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

Venusflytrap

meer53 wrote: »

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 ?

Because some CCs offer wholesale conversion rates (arguably better than your local bureau de change) and do not charge cash advance, conversion or usage fees. My card only charges interest from day one which, at an APR of 17.9% and based on my holiday spends, amounts to a couple of pence a month (if I pay off before the payment due date).

Also, could be safer than hopping around with wads of holiday cash.

chattychappy

I spend months outside the UK and use Zero to withdraw cash. More than just occasional holiday use.

jonesMUFCforever

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.

All banks will have this information (their own cards!)and will impact on new application for credit such as overdrafts and loans.
Once a year should not be a problem but some borrow regularly on cards through cash advances.

Fingerbobs

YorkshireBoy wrote: »

I know of no cards that allow cash transactions both fee and interest free

Metro Bank credit card?

Admittedly it's an introductory offer only, but they are fee-free and interest-free on Cash Advances until 30th September 2012.

Pound

Most companies have this trick covered. It's sometimes possible though.

There was once a casino channel on Sky once that let you top up your account with a credit card, then withdraw it to a debit card. Last time I checked they closed the loophole by requiring a phone call to CS to change details but it was possible for a while. I think at that point there were no credit card fees for doing this either.

I've been able to buy something with a credit card from a shop and then get a refund onto my debit card. But these were only small purchases. I'd imagine shops where you can make large purchases will be a bit more on the ball.

c-m

No establishments including those online should accept credit cards for the purpose of gambling, since it's against the law.

Tiexen

Which cards does Betfair accept?

Betfair accepts most commonly used credit and debit cards (Visa, Visa Electron, Visa Delta, MasterCard, Maestro, Solo, Laser)

chattychappy

c-m wrote: »

No establishments including those online should accept credit cards for the purpose of gambling, since it's against the law.

Not entirely true AFAIK. Which law were you thinking of? As far as I remember, loading an account or online betting on CC is fine (if they let you). CC usage in licensed premises is not. In some situations it may be legal to use a card, but the associated debt might be unenforceable.

I'm rusty on this area of law so willing to stand corrected. Besides I don't gamble anyway simply because I always lose!