We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Best way to convert £10K card balance to cash?

124»

Comments

  • JenB79
    JenB79 Posts: 200 Forumite
    100 Posts Photogenic Name Dropper
    edited 17 September 2021 at 11:18AM
    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.
    Sorry, my reply to Nebulous was aimed at you. Good question. And thank you for posting this. Very helpful. 
    No worries. Something else which came to mind: in your first post, you said

    "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 offers

    if 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)
  • 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. 
    There is often more than one solution to a problem and the solution you envision might not well be the best, the most practical, the most effective, or even be a viable solution. 

    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. 
  • born_again
    born_again Posts: 18,293 Forumite
    10,000 Posts Fifth Anniversary Name Dropper

    Good question. Perhaps there was some confusion on my part as I was thinking about 'withdrawing' money via 'money transfers'. 

    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. 
    While they have withdrawn the money transfer offer that was in place. If you speak to them you may still be able to do a standard money transfer, but it will be at the rate in the T/C.
    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 lane
  • A fool and his money are soon parted!!!!
  • phillw
    phillw Posts: 5,630 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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. 
    Have you seen the movie?? https://www.google.com/search?q=catch+me+if+you+can+cast

  • Malkytheheed
    Malkytheheed Posts: 657 Forumite
    Fourth Anniversary 500 Posts Name Dropper
    edited 4 October 2021 at 10:43PM
    molerat said:
    So you want to borrow cash at maybe 20% + APR ?
    Yup. That would be the plan. 
    Deleted..
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.2K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.3K Spending & Discounts
  • 240.7K Work, Benefits & Business
  • 617K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 253.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.