I load funds straight off a card in to betfair, however you can only withdraw those funds back to a card not to a bank, theyve got all angles covered!

InMyDreams

stevo84 wrote:

Following on from a recent post I am wondering whether there are any online companies (i.e. paypal, bookies etc.) where we could load in funds via a 0%

I've been meaning to post this on here and the matched betting board for a while now. In fact I think I'll go do that now...

If you load up befair via BT click&buy, there is currently a promotinal period (until 9th July, after which this method of funding betfair will cost you, but at the moment it's free). I did this earlier this month for the bet&win promotion and used my Amex card. It was treated as a purchase by Amex (so I got my cashback registered) and didn't cost me anything. I've had a statement since and no interest charged.

I only matched one bet that time and then downloaded the lot back into my bank account. Actually only managed to download half of it and am still waiting for the rest as I won that bet at the bookies, losing half the betfair balance to them who are being very ssslllloooowwww getting it back to me. But hopefully any day.

This is probably only of any interest to those who do matched betting who know what I'm talking about though. But I can confirm that betfair were happy for me to download back to my bank account. Don't know whether I could have just done that without doing a bet though (which would have made the process a very quick one too - just a couple of working days - betfair are very fast and the BT click&buy transaction took a few hours) but I don't see why that would make a difference. Net result, once I get my cash back from bet&win, about £500 moved without charge from my Amex card to my bank account in just a few days. Well it would have been if I hadn't won at ***** bet&win. Can't see that this wouldn't work for a o% card.

Only problem is that the max transaction amount is £499, but I don't think there's a limit for how many times you do it. Dunno how much activity it would take to flag anything suspicious up. It did occur to me though that it would be quite a neat way of getting my HSBC cards back up to their cl as the 0% for BTs and for purchases was all but the same.

HTH,

IMD.

stevo84_2

IMD,

thanks for that, sounds very useful as I use betfair too and could do with exchanging credit to cash freely !!

Could you explain a little how BT click&buy works as im new to this and never heard of click&buy before...?

Cheers again!

Steve

InMyDreams

http://www.btclickandbuy.com/

It works very much like paypal. You upload money to betfair via the c&b link from the usual uploading page and then c&b draw the money from which ever card/account you've determined. Or I think you can even have the amount billed to your BT bill.

IMD

stevo84_2

ah I see,

sounds very usefull indeed! :cool:

So how does the transaction appear to the relevant card..? as a purchase or a cash advance?

InMyDreams

stevo84 wrote:

So how does the transaction appear to the relevant card..? as a purchase or a cash advance?

As I said on my original post, on my Amex it appeared as a purchase, complete with cashback points recorded. I've had a statement since and definately no sign of any interest charged. I wouldn't actually know what a cash advance looked like on a credit card statement as I've never done one, but this transaction looked and acted like all the others. I haven't paid a penny.

Obviously can't speak for all cards, but I see no reason why they should be any different. If you're unsure, just do a small transaction first. I did a tenner before I did my £499 one.

stevo84_2

thanks again IMD, I will try it with a tenner and then give it a month to make sure no charges / interest has been imposed then take it from there !

thanks again for your help
Steve

ozmoneysaver

If this actually works out cost-free, couldn't you just cycle the money through, then put it back on amex and start all over earning points for nothing? Sure the points take a long time to accumulate to something useful, but from the sounds of things this would take 10 minutes out of a day to action. Maybe worthwhile...

Thoughts anyone?

stevo84_2

have tried loading straight in to BF and mint have classed this as a cash advance! worth trying with a small ammount but be very careful !