Someone told me that there were paypal cash cards which you could buy using your credit card and then transfer paypal funds back into your bank account…
Does anyone know if there is another way of accessing cash from credit card?
Ways of Accessing Cash from Credit Card
oliman on 04/09/2017 - 12:19
Comments
If you can find a way to withdraw money from your cc for no fees, you can make some extra money with it. Example:
CC with 55 days interest free and $20k limit. Withdraw whole thing and put into bank with 3% interest p.a. Withdraw on the 53rd day and pay cc off, then rinse and repeat. You can end up making close to $600 in interest every year.
oh yeah, the key is that interest free period. thanks.
Hi nurries, what an interesting suggestion. We rarely see (if ever) cards that allow cash withdrawal on the interest free period. Did you have a particular card that you knew this was possible with? Especially with a large sum like $20,000. Because there are some genuinely good situations where $20,000 out for nearly 2 months at zero interest can work with business customers (and perhaps even people making property purchases whilst waiting on monies from another sale or overseas).
Hey naritas,
No, I was simply stating the reason why you can't access cash from a CC without paying interest immediately. If you find a card that allows you to do otherwise, please let me know :)
cash withdraw with a credit card and not pay interest straight away… I would like to know what card this is you know of.
best is (or was) citibank 12 months 0% balance transfer via cheque to self.
that was gold… i got cheque of $24,000…sadly, no more….
they do it every 12-18 months, my last one was 70k at 0% for 18 months. waiting for the next offer now!
i've been waiting for more than a year…..
you cant wait for it, you have to actively look
https://www.citibank.com.au/aus/credit_cards/balance-transfe…
theres 3 deals on right now.
0% for 6 months
0% (1.5% fee) for 18 and 24 months (still good if you are offsetting a home loan at 3.5%+)
How does that work?
Does it have to be 0% transaction fees? You could ask someone with a merchant account to charge your card then they give you the money back in cash. But that would involve a transaction fees of 1-2%. If you have a card with 12 months interest free on purchase, essentially you are borrowing at 12 months for only 2% :)
Where do I find such a merchant who charge my card and give me cash back.
Hahaha
not as easy as it sounds
If you have a card with 12 months interest free on purchase, essentially you are borrowing at 12 months for only 2% :)
Credit card providers do not like that because they could lend the money to someone else at a higher interest rate.
Credit card providers do not like that because they could lend the money to someone else at a higher interest rate.
+1 on this comment.
This has been our experience with clients and card providers for the past 15 years, with exceptions being few and far between.
An under $20K personal loan is commonly 9%-29%p.a. - an under $20k business loan is commonly 9%-60%p.a.! So if you can get cheap/low interest cash out without any explanation you've effectively bypassed the most lucrative channels of lending for most banks/non-banks.
myer. link your credit card to your paypal account.
purchase and get a refund to other debit credit card.With NAB, you can use another credit card to effect a balance transfer to a NAB credit card, putting it in positive balance, then just 'transfer' the surplus on the credit card to a regular bank account.
- Have a NAB credit card with 0 balance.
- Apply for second credit card with 0% balance transfer offer.
- Transfer maximum limit from NAB credit card.
- NAB credit card now in positive balance.
- Transfer positive balance to savings account and withdraw cash.
- Take 12+months to pay off your balance transfer at 0%
Results may vary between banks.
Just don't.
You can buy Bitcoin/Ethereum/Litecoin from Coinbase using your credit card, transfer this to an Australian exchange (BTC Markets/Independent Reserve), convert it back to AUD and deposit into your account… fees would be high though.
You can access a cheque from Viring Money (Citibank) up to your Cash Limit (more than cash advance amount) for a 3 year loan at 12.99% (originally below 9%) https://my.virginmoney.com.au/fpo/
but you will still paying interest on that purchase on your credit card, correct?
credit card interest is soooo high why would anyone borrow from credit card?