cash withdrawal

hammersfan1

From a tesco finest credit card with a credit limit of £9200 how much cash can been withdrawn from the card? Is there a daily limit from the atm or can this amount whatever it may be be withdrawn in one go?

Cheers

John

[Deleted User]

THere will be a daily limit and also a max of total credit limit probably. Your t&cs should tell you.

Ben8282

There will be a daily limit. You will have to ask what it is.

You may be able to withdraw cash up to your total credit limit but it is common these days for a lower cash limit to be applied, perhaps 50% of the credit limit.

Best thing would be to give them a quick call and check.

lisyloo

I presume you are aware this is a very expensive way to borrow money?

jon142

It's also worth noting withdrawing "cash" on a credit card is a big no-no to any credit card company, there has been cases where people such of yourself has had a £7000 limit wiped away and set at just above the balance. Your basically sending a big red light to them says...

I HAVE NO SPARE FUNDS AND CAN'T MANAGE CAN I HAVE CASH?

Personally I would make a purchase and sell that. If I need cash that bad.
The withdrawal will also show on your credit file as a cash advance. So if you apply in the future for credit lenders will see you are struggling.

YorkshireBoy

There may be a better way, involving Sterling travellers cheques...

How much will you need?
Over what time period?
Who holds your current account?

lisyloo

It's also worth noting withdrawing "cash" on a credit card is a big no-no to any credit card company

Your basically sending a big red light to them says...

I HAVE NO SPARE FUNDS AND CAN'T MANAGE CAN I HAVE CASH?

The withdrawal will also show on your credit file as a cash advance. So if you apply in the future for credit lenders will see you are struggling.

I don't believe it's as black and white as that.
Many of us withdraw cash on credit cards abroad because it's a money saving way to do it. Many of us have good credit rating and the money to fund it.
I have personally not seen any issues with getting credit because I withdraw cash on holiday.

Can you please advise us where your information comes from jon? as whilst I think there may be SOME merit in what you are saying, I don't believe it's an entirely accurate representation.
There are MANY money savers who withdraw cash abroad and I am certain if there were consequential knock on effects on our credit records, then that knowledge would have been spread by now and we would have stopped doing it.

So where does your information come from please?

YorkshireBoy

lisyloo wrote: »

Many of us withdraw cash on credit cards abroad because it's a money saving way to do it.

I have personally not seen any issues with getting credit because I withdraw cash on holiday.

There's a world of difference though between withdrawing 300 Euros in Corfu and (up to) £9,200 in the UK!

So it's right not to generalise, but even if the OP just takes his 'advance limit' of, say, 50% of his credit limit, this will clearly send out distress signals on his credit file with a £4.6K cash withdrawal.

However, Tesco also offer 'money advances'...a transfer of cash to your current account. Whilst fee free, these are given at your purchase rate...a good bit less than the cash advance rate, and may be an alternative to the aforementioned Sterling travellers cheques.

opinions4u

When I was manually underwriting mortgages and personal loans, regular cash advances on a credit card were a MASSIVE red light.

lisyloo

There's a world of difference though between withdrawing 300 Euros in Corfu and (up to) £9,200 in the UK!

Oh absolutely, which is why I've said there may be some truth in it, but it isn't as black and white as Jon's post suggests.
I suspect that lenders have ways to distinguish, but it's not as simply as

withdraw cash = ruined credit

which is what Jon's post implies.

Hence why I asked questions.

jon142

lisyloo wrote: »

Oh absolutely, which is why I've said there may be some truth in it, but it isn't as black and white as Jon's post suggests.
I suspect that lenders have ways to distinguish, but it's not as simply as

withdraw cash = ruined credit

which is what Jon's post implies.

Hence why I asked questions.

My post is purely about the UK if your withdraw cash from a UK cash machine it shows debt stress.

otherwise why wouldn't you withdraw money from your debit card and not your credit card?