Getting cash from my credit card

Sarah_London

Hello all,

I have several credit cards, and they all have a zero balance. I would like to get some cash (a few thousand pounds) but this doesn't seem possible unless I withdraw a few hundred each day over and over. This will also be expensive with the interest. I was wondering if there is anything wrong with doing a balance transfer. For example, I could call one card issuer and ask them to transfer £5000 from another card that has a zero balance. I would have to pay them a balance transfer fee of course, but I don't think they care what the balance is on the card that I am transferring from. So, once this is done, I can get in touch with the other card issuer, where the balance is now £5000 in credit. I can explain that I made a transfer on the wrong card etc, and get the £5000 sent back to me.

Ok, so what I would like to know is would this work? And, is there anything 'wrong' or illegal in doing it?

Thanks a lot for any advice!

Sarah

GingerBob_3

There's nothing wrong or illegal in it, but I'm guessing one or both of the card companies might throw a hysterical fit and stop you from doing it. Let us know if you manage it. Nice one if you can get away with it.


I suspect the card company that suddenly finds you £5k in credit wouldn't send the money to you, but rather to the donor card company.

[Deleted User]

Generally it's against the terms of a card to put it into credit. You may get away with it, but you run the risk of having the card closed and/or the funds returned.

GingerBob_3

If you have a Barclaycard they sometimes offer 0% (with fee) cash transfer straight to your current account.

agrinnall

Why don't you just take out a bank loan, which will almost certainly be a lower cost than withdrawing cash from a credit card?

YorkshireBoy

Sarah_London wrote: »

Ok, so what I would like to know is would this work?

Possibly, depending on the provider of the card receiving the cash. Which cards do you have?

Sarah_London

Actually I do have a Barclaycard, but there isn't a cash transfer option available. I am waiting for one to show up!

The bank loan is probably the safer way to go. But I think it's probably cheaper with an interst free balance transfer + 2-3% fee. Assuming of course that I repay within 12 months or so.

Denpercy1

Hi guys , I'm new on here and I need some financial advice regarding my maxed out credit card . I also have another card which has a zero balance and a higher limit. My question is , can I pay the maxed out card off with the other ?

Sarah_London

YorkshireBoy wrote: »

Possibly, depending on the provider of the card receiving the cash. Which cards do you have?

My bank is HSBC, so I have one with them. Then also MBNA, Barclaycard and Bank of Scotland.

YorkshireBoy

Sarah_London wrote: »

My bank is HSBC, so I have one with them. Then also MBNA, Barclaycard and Bank of Scotland.

There's your route then. BT from MBNA to another of your cards and ask MBNA to transfer the resultant positive balance back to your current account.

Alternatively, don't MBNA have a money transfer option available to you, ideally at 0% or low rate LOB?

agrinnall

Denpercy1 wrote: »

Hi guys , I'm new on here and I need some financial advice regarding my maxed out credit card . I also have another card which has a zero balance and a higher limit. My question is , can I pay the maxed out card off with the other ?

Please start a thread of your own by clicking the link below, hijacking another thread with a completely unrelated question just causes confusion.

http://forums.moneysavingexpert.com/newthread.php?do=newthread&f=11