Cheapest Way To Get Cash From A Credit Card

JamieLondon

I need cash very soon and was wondering if anyone knew any ways, apart from ATM or Paypal (both costly), to get it from a credit card?

YorkshireBoy

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards

Snooze

Not seen this subject crop up for a long time but then again I'm not a prolific reader of this forum..

I remember years ago you could do a balanace transfer to some online gambling sites and you wouldn't be charged for doing it. You could then transfer the money from your gambling account to your current account and voila! - instant cash.

A lot of them have clamped down on this practice now though and you can only transfer the money back to where it came from, ie. your credit card, but I did hear recently of one where you could still do it - trouble is I forget the name of it. Seem to recall the site name started with a 'U' ...

Another idea bandied around was to use your card to buy foreign currency and then transfer it back again, but this is a very expensive way of doing it when you weigh up the commission charges etc.

:cool:

Rob

Snooze

YorkshireBoy wrote: »

http://www.moneysavingexpert.com/cards/stooze-cash-credit-cards

Yeah that's alright if you don't want your money for ages and also relies on you being able to get the Egg Money card (primarily). I think the OP is more interested in how s/he can get cash now.

Rob

JamieLondon

Yep, she needs it asap!

YorkshireBoy

Which card(s) do you have now?

JamieLondon

Ulster (still within interest free transfer period) and Amazon Mastercard.

NickX

Snooze wrote: »

Not seen this subject crop up for a long time but then again I'm not a prolific reader of this forum..

I remember years ago you could do a balanace transfer to some online gambling sites and you wouldn't be charged for doing it. You could then transfer the money from your gambling account to your current account and voila! - instant cash.

A lot of them have clamped down on this practice now though and you can only transfer the money back to where it came from, ie. your credit card, but I did hear recently of one where you could still do it - trouble is I forget the name of it. Seem to recall the site name started with a 'U' ...

Another idea bandied around was to use your card to buy foreign currency and then transfer it back again, but this is a very expensive way of doing it when you weigh up the commission charges etc.

:cool:

Rob

Sorry to be critical, but I think this is some bad advice. These days both gambling transactions and currency purchases are usually treated as cash advances, thereby attracting an upfront fee and interest charged at an extortionate rate from the transaction date.

I wouldn't advise either of these routes. Yorkshire Boy is right - transfer to Egg Money, then to your Bank Account is the most cost effective way of doing it.

Alternatively there are a handful of cards that allow you to Balance Transfer direct to your Bank Account. These include Egg, Egg Money, any card from the MBNA stable (including the Virgin range of cards) and the Post Office card.

In addition MINT periodically issue Credit Card cheques that can be paid into a Bank Account at Balance Transfer rates. However, this is the least satisfactory option because the cheques cannot be requested and you don't know precisely when they will drop through your letterbox.