Cash from credit card

crystaltips_68

I KNOW this is a really stoopid question, but i have never had a credit card before, so please excuse my ignorance! How do you get cash from a credit card?I need a short term loan (cash to pay a tradesman) and this seems like the best bet! Thanks!

CLAPTON

no stupid questions and the answer isn't obvious and depends on which CC you have.

how much do you want ?
how long do you want it for?
which CCs do you have?

-most credit cards allow you to withdraw cash at ATMs .. however, this is expensive as you typically pay a 2-4% charge plus high interest rate from the day you withdraw. Also you can typically only withdraw 2-300 per day and some cards have low limits for cash too

-some card you can do a BT to your current account .. typically MBNA stable of cards plus a few others... you normally pay a one of fee 3-4% and the you pay BT rates of interest.

Fairzo

It's really only the best bet if you have just about no other option. You would be charged a fee and then high interest on the cash. If it was taken from a card where there was already a balance for purchases then that would be paid off first with the cash advance interest continuing to rack up. So don't think of it as a short term loan unless it's the only thing on the card and you can pay it off very quickly.

Avoid like the plague if you can. If you can't then you use it at a cash machine with your Pin.

Fruit_and_Nut_Case

crystaltips_68, how well do you know the tradesman? You could possibly offer to pay for his shopping using your CC up to the value of what you owe him. That wouldn't count as a cash advance.

Note: There may be tax/VAT implications to this plan so it might not be practical from that point of view. I don't know.

davethorp

Does the tradesman not have a paypal account or the like you could send a CC payment to? Also these days it's possible to get apps for smartphones that act as a CC terminal allowing tradesmen and the like to take CC payments when they couldn't previously

crystaltips_68

I need about 2.5k, can pay it off in about 6 months, and have no cc's. I have one store card though, the dorothy perkins/evans etc card.

I like the paypal idea, how much would the fees be on this payment? I am paying £1500. Can i transfer the other £1000 to my bank a/c via paypal to clear my overdraught??

The next thing is which cc to get!

Thanks all, you have been a big help.

crystaltips_68

Or how about a paypal cc? Are these any good? Would i be able to transfer money from cc through paypal to my bank ac?

lisyloo

Paypal would be a bad idea because of fees.

Have you asked the tradesman what forms of payment he takes?

What is your credit record like?

When do you need the money? Do you owe it already?

It will take a few weeks to apply for a CC.

Could you borrow from family or friends? (there are downsides to this e.g. you lose your job and it's put a great strain on the relationship when you can't pay back).

You can do a super balance transfer to your bank account IF you have a few weeks to spare and IF you credit rating is good.

crystaltips_68

Thanks Lisy. The tradesman wants cash, the job is being done in 2 weeks, and i cant borrow from family and friends. Oh, and my credit rating is excellent.

lisyloo

Why have you booked a job without being able to pay for it??
It's clearly not an emergency as you can wait 2 weeks.

You can apply for one of these cards and then transfer the money to your bank account. There are some fees (about 4%) but no interest (assuming you meet payment schedule).
http://www.stoozing.com/sbt.php

I doubt whether you will get a card approved AND a balance transfer done within 2 weeks though. You might get it done in 4.

I think you might need to either move the job or ask your bank for a loan unless he'll wait for payment, but most tradesmen wouldn't.

crystaltips_68

It is an emergency as the drains will last the 2 weeks without being blocked, but will then need attending to by dynorod, so i will have another fee to pay to them, as well as the tradesman. I can borrow the money from my back immediately, but i dont really want a loan that will drag on, so i am investigating other means.