Using Barclaycard Reward Credit Card cash withdrawal to transfer money to current account

si14181997

Hi,

Can I withdraw GBP cash using my Barclaycard Reward credit card at an ATM and then deposit that cash into my current account, using it like a money transfer? Are there any fees or interest I should be aware of?

Thanks

Largs

Is this a new variant where you don't get charged for using ATM?

born_again

Any type of cash transaction will have a cost. ATM can be the most expensive of the lot, give charge for using ATM & then interest from day one.

Best bet look through the card T/C or on their website. Will tell you the fee's involved.

grumpy_codger

born_again said:

Any type of cash transaction will have a cost. ATM can be the most expensive of the lot, give charge for using ATM & then interest from day one.

Best bet look through the card T/C or on their website. Will tell you the fee's involved.

No ATM fees for this card. And it seems to be no interest if paid in full.

si14181997 said:

Can I withdraw GBP cash using my Barclaycard Reward credit card at an ATM and then deposit that cash into my current account, using it like a money transfer? Are there any fees or interest I should be aware of?

Not sure about the interest if the statement balance is paid in full and on time, but certainly there will be interest if you don't pay in in full.

JGB1955

I thought cash withdrawls were only free abroad?

grumpy_codger

JGB1955 said:

I thought cash withdrawls were only free abroad?

So did I, but... https://www.barclaycard.co.uk/personal/credit-cards/barclaycard-rewards

Cash transaction fee:	0.00% (£0.00 minimum) fee on sterling and non-sterling cash transactions

sausage_time

grumpy_codger said:

JGB1955 said:

I thought cash withdrawls were only free abroad?

So did I, but... https://www.barclaycard.co.uk/personal/credit-cards/barclaycard-rewards

Cash transaction fee:	0.00% (£0.00 minimum) fee on sterling and non-sterling cash transactions

And no interest if you pay your statement balance in full.

lr1277

Perhaps someone else can clarify? Will an entry be made on the OP's credit file noting the cash withdrawl? This may or may not matter to the OP  depending on whether they are looking for a loan or mortgage in the next 6 months. 

si14181997

Thank you everyone. Now I have to make multiple trips to the ATM, as I want to borrow money 0 fee by using a balance transfer credit card to deposit into my Cash ISA.

MrFrugalFever

lr1277 said:

Perhaps someone else can clarify? Will an entry be made on the OP's credit file noting the cash withdrawl? This may or may not matter to the OP  depending on whether they are looking for a loan or mortgage in the next 6 months. 

Absolutely entries will be, including how much money has been withdrawn. Depending on the OP's future credit application plans (i.e. Mortgage / Large unsecured loan) this could be the straw that breaks the camels back.

Personally, I would NEVER withdraw cash on a Credit Card irrespective of the 0% fee or not, simply not seen as a positive and will be recorded for 6 years. If massively out of character then could even trigger further issues....

Area88

What about money transfer credit cards? Are they recorded differently to cash withdrawals?