Free cash withdrawals on CC?

Infidel

Whilst perusing the credit card comparison sites, i noticed that it's not made immediately obvious how much they charge for cash withdrawals.

I'm sure that on one site i read that a certain card was 0% on balance transfers and purchases until November 2008, BUT charged a massive 24% on cash withdrawals.

I'm after a card that is 0% on purchases AND cash withdrawals for the longest period possible.

Any suggestions?

lisyloo

I don't think any cards do free cash withdrawals but you might acheive what you want with an SBT (super-balance transfer).

i.e. do a 0% balance transfer to your bank account, then get the cash from you bank.

King_Weasel

I can't understand why you would want to use your credit card to withdraw cash. Credit card companies levy a fee AND charge (usually high) interest from day 1. If you need credit, I would see what your bank can do before resorting to your credit card.

And of course do the SBT trick if you are able to.

King Weasel

Infidel

I need cash for holiday spending money. So was hoping to be able to withdraw cash on a 0% card.

I think using a credit card abroad would be even more unwise.

PS - What is an SBT? I thought balance transfers only included credit cards. If i could do that on my debit/current account it would be great.

thumshie

SBT = Super Balance Transfer

One currently offering this is MBNA..
https://wwwa.applyonlinenow.com/UKCCapp/Ctl/entry?sc=8ptMETgs01_ost&mc=SME-AP-11111-14863

0% p.a. on transferring cash into your current account until your statement date in January 2009.

Its' on their main page too....

Infidel

thumshie wrote: »

SBT = Super Balance Transfer

One currently offering this is MBNA..
https://wwwa.applyonlinenow.com/UKCCapp/Ctl/entry?sc=8ptMETgs01_ost&mc=SME-AP-11111-14863


Its' on their main page too....

Has anyone done this type of thing before. If so, can i expect to get this done within 2 weeks, as that's when i'll have to have the money ready to withdraw.

Also, when filling in the online application, do you have to include your overdraft in the Borrowings - Other borrowings section?

Also there doesn't appear to be a section for account transfers (which i guess is what transferring cc money into a current account is, right?) it only has this:

If you wish to transfer a balance from another Credit Card, then select yes.◊

Is it better to select yes or no?

EDIT:

I should also have asked about the fee for doing a SBT, as i presume it's not free, is it?

King_Weasel

Infidel, do you want to withdraw cash on your credit card abroad? If so, you will typically have 3 charges: a withdrawal fee, interest charges PLUS a foreign currency fee, usually 2.75%.

So I would still try and avoid using a credit card for cash withdrawals, but, if you have to, I recommend a Nationwide card or Liverpool Victoria. These do not levy the foreign currency charge (though LV do outside Europe - nb not sure exactly what "Europe"means in this context).

What I have done is to get Nationwide and LV credit cards for purchases (wife and I take different cards as precaution against theft) and open a Nationwide bank account solely for foreign cash withdrawals (again to avoid the currency charge). But this involves finding the cash before I go, so this may not suit, unless you can borrow a bit from your existing bank, which may well be cheaper than a credit card's interest charge on cash withdrawals.

There must be plenty on spending abroad here already, so I hope I haven't set a tangential hare running (they go sideways, or something).

King Weasel

Infidel

No. I need to be able to withdraw cash in the UK.

That's the whole point in asking if there was a credit card with no charges for cash withdrawal in the UK or alternatively if i could get a credit card and then transfer money from that (SBT) into my current account so that i can withdraw it.

gt94sss2

Egg Money will let you withdraw money from ATMs without charge - but only if your card account is in credit.

if its not, them they charge like other credit cards.

Regards
Sunil

Infidel

gt94sss2 wrote: »

Egg Money will let you withdraw money from ATMs without charge - but only if your card account is in credit.

if its not, them they charge like other credit cards.

Regards
Sunil

Sorry, I don't understand.

jonesMUFCforever

You apply for an Egg money card - if successful you can pre load it (they pay you 4% gross interest if in credit) you can then withdraw without any charges.
If you are not in credit you will be charged a lot of interest from day 1 as other posters have told you.

There is no interest free card which will let you withdraw cash for free.
If there was I would be using it!