If CC is in credit can I withdraw cash...??

sianie9

My CC is in credit by £5.00 - my fault because I paid it in full the day before the DD for the minimum was due - the DD was taken because I hadn't left enough time for the payment to register. Can I simply withdraw this money from a cashpoint? If the card is in credit they can't charge me interest surely?? Normally I would just wait until I need £5 for something and pay it on the card but I'm just curious about whether this would work?

lisyloo

All of the cashpoints I go to, don't do fivers.
But you'd also need to check for cash withdrawal fees.
Which card is it?

CannyJock

sianie9 wrote: »

My CC is in credit by £5.00 - my fault because I paid it in full the day before the DD for the minimum was due - the DD was taken because I hadn't left enough time for the payment to register. Can I simply withdraw this money from a cashpoint? If the card is in credit they can't charge me interest surely?? Normally I would just wait until I need £5 for something and pay it on the card but I'm just curious about whether this would work?

Lol, no, it wouldn't work.

They can still charge you a cash advance fee.

Just spend it next time you need to pay for something.

sianie9

Thank guys, hadn't thought of that! Will use next time I go shopping!!

TheLazyOne

Or call them up and ask for a credit balance refund

lisyloo

I can't believe it's really worth doing that for £5.
Some companies take 6 weeks to raise a cheque (others are quicker) but surely it's easier to spend it on food//petrol.

b33

yeah just buy something, maybe 5 lotto scratch cards?

property.advert

Years and years ago, I used to use CC companies in reverse in exactly the way the OP describes. I would load up CC accounts with funds, well into credit and then use it as cash advances. In those days, we certainly were not charged as we were only taking back our money and not borrowing it.

The argument, though we never needed to use it, was that CC companies don't actually pay the people where you use the card for much longer than the 56 days they give you "interest free". Only when you get a cash advance is there a gap in their funding as they have advanced funds and thus incur funding costs.

What the situation is today I do not know but I believe Mastercard stopped taking credits back to their accounts from some sources in the last few years. Betfair is one of them.

welshmoneylover

I've often wondered about pre-loading a cc before going abroad then withdrawing money whenever needed.

Would I be charged a cash advance fee at all?

exel1966

Small overpayments of accounts putting them into credit are part n parcel of credit card life due to mis-calculations, but purposely pre-loading a card with an unusually high amount is not a wise move at all. Many people here have done it and found out to their cost just what a mistake it can be.

Many card companies will block accounts (at any time) with unusually high credits, some will charge you to withdraw your OWN cash and more importantly you won't be covered under the CCA.

welshmoneylover

thanks excel1966. I knew a few people have tried it but wasn't sure about the outcome of it all.

I'll stick to nationwide for my hollibobbies from now on!