Extracting money from a credit card

redfish0

I've taken out a credit card and would like to purchase some items however they are second hand and the seller only accepts cash. Now I have tried to do a balance transfer to my debit card/current account so that I can withdraw the cash that way however it fails. I could try and take the money straight off the card but then I'd incur interest and withdrawal charges.
I thought about using a paypal account to gift myself the money but they have a charge if you use a credit card. Is there a way of doing this without being stung by charges? Or is there somewhere that is much cheaper than 3-4%? For example, if I bank with first direct can I take one of their credit cards out and because both are with then, they allow transfers between credit card and current account for free?

forgotmyname

Use the card to buy your shopping and then use the cash you would have used for that to purchase the used items.

Do you have a first direct account currently? Are you 100% sure it will allow transfer between credit card and current account?

Just had a quick look and it says transfer to card company and then states you cannot transfer it to members of the HSBC group.

[Deleted User]

You can!!!8217;t do a balance transfer to a current account with a normal credit card.

You need a money transfer card.

So what you!!!8217;re currently trying to achieve is impossible

DCFC79

Just withdraw cash using your debit card or have I misunderstood the situation ?

Anthorn

redfish0 wrote: »

I've taken out a credit card and would like to purchase some items however they are second hand and the seller only accepts cash. Now I have tried to do a balance transfer to my debit card/current account so that I can withdraw the cash that way however it fails. I could try and take the money straight off the card but then I'd incur interest and withdrawal charges.
I thought about using a paypal account to gift myself the money but they have a charge if you use a credit card. Is there a way of doing this without being stung by charges? Or is there somewhere that is much cheaper than 3-4%? For example, if I bank with first direct can I take one of their credit cards out and because both are with then, they allow transfers between credit card and current account for free?

You don't do a balance transfer to your bank account, you do a money transfer. Charges vary but you will most likely incur an initial fee and interest unless you have a 0% APR card which is likely to be time-limited.

So you need a card which allows money transfer. The alternative to that is a cash advance but in that case be prepared for arm-and-a-leg fees.

Another alternative is to get a Curve card and link your credit card. Curve is a debit card and you might be able to use it to deposit cash into your current account.

T-G-C

A credit card is not designed as a cash cow, therefore lenders will not provide an option to withdraw without fees or charges unless the card is marketed as such.

If you manipulate PayPal by opening multiple accounts and gifting between them using a credit card, there is a risk of receiving a permanent limitation. In addition to this, there is a fee for using a credit card to transfer under Family and Friends therefore the fee aspect is still unavoidable.

As other have said, a balance transfer will not work, as it is not a cash facility, it is for transferring one credit balance to another credit card provider.

You need a card which supports a money transfer, even subprime like Vanquis offer this over the phone, however it comes with fees and interest. I believe Vanquis have a promotion for certain customers, where there is no fee and interest is charged at the purchase rate.

You could also consider waiting until you have the funds in your debit account to withdraw without needing a credit card, depending on how much disposable income you have.

I am afraid sometimes services have costs, whilst this is a Money Saving Forum there isn't a hard and fast solution to it.

Unless your card or a card you are eligible for supports money transfers and has a 0% offer for fees and interest, the answer is currently no.

sparkey1

remember the days of credit card cheques!

tastyhog

Curve card and one of the newer fintech bank accounts that allow topup by card, monzo, starling, revolut etc etc

Link the credit card to the curve card, topup with the curve card, withdraw cash from atm from the bank card or tea sfwr it back to your other bank account.