Overpaying on a credit card to then withdraw as cash, good idea?

jpb77

To be honest this could look dodgy to the credit card provider, paying in cash to withdraw on a CC? This could be flagged as money laundering especially they are large amounts. They could well be monitoring your account already with out you realising then they could hit that Red button! When I worked for HFC bank years agoi.e. goldfish card, GM card etc....(remember those cards?) the system had a ML flag and a new customer done this and the system flagged it. So watch out what you're doing. Im not saying you are money laundering but be careful putting your CC in credit just to withdraw.

Voyager2002

Bad, bad idea.

Another possible issue: you don't actually know how much money Barclaycard are willing to lend you at zero per cent. You might make all kinds of arrangements and then find that the maximum balance transfer they allow is limited to (say) one thousand pounds.

Don't make life complicated!

dalesrider

Voyager2002 wrote: »

Bad, bad idea.

Another possible issue: you don't actually know how much money Barclaycard are willing to lend you at zero per cent. You might make all kinds of arrangements and then find that the maximum balance transfer they allow is limited to (say) one thousand pounds.

Don't make life complicated!

1. The amount transferred must not exceed 90% of the available credit on your account. If your credit limit is not enough to cover the balance transfer amount in full, we will ask you to confirm whether you would like to transfer a lower amount.

So the amount will depend on the balance avaiable.

But still a very bad idea.