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Best way to convert £10K card balance to cash?
Comments
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FoundationAndMore said:JenB79 said:Genuine question OP: why can't you withdraw cash on your credit card up to your 'available cash limit' using an ATM? I've never known any credit card NOT to offer a cash withdrawal facility at an ATM. Ok, it will have to be in dribs and drabs since most issuers have a limit of around £300-500 per day. Of course you will get charged sky high interest rates but you've already said that you're willing to take a hit on the interest rates. Obviously the quickest way to get your hands on the cash would be a bank transfer to your account but maybe consider the ATM as a last resort if the bank transfer option is out of the window.
"A money-transfer facility (offer) was in place but they've pulled it"
By the above do you mean
a) Your card issuer no longer offers money transfers to current accounts, even at standard APR rates.
or
b) they've stopped doing money transfers at special APR offersif b) then chances are they are still doing money transfers to current accounts, albeit at sky high rates. Who is the card issuer if you don't mind me asking?Also before you consider ATM withdrawals, ask your issuer if you can take out a larger amount of cash over a bank counter, subject to providing necessary identification. ATM limits are usually there stop people emptying cash machines quickly, branch counters will have more cash. I say this because a few years ago i managed to withdraw all of my Halifax Clarity credit card cash limit (3k) in one go using a BoS branch counter (it was a business branch of BoS which probably helped)0 -
FoundationAndMore said:Thanks, Cymruchris, but I'm not looking for brainstorming sessions that consider completely different possibilities. They're all completely out of the question, hence my question. There's no "alternative solution" such as asking a nice bank manager for a loan, looking under the mattress of a £10K, spending weeks ebaying hundreds of items, finding a winning lottery ticket that I forgot to cash.
A specific question was asked and I invited answers to that specific question. People completely glossing over and ignoring that question and instead just suggesting dead ends (most of which are obvious) is of no help.
Thanks anyway.
Your "solution" seems to ignore both the impractality of that solution, as well as the fact that there will be other viable solutions, because there almost always is, being belligerent because you have not got the answer you want will not make your "solution" work, nor does it invalidate other solutions.0 -
FoundationAndMore said:
There might be an option to withdraw bits of cash on a daily basis. I thought it was around £250 a day so at that rate it would take 40 days (if the card supplier doesn't suspend the facility/lower the limit) in the meantime.
Perhaps it's higher which could make it a viable option? It's a good idea and worth exploring.
So you not get 0% (if that was the offer) but will get their std interest rate & charge.
Withdrawing cash via ATM is never a good idea on a CC unless a emergency. You pay a charge for taking the cash, interest is from when it is taken (no interest free period if balance paid in full) Flags to your credit report & as you suggested is liable to be pulled if you do it too often, as well as more than likely trigger a security check.Life in the slow lane0 -
A fool and his money are soon parted!!!!0
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MalMonroe said:(I'm thinking 'Catch me if you Can' with Tom Hanks and Matt Damon here) and if you can pull it off, I'd be the first to offer congratulations.
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FoundationAndMore said:molerat said:So you want to borrow cash at maybe 20% + APR ?0
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