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Cash withdraw

flat599
flat599 Posts: 12 Forumite
in Credit cards
Which cards offer interest free cash withdrawals?
Looking to buy a cheap car just for work,but garages wont except credit card payments.
«1

Comments

  • NiftyDigits
    NiftyDigits Posts: 10,459 Forumite
    flat599 wrote: »
    Which cards offer interest free cash withdrawals?
    Looking to buy a cheap car just for work,but garages wont except credit card payments.

    Are you joking?? You are asking for an Interest Free loan. :)
  • flat599
    flat599 Posts: 12 Forumite
    They do interest free on purchases cards dont they? So why not cash?
  • meer53
    meer53 Posts: 10,217 Forumite
    Tenth Anniversary 10,000 Posts Combo Breaker
    None. HTH.
  • dzug1
    dzug1 Posts: 13,535 Forumite
    10,000 Posts Combo Breaker
    flat599 wrote: »
    They do interest free on purchases cards dont they? So why not cash?


    The merchant pays them a commission on purchases

    No one pays them a commission on cash
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    meer53 wrote: »
    None.
    One or two credit cards do offer interest free periods on cash advances. Saga is one such card, but you'll only get a maximum of 55 days...and pay a fee for the privilege.

    Of course you can get a pseudo cash advance with M&S and Tesco via their Sterling travellers cheques, and get up to 16 months 0% for a 1.25% fee (on Tesco) and 15 months 0% for a 1% fee (on M&S).

    There are other ways of getting 0% cash, but they're slightly more expensive.
  • NiftyDigits
    NiftyDigits Posts: 10,459 Forumite
    RichyMant wrote: »
    I believe what you may be looking for is a card which offers a balance transfer to a current account. If you search for balance transfer deals and look at the small print to see if you can transfer to a current account instead of just a credit card.

    Alternatively if you take out two credit cards. Do a cash withdrawal on the first card and then transfer that balance to the second card. Double check all the T&Cs and time frames though.

    Even if he/she got a Clarity or similar, Balance Transfers have a fee attached. Perhaps 4% to a bank account and 3%+ to another CC. So not Interest Free.
  • NiftyDigits
    NiftyDigits Posts: 10,459 Forumite
    YorkshireBoy wrote: »
    One or two credit cards do offer interest free periods on cash advances. Saga is one such card, but you'll only get a maximum of 55 days...and pay a fee for the privilege.

    Of course you can get a pseudo cash advance with M&S and Tesco via their Sterling travellers cheques, and get up to 16 months 0% for a 1.25% fee (on Tesco) and 15 months 0% for a 1% fee (on M&S).

    There are other ways of getting 0% cash, but they're slightly more expensive.


    Then they aren't 0%. Even a fee count towards Interest.

    Thinking if someone is in such dire straits, they probably won't obtain premium cards anyway.

    Perhaps the TC idea is a better one...but I hope the OP can actually afford it.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 28 October 2012 at 2:11PM
    NiftyDigits wrote: »
    Then they aren't 0%. Even a fee count towards Interest.
    Only with purchases must the APR include any associated fees.

    The MBNA deals being alluded to here are most definitely 0% interest with an (up to) 4% fee to 'buy' the product.

    You can call it "interest" if you wish, but it's not "interest".

    If you look at the 'money transfer' deals available on credit cards you'll see they're not advertised as "0% APR" (as, for example, a car loan or DFS sofa may be), but "0% interest". :)
  • NiftyDigits
    NiftyDigits Posts: 10,459 Forumite
    YorkshireBoy wrote: »
    Only with purchases must the APR include any associated fees.

    The MBNA deals being eluded to here are most definitely 0% interest with an (up to) 4% fee to 'buy' the product.

    You can call it "interest" if you wish, but it's not "interest".

    If you look at the 'money transfer' deals available on credit cards you'll see they're not advertised as "0% APR" (as, for example, a car loan or DFS sofa may be), but "0% interest". :)

    What a waste or words. :)
    Even though the rate is relatively low, it's still interest as we know it.
    When one borrows money, the interest is added to the total and the payments divided into equal chunks.
    It's exactly what happens here, though in this case the OP doesn't have to pay it back in equal chunks.

    PS: It's 'alluded to'.

    PPS: The borrower should be sure to clear the fee immediately, as I've heard that Interest payments have been applied to it. Haven't looked into it myself.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 28 October 2012 at 2:31PM
    NiftyDigits wrote: »
    What a waste or words. :)
    Yes I can see that now. Anyway, never mind hopefully the OP will benefit.

    PS, it's 'of' (in your opinion). ;)
    Even though the rate is relatively low, it's still interest as we know it.
    It's not interest as I know it. It's a fee which adds to the cost of the finance.
    PPS: The borrower should be sure to clear the fee immediately, as I've heard that Interest payments have been applied to it. Haven't looked into it myself.
    If you do you'll see that the MBNA cards being 'alluded' to here charge no interest on the fee.
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