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

biscit

cha0s wrote: »

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

I'm confused, I didn't think the National Lottery accepted credit cards on their online accounts, I thought it had to be a debit card.

ChopperST

Also bear in mind that cash advances on a credit card are not that good for your credit rating.

lisyloo

Also bear in mind that cash advances on a credit card are not that good for your credit rating.

Thanks for the info. Can you embellish this a little?
Were does this info come from?
Are those of us who withdraw for foreign use really at risk of lowering our credit rating?
Soruce please.

alexanderalexander

malcolmffc wrote: »

Sounds like an excellent way to get investIgated for money laundering

Check the stoozing article and the stoozing subforum on this website. You'll find that many people do this sort of thing, and it's pretty much impossible for CC companies/authorities to tell whether you are stoozing or whether you have just gone on a genuine spending spree. Also, how would withdrawing money aid a money launderer? They generally need to get rid of money, not gain additional money.

I agree that checking whether the National Lottery site accepts credit cards is part of the basic research for a plan like this, but remember not everyone is all that experienced with the credit/debit card game so it's an understandable thing for a newbie to miss.

Also, in principle, the OP's idea isn't too off the wall – there are lots of slightly tricky 'fast stooze' manoeuvres out there, such as using 'mule cards' and going down the M&S/Tesco travellers' cheque route.

OP – to give some constructive advice, I think the others have already explained why your idea won't work (also bear in mind the advice that even if you find gambling sites which do accept credit cards it will count as a cash advance). I would recommend that you look at the stoozing page on this website and the stoozing subforum, as that covers all the normal stoozing methods. You may be interested in going down the Tesco / M&S travellers' cheques route (do some searches to find a description of that technique).

OllyM

lisyloo wrote: »

Thanks for the info. Can you embellish this a little?
Were does this info come from?
Are those of us who withdraw for foreign use really at risk of lowering our credit rating?
Soruce please.

Most credit card companies report extended info to the credit reference agencies nowadays including the number of cash advances and the amount in each statement period. They also report if you are on a promotional interest rate, how much you have paid off and if you only paid the minimum payment.

Unless you're withdrawing thousands month after month I doubt it really makes a difference. Credit card companies usually profit from cash advances so I doubt they want to discourage it too badly

lisyloo

So, people taking out cash advances a couple of times a year for holidays and paying it right back shouldn't have too much to worry about?
and Choppers post is simplistic at best and perhaps a little misleading?

Venusflytrap

I wouldn't think so esp. if there was some way of reporting this i.e, where a customer has a CC designed for foreign cash withdrawals - like Halifax Clarity, Santander Zero, Natiowide BS rewards, Post Office etc. - it is only logical that they benefit from this feature without being viewed as cash strapped.

I have used my Clarity twice this year to withdraw cash and it hasn't prevented me obtaining further credit at lower than average APRs with very decent limits for my p/t income.

meer53

Banks get touchy when they see cash withdrawals on credit cards. If it's in conjunction with other accounts which are at their limits, it indicates financial pressure. Occasional cash withdrawals for holidays etc don't usually ring any alarm bells but why would you use a credit card for this unless it was an emergency ?

cha0s

alexanderalexander wrote: »

Check the stoozing article and the stoozing subforum on this website. You'll find that many people do this sort of thing, and it's pretty much impossible for CC companies/authorities to tell whether you are stoozing or whether you have just gone on a genuine spending spree. Also, how would withdrawing money aid a money launderer? They generally need to get rid of money, not gain additional money.



I think this post was unnecessarily rude. I agree that checking whether the National Lottery site accepts credit cards is part of the basic research for a plan like this, but remember not everyone is all that experienced with the credit/debit card game so it's an understandable thing for a newbie to miss.

Also, in principle, the OP's idea isn't too off the wall – there are lots of slightly tricky 'fast stooze' manoeuvres out there, such as using 'mule cards' and going down the M&S/Tesco travellers' cheque route.

OP – to give some constructive advice, I think the others have already explained why your idea won't work (also bear in mind the advice that even if you find gambling sites which do accept credit cards it will count as a cash advance). I would recommend that you look at the stoozing page on this website and the stoozing subforum, as that covers all the normal stoozing methods. You may be interested in going down the Tesco / M&S travellers' cheques route (do some searches to find a description of that technique).

cheers for the advice. to be honest the last thing I thought about was whether they would actually accept a credit card, I thought pretty much everywhere did nowadays! will deffo research better in future. :beer:

chattychappy

lisyloo wrote: »

So, people taking out cash advances a couple of times a year for holidays and paying it right back shouldn't have too much to worry about?
and Choppers post is simplistic at best and perhaps a little misleading?

I have long since stopped worrying about getting cash advances on my cards. "Doesn't seem to have done me any harm". I'm doing it all the time in the case of Zero. Not sure how this data is used/combined with other data but it seems to be pretty insignificant in my case.