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

born_again

si14181997 said:

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.

Just be aware that taking cash on a CC will incur a marker & can lead to atm facility withdrawn on card if used too much. Banks do not like to see this marker. As it can be taken as someone is in financial trouble.

cantbelieveit23

I may be missing the point here?  If you draw cash on a credit card, interest is usually payable from the date of withdrawal, even if subsequently repaid in full.  Most advice is never to get cash on a credit card.

sausage_time

cantbelieveit23 said:

I may be missing the point here?  If you draw cash on a credit card, interest is usually payable from the date of withdrawal, even if subsequently repaid in full.  Most advice is never to get cash on a credit card.

Not so with Barclaycard Rewards Credit Card.  No interest or charges if statement paid on full.

CliveOfIndia

si14181997 said:

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.

Even with the caveat that Barclaycard is one of the few that won't charge interest on cash withdrawals if you repay the full balance, I can't see what you're gaining here.  Yes, you can withdraw cash then deposit it into your ISA.  But when the credit card statement arrives, you need to pay it in full to avoid any charges.  Where are you going to get the money to pay the full statement balance?  If you've got the money available, then why not just put that directly into your ISA?

A Money Transfer offer would be different - with that, you can borrow money at a low (or sometimes zero) rate of interest for a set number of months.  But even then, there's usually a fee to pay for doing the transfer, so you need to work out whether the interest you'd earn would outweigh the fee.  And you still have to make the minimum payment to the card each month, plus you need to repay the remaining balance in full when the promotional offer expires.

GeoffTF

CliveOfIndia said:

If you've got the money available, then why not just put that directly into your ISA?

The point is that the OP can put the money into the ISA and also borrow the money tax free by making a cash withdrawal. He can then pay that into a savings account earning a second lot of interest, and withdraw it to pay off the Barclaycard Rewards card in full on the due date. As has been said, Barclays would not be pleased if the OP makes repeatedly makes large cash withdrawals.

Area88

Or they could keep withdrawing cash from the ATM and balance transfer it on to 0% zero fee card. 

Why do Barclays advertise cash withdrawals then as a benefit of the card? 

born_again

GeoffTF said:

CliveOfIndia said:

If you've got the money available, then why not just put that directly into your ISA?

The point is that the OP can put the money into the ISA and also borrow the money tax free by making a cash withdrawal. He can then pay that into a savings account earning a second lot of interest, and withdraw it to pay off the Barclaycard Rewards card in full on the due date. As has been said, Barclays would not be pleased if the OP makes repeatedly makes large cash withdrawals.

https://www.barclaycard.co.uk/personal/credit-cards/barclaycard-rewards

 So there is a 2.1375% monthly interest fee on cash withdrawals.
56 days interest free period.
Guessing a £500 daily limit.
Which I would fully expect to see card blocked after a few days. Due to risk if card had being stolen. Maybe even when confirmed as genuine advised that they are still blocking ATM, due to increased debt risk to bank.

So end of the day, you are not going to make much interest in the 56 days. 

There are better & far more productive ways of stoozing. 

GeoffTF

born_again said:

GeoffTF said:

CliveOfIndia said:

If you've got the money available, then why not just put that directly into your ISA?

The point is that the OP can put the money into the ISA and also borrow the money tax free by making a cash withdrawal. He can then pay that into a savings account earning a second lot of interest, and withdraw it to pay off the Barclaycard Rewards card in full on the due date. As has been said, Barclays would not be pleased if the OP makes repeatedly makes large cash withdrawals.

https://www.barclaycard.co.uk/personal/credit-cards/barclaycard-rewards

 So there is a 2.1375% monthly interest fee on cash withdrawals.
56 days interest free period.
Guessing a £500 daily limit.
Which I would fully expect to see card blocked after a few days. Due to risk if card had being stolen. Maybe even when confirmed as genuine advised that they are still blocking ATM, due to increased debt risk to bank.

So end of the day, you are not going to make much interest in the 56 days. 

There are better & far more productive ways of stoozing. 

You do not pay any interest if you pay the full amount on the day that it is due. I too expect that the card would soon be blocked if the OP withdrew the maximum amount at an ATM every day. I have never withdrawn cash on my card, so I do not have direct experience here.

GeoffTF

I have had a look at my latest statement. My daily cash withdrawal limit is £500, and my credit limit is £5,000, which includes a cash withdrawal credit limit of £1,500.

grumpy_codger

born_again said:

GeoffTF said:

CliveOfIndia said:

If you've got the money available, then why not just put that directly into your ISA?

The point is that the OP can put the money into the ISA and also borrow the money tax free by making a cash withdrawal. He can then pay that into a savings account earning a second lot of interest, and withdraw it to pay off the Barclaycard Rewards card in full on the due date. As has been said, Barclays would not be pleased if the OP makes repeatedly makes large cash withdrawals.

...

So end of the day, you are not going to make much interest in the 56 days. 

There are better & far more productive ways of stoozing. 

As the OP said and Area88 reiterated, the balance from Barclaycard will be transferred to a 0% BT card. 

Barclaycard in this case is a 'mule' card by stoozing terminology.