How to get cash from the credit card with no fee?

chinnie

As far as I know, credit cards will allow you to purchase goods and services directly without extra charge, provided you pay back on time. However, if you use your credit card to withdraw cash from ATMs this will incurred a cash advance fee. Indeed, I'd like to know if there's anyway I can get cash (or pay-in the balance into my savings account) from these credit cards without incurring this cash advance fee. Does anyone have a clue.? I have an impression that this is somehow possible but may involve some hassle in doing this...

Clariman

Look at Martin's article on Super BTs (link above). You need to find a card allows a BT from a bank account. There are a handful of cards that do this, but most charge a fee for doing so. Virgin is currently the best bet for this because they do not charge.

Clariman

THE_ROCK84

chinnie wrote:

As far as I know, credit cards will allow you to purchase goods and services directly without extra charge, provided you pay back on time. However, if you use your credit card to withdraw cash from ATMs this will incurred a cash advance fee. Indeed, I'd like to know if there's anyway I can get cash (or pay-in the balance into my savings account) from these credit cards without incurring this cash advance fee. Does anyone have a clue.? I have an impression that this is somehow possible but may involve some hassle in doing this...

use paypal

Katykat

Can you clarify this? I have a paypal account, but what do I do to put money from credit card into it, & consequently into my bank account, without incurring charge

JMU-95

Anytime I need quick cash, my little (independent) supermarket near where we live gives it us via cashback. They just type the amount of cash needed in manually - and we are never charged any extra. (course we have to buy a pint of milk or something first and ask for £xx of cashback). very handy.

Robert_Sterling_3

I have heard of "Cashback" on debit cards but not on credit cards.

Stonk

No shop in its right mind would give you cashback on a credit card - it's a straight unequivocal loss for them. That's not to say it doesn't happen though ...

starlite_2

in what way is this a loss? the pub I worked in last year used to allow cash back on a credit card so long as the customer had spent over £5 on food (which i think is the general rule for using a credit card in a pub)
surely they get their money the same as if the customer had used a debit card or cheque?

YorkshireBoy

starlite wrote:

in what way is this a loss?

I think it's a loss due to the merchant fees charged by the CC companies. This fee is around 2% so £50 cashback would cost the shopkeeper/landlord £1 to process, in addition to the 2% (minimum applies?) charged on the bottle of milk/hamlet cigar!

The supermarkets give cashback on debit cards because...

(a) the charge is lower (than for CC's) and it's a flat rate (50p?).
(b) you've probably just spent £100 on a weekly shop, so they've already incurred the fee.
(c) it lets them reduce the amount of "cash" they're carrying (for security/insurance reasons).

Edit: If there's a queue at the supermarket cash machine I very often buy a packet of chewing gum or newspaper and ask for £50 cashback. So, on this basis, it must be down to (c) above.

bluep

I guess with the Paypal, you use your credit card to load your paypal account - which counts as a payment rather than cash, then you withdraw money from your paypal account which can ONLY go into your bank account... I have never done it though but that doesn't seem any different than paying into paypal £20 for an eBay auction, then 2 days later, recieving a payment for somethign you've sold and transferring it to your bank.

starlite_2

Hmm...and surely paypal fees are higher than anything else? They do seem to be extortionate!
just o add..was on the phone to a friend who worked in the same place as me when typing this and she said after new management came in this was immediately stopped, and they couldn't belive it had been allowed before..they told her it was against the law!?
But, legal issues aside, I'm still not clear on why it costs more for a business to process a c.c transaction as opposed to a debit card!?