With many overdrafts at 39.9% is it cheaper to withdraw cash from a credit card if needed....

IAMIAM

for a few days

eskbanker

Possibly, in terms of direct cost, although it obviously depends on the card's terms for cash withdrawals and its interest rate - however, withdrawing cash from a credit card is often cited as a negative factor for credit file purposes but unlikely to be an issue for occasional transactions....

RobM99

Cash on a credit card is deemed to be a sign of desperation. 

IAMIAM

Agreed. I was just considering my current overdraft and ultimately looking at my Credit card and thinking in an emergency, the credit card is actually cheaper than using the overdraft, so potentially lower overdraft to the £250 0% threshold only.

Yahoo_Mail

IAMIAM said:

Agreed. I was just considering my current overdraft and ultimately looking at my Credit card and thinking in an emergency, the credit card is actually cheaper than using the overdraft, so potentially lower overdraft to the £250 0% threshold only.

Almost all credit cards will charge a fee for withdrawals too, usually a minimum of 3%.  It definitely won't be cheaper than an overdraft for a few days if you're having to pay a fee.

Zellah

Yahoo_Mail said:

IAMIAM said:

Agreed. I was just considering my current overdraft and ultimately looking at my Credit card and thinking in an emergency, the credit card is actually cheaper than using the overdraft, so potentially lower overdraft to the £250 0% threshold only.

Almost all credit cards will charge a fee for withdrawals too, usually a minimum of 3%.  It definitely won't be cheaper than an overdraft for a few days if you're having to pay a fee.

Ermmm no. Plenty of cards out there which do NOT have a cash withdrawal fee for UK and/or overseas ATM withdrawals. From the top of my head: Halifax Clarity, Santander Zero, MBNA Everyday Visa, Barclaycard Rewards, Creation card, 118118 just to name a few.

Zellah

RobM99 said:

Cash on a credit card is deemed to be a sign of desperation. 

 Only if you don't pay off the cash withdrawals promptly. Otherwise cards like the Halifax Clarity wouldn't be extremely popular for overseas cash withdrawals as vast majority of people tend to pay off such wifthdrawals fairly quickly without any adverse effect on their credit history.

whitesmith

There is also the problem of finding somewhere that accepts cash...

Yahoo_Mail

Zellah said:

Yahoo_Mail said:

IAMIAM said:

Agreed. I was just considering my current overdraft and ultimately looking at my Credit card and thinking in an emergency, the credit card is actually cheaper than using the overdraft, so potentially lower overdraft to the £250 0% threshold only.

Almost all credit cards will charge a fee for withdrawals too, usually a minimum of 3%.  It definitely won't be cheaper than an overdraft for a few days if you're having to pay a fee.

Ermmm no. Plenty of cards out there which do NOT have a cash withdrawal fee for UK and/or overseas ATM withdrawals. From the top of my head: Halifax Clarity, Santander Zero, MBNA Everyday Visa, Barclaycard Rewards, Creation card, 118118 just to name a few.

So 6 out of the 100+ credit cards out there?

Then I stand by my statement, almost all credit cards will charge a fee for withdrawals.

[Deleted User]

If it is only for a few days then the real money saving advice is do everything you can to wait those few days and avoid it altogether. 

[Deleted User]

Zellah said:

RobM99 said:

Cash on a credit card is deemed to be a sign of desperation. 

 Only if you don't pay off the cash withdrawals promptly. Otherwise cards like the Halifax Clarity wouldn't be extremely popular for overseas cash withdrawals as vast majority of people tend to pay off such wifthdrawals fairly quickly without any adverse effect on their credit history.

Cash advances are split out on the credit reports and regular usage will be viewed negatively by lenders.