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Withdrawing Cash

Hi guys

I'm considering having a go at snoozing but I spend quite a lot of cash. I know it defeats the object if you start withdrawing cash from a credit card as you get charged interest, but do the same rules apply if you get cash back from a supermarket? Do you get charged interest on the cash back or does it go down as a regular interest free payment (for the time being) to the store? So I would basically be using the supermarket cash back as a way of withdrawing cash interest free.

Thanks hope you can understand the question

Replies

  • I_luv_catsI_luv_cats Forumite
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    Andy_ccc wrote: »
    Hi guys

    I'm considering having a go at snoozing but I spend quite a lot of cash. I know it defeats the object if you start withdrawing cash from a credit card as you get charged interest, but do the same rules apply if you get cash back from a supermarket? Do you get charged interest on the cash back or does it go down as a regular interest free payment (for the time being) to the store? So I would basically be using the supermarket cash back as a way of withdrawing cash interest free.

    Thanks hope you can understand the question


    I thought you could only get cashback @ the supermarket checkout with a Debit Card.
  • balmkbalmk Forumite
    624 Posts
    I luv cats is right - you can't get cashback from a credit card at a supermarket.
  • Andy_cccAndy_ccc Forumite
    3 Posts
    Thanks guys

    Quite new to all this so you'll have to bear with me. Can you transfer cash from a credit card into your normal bank account interest free. So say if I had a credit card that was interest free for 12 months, could I transfer the equivalent of my wages say £1800 a month from my credit card to my normal bank account and therefore transfer all my wages into a high interest account. So the money I transfer from the credit card will be interest free for 12 months.

    Thanks hope you can understand the question
  • marvinmarvin Forumite
    2.2K Posts
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
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    It is Stoozing BTW (you snooze you lose etc :) )
    I started with nothing and I am proud to say I still have most of it left.
  • CLAPTONCLAPTON Forumite
    41.9K Posts
    10,000 Posts Combo Breaker
    Andy_ccc wrote: »
    Thanks guys

    Quite new to all this so you'll have to bear with me. Can you transfer cash from a credit card into your normal bank account interest free. So say if I had a credit card that was interest free for 12 months, could I transfer the equivalent of my wages say £1800 a month from my credit card to my normal bank account and therefore transfer all my wages into a high interest account. So the money I transfer from the credit card will be interest free for 12 months.

    Thanks hope you can understand the question


    it's a little unclear whether or not you are familar with how CCs work


    CC 0% promotions come in two varieties
    - a balance transfer from another CC
    - on purchases

    both can be used to snooze but are used differently


    in general CC don't allow cash transfers from CC to your bank a/c;
    MBNA family being the except
    however if you have to pay a fee (say 4%) then the snooze is unlikely to make you any money
  • balmk wrote: »
    I luv cats is right - you can't get cashback from a credit card at a supermarket.
    Although there have been reports of people being offered cashback from a credit card at Wilkinsons.
    Are you for real? - Glass Half Empty??
    :coffee:
  • NickXNickX Forumite
    3K Posts
    Although there have been reports of people being offered cashback from a credit card at Wilkinsons.

    Some pubs will do it as well. They work on the basis that any cashback they provide will probably be spent on more drinks and end back up in the till anyway :beer:
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