Making easy money from cashback credit cards???

rakesh_2

Hi everyone

After reading some of the threads on here in regards to cashback credit cards i was wondering how you can make money without "buying" anything. For instance there are plenty of betting websites where you can deposit money from credit cards. So if i was to deposit £1000 from either of the cashback credit cards [Amex, GE Money] into Betfair or even IG Index - can you still get cashback?? The idea is to transfer £1000 each time and then transfer it back to the credit card without really purchasing anything and still get "cashback"........

Or is the above just wishful thinking???

The_Boss

I believe some credit cards would see that as a cash advance and charge a higher interest rate from the moment that the transfer was done.

A cashback loophole is transfering from one 0% credit card onto egg money, and then from egg money into your bank account - egg will give you 1% cashback for that.

PBA

Plus the bookes would be paying a fee each time money got transferred in, so your account would be closed down pretty swiftly if you were transferring money in and out without actually gambling any of it.

asharon

it used to work with egg this way a bit, but I don't think it does anymore. But you had to wait a month to get the money back or it cancelled out the deposit.

M_Thomson

rakesh wrote:

Hi everyone

After reading some of the threads on here in regards to cashback credit cards i was wondering how you can make money without "buying" anything. For instance there are plenty of betting websites where you can deposit money from credit cards. So if i was to deposit £1000 from either of the cashback credit cards [Amex, GE Money] into Betfair or even IG Index - can you still get cashback?? The idea is to transfer £1000 each time and then transfer it back to the credit card without really purchasing anything and still get "cashback"........

Or is the above just wishful thinking???

None of the betting websites will accept Amex as a payment. Most Visa or Mastercard issuers are now starting to charge fees and interest on betting transactions which are the same rates as cash advances. IE Very expensive!!!

rakesh_2

How about transfering money from the GE Credit Card to IG Index, Cantor Index or even City Index. I use my HSBC credit card to transfer money in and out to the above organisations without any fees @ all.......

I think the best way to find out if you get cashback is to try. I am also thinking of transfering money in and out with my Sky Card so that i can maximise the amount of Sky Points i can get....will keep you posted guys