Withdrawing Cash

Andy_ccc

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_luv_cats

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.

balmk

I luv cats is right - you can't get cashback from a credit card at a supermarket.

Andy_ccc

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

marvin

It is Stoozing BTW (you snooze you lose etc )

CLAPTON

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

Fruit_and_Nut_Case

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.

NickX

Fruit_and_Nut_Case wrote: »

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: