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What kind of card can I withdraw cash ,no fee?

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  • HillStreetBlues
    HillStreetBlues Posts: 6,091 Forumite
    1,000 Posts Third Anniversary Homepage Hero Photogenic
    edited 11 January 2023 at 7:47PM
    In true MSE style....
    £5K seems a lot for a spade  :p
    £5k does seem a lot to fork out.
    Let's Be Careful Out There
  • Tjinks
    Tjinks Posts: 41 Forumite
    Tenth Anniversary 10 Posts
    Agree with the previous posters.  You can't withdraw cash on a credit card without incurring substantial fees and interest.  A money transfer card is the usual suggestion - though you will need to factor in the transfer fee, and you'll need to ensure it's paid off by the time the promotional rate expires.  And you won't get any S75 protection, if that's what you're looking for.
    If the tradesman won't accept payment by credit card then your choices are somewhat limited - other than going the old-fashioned route of saving up before having the work done.
    Hi. Question...I have a card reader .. could I pay myself with a credit card and then withdraw the cash?
  • elsien
    elsien Posts: 36,058 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    As per the previous replies, if you don't have a money transfer card it will be as expensive as just withdrawing the cash. 
    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • eskbanker
    eskbanker Posts: 37,197 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Tjinks said:
    Question...I have a card reader .. could I pay myself with a credit card and then withdraw the cash?
    Under what circumstances do you have a card reader?  If you're some sort of business then payments (and disbursements) will need to go through the books and may be subject to some form of taxation, as well as the fees associated with processing card transactions....
  • WillPS
    WillPS Posts: 5,147 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    eskbanker said:
    Tjinks said:
    Question...I have a card reader .. could I pay myself with a credit card and then withdraw the cash?
    Under what circumstances do you have a card reader?  If you're some sort of business then payments (and disbursements) will need to go through the books and may be subject to some form of taxation, as well as the fees associated with processing card transactions....

    Suspect it'll be issued to them personally as a sole trader. In which case it'll be their name which appears on the statement. Highly likely to arouse suspicion IMO.
  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 18 January 2023 at 10:23AM
    Tjinks said:
    Agree with the previous posters.  You can't withdraw cash on a credit card without incurring substantial fees and interest.  A money transfer card is the usual suggestion - though you will need to factor in the transfer fee, and you'll need to ensure it's paid off by the time the promotional rate expires.  And you won't get any S75 protection, if that's what you're looking for.
    If the tradesman won't accept payment by credit card then your choices are somewhat limited - other than going the old-fashioned route of saving up before having the work done.
    Hi. Question...I have a card reader .. could I pay myself with a credit card and then withdraw the cash?
    You do seem to be trying to make things a whole lot more complicated than they need to be.
    Bottom line - why do you want to use a credit card in the first place?  Is it because you want the S75 protection, is it because you want to benefit from points/cashback that your card offers, or is it that you don't have the money available to do the work?
    If it's either of the first 2 reasons then you're snookered if the tradesman won't accept cards, and no amount of jiggery-pokery is going to get around that.  If it's option 3 then your choices are a money-transfer card, a personal loan, or save up.

  • RhondaD
    RhondaD Posts: 105 Forumite
    10 Posts Name Dropper
    If you're having to borrow the money then perhaps now isn't the right time to do the garden up?
  • GenieBoy
    GenieBoy Posts: 148 Forumite
    100 Posts Name Dropper
    I remember some credit card companies used to give out credit card cheques, do they still do this? I've not seen one for years. I think Capital One used to give them out.
  • IanManc
    IanManc Posts: 2,448 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    GenieBoy said:
    I remember some credit card companies used to give out credit card cheques, do they still do this? I've not seen one for years. I think Capital One used to give them out.
    The sending out of unsolicited credit card cheques by credit card companies was banned in the UK by Section 15 of the Financial Services Act 2010. 
  • Brie
    Brie Posts: 14,733 Ambassador
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    And almost no financial institution wants to deal with cheques anymore so I doubt there's any about.
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