Credit card: cash withdrawal

jason1231972

dzug1 wrote: »

HSBC don't charge - some visa debit cards do, some don't.

There's a list (very well hidden) in Martin's guide

Thanks, I didn't think so, because we recently bought some travel money which was posted out to us, and paid for it on her HSBC debit card in advance, with no charges. Although she does bank with HSBC, we had the option of paying by any card, and the transaction had nothing to do with her being an HSBC customer.

Do you have a link to this list? I'm not doing well at finding it. Interested in Lloyds TSB

Thanks.

flergalwit

Thanks all.

So the message I'm getting is that online gambling (which I don't do) is the only credit card transaction that's counted as cash, apart from ones that are rather obviously cash (including currency conversion and travellers cheques).

Incidentally I didn't know it is against the terms and conditions to go into a positive balance on your credit card. When I got my Capital One card recently, it started with a credit of £10. Also my impression is that if a seller agrees to a refund, they will normally credit your credit card if that's how you paid for it originally - which could also make your balance go positive if you've already paid it off.

YorkshireBoy

jason1231972 wrote: »

Do you have a link to this list? I'm not doing well at finding it.

It is well hidden. If you click "Avoid the debit cards from hell" in this article...

http://www.moneysavingexpert.com/travel/cheap-travel-money#howgood

...it seems to expand the article to reveal the worst offenders (strange way of doing it but there you go!).

Interested in Lloyds TSB

You could always read your account T&Cs? Start here...

http://www.lloydstsb.com/media/lloydstsb2004/pdfs/banking_charges_brochure.pdf (page 9)

Rupert_Bear

flergalwit wrote: »

As we all know, you should never withdraw cash using credit cards (unless it is a total emergency and there really is absolutely no other option).

Regarding the possibility of paying income tax by credit card, Martin writes back in 2008:

"The other [potential drawback] is more damaging; it is possible credit card companies could count this is a ‘cash withdrawal’ in which case it’s a nightmare as it won’t be at zero percent and even if you pay the card off in full you’d pay interest on it. We need to watch out for that one, as it’d be a scandalous disgrace if it happened."
http://blog.moneysavingexpert.com/2008/01/11/pay-tax-by-credit-card-fantastic-news%E2%80%A6-for-some/

This got me thinking. Are there any other times a credit card transaction may be counted as a cash withdrawal?

Just as examples I was thinking of paying for (a) my council tax(*), (b) skype credit, (c) mobile phone credit by credit card. I assume none of these count as cash withdrawals or we'd have heard about it, but can anyone confirm this? Does anyone know whether income tax ever counts as a cash withdrawal, as suggested by the 2008 blog?

Are there ANY known examples at all of a credit card transaction counting as a cash withdrawal apart from the obvious ones where you actually end up with cash in your hand?

(*) there's a 1.8% credit card fee but I can more than make that back from cashback + stoozing

I use my BC to pay my water, council tax and electricity and they do not charge any fee. Also the card I use offers 1 percent cash back.

Also MBNA are good for cash advances. They are offering me cash to my bank account and the fee is 3.5 percent and 0 percent for 12 months.

zagfles

flergalwit wrote: »

Thanks.


All right. I was implicitly talking about the UK. In normal situations, there is no reason to withdraw cash using a credit card when you could use a debit card.

In the UK too. If there's no money left in my account, using my Halifax Clarity for short term borrowing is cheaper than using my Nationwide or First Direct overdrafts.

jason1231972

YorkshireBoy wrote: »

It is well hidden. If you click "Avoid the debit cards from hell" in this article...

http://www.moneysavingexpert.com/travel/cheap-travel-money#howgood

...it seems to expand the article to reveal the worst offenders (strange way of doing it but there you go!).You could always read your account T&Cs? Start here...

http://www.lloydstsb.com/media/lloydstsb2004/pdfs/banking_charges_brochure.pdf (page 9)

Wot, and put in the time and effort myself?! Just kidding, thanks for the links