Withdrawing money from a credit card - anyone tried this before?

cha0s

I have an idea and was wondering if anyone has tried this before.

I have a national lottery account which allows you to fill up the account with money by taking payments from a card. It also allows you to recredit the funds, would it be possible to draw funds from a credit card, and then recredit the funds to a debit card? or would the national lottery card payments not be classed as a purchase? I want to take advantage of the interest free period on the card and draw the whole amount of credit as cash and stick it in a savings account. Obviously without incurring cash withdrawal fees.

thanks,

Rav

Ebe_Scrooge

You need to check the T&C of your credit card very carefully. I know that most cards class gambling sites as cash withdrawals so you incur the withdrawal fee + interest from day 1. I would expect lottery to be classed the same way, but you should be able to find out if you check your T&C carefully, or else give the card company a call to clarify.

cha0s

thanks for quick response. I have M&S, Halifax and Natwest credit cards, unfortunately I'm at work at the moment so cant check the T&Cs! cant wait to get home and see :j

[Deleted User]

Hi,

how much do you expect to make in interest in a year?

cha0s

im hoping to make at least £1000 interest by applying for loads of cards and getting limit increases as high as possible. currently got 20,000 credit on cards in total and will be applying for a lloyds tsb card soon. i would estimate £400 at the moment but the more credit i get the more interest i'll earn (factoring in repayments)!

malcolmffc

Sounds like an excellent way to get investIgated for money laundering

chattychappy

Usually re-credited amounts must go to the original card. Buy on CC, refund to CC.

Don't know if the Lottery works like this, I suppose it does.

YorkshireBoy

I know of no cards that allow cash transactions both fee and interest free (you can get one of the other with some cards).

But, why don't you try a £1 test transaction from each of your cards?

The worst that can happen is you lose £9 (in fees) plus interest at circa 27.9% APR.

Come back and let us know...how much you lose.

By the way, how long have you had your M&S card?

Curr946

You can only have one card registered, but i guess you could top up the lotto account, change the card and then make a withdrawal.

Your overall plan just seems very risky.

OllyM

The National Lottery website doesn't accept credit cards so this is a pointless discussion anyway.

cha0s

ohhh nooo my plan has been foiled, just tried to change my card on the account, it will not let you change the card until the account balance is 0 so i would have to recredit the amount to original card or spend the outstanding balance! ollym yep you are right, waste of time!!