How to change credit card credit to cash cheaply?

**gaj104** · 23rd August 2004

Hi,

More of a request...not sure this is in the right forum either!

Ny hoo Im wondering if anyone knows how to convert my credit cards facilities into cash. My idea is to transfer an amount into a high rate interest account for the interest free period thus earning interest, i.e �4000 for 8 weeks at 4%

I have thought of a few ideas, but nothing that makes the cost less than the benefit (i.e 10% charge for cash advances or buying shares and selling em straight away due to trading costs)

Any ideas would be great, as ive got a few unused credit cards at mo and wouldnt mind making a cheeky bit o cash on interest :whistle

Ta

G

**Fett** · 23rd August 2004

Everything ya need is here mate http://www.moneysavingexpert.com/.

**phlix** · 24th August 2004

Most 0% cards charge interest on cash.

**CzarJunkie** · 24th August 2004

Egg card allow you to pay off your overdraft and class it as a balance transfer, and they've got a 6 month 0% on balance transfers at the moment, well get them to deposit as much as you can into your bank account claiming its for your overdaft , transfer it to yer high savings account and just pay the CC back when the 6 months is up.

**gaj104** · 24th August 2004

Thx allz for the replies, the website was especially useful...like the idea of a "super balance transfer"

:thumbs

**Cookie** · 25th August 2004

I was hoping to buy a car privatley using a credit card with 12 months interest free (Sainsburys, only ineterest free on purchases).

My mate has a shop and I was going to make out I spent 3k with him in his shop and he will give me the 3k in cash. I will have to give him the 2% service charge he has to pay to the credit card company, so I will have to give him �60 for doing the business.

After the 12 months I will do a balance transfer to another card.

Does this sound feasibel as I aint heard anyone try this before?

Cheers

Cookie

**bignig** · 28th August 2004

HOPE THIS HELPS you wont make any money but if you need cash from your card this is what i do ,get your limit on your card,i use paypal withdraw the limit into you paypal account ,then transfer it to your bank simple and you still get 0% interest free

**Cookie** · 28th August 2004

@ bignig

Good idea m8.

Do you incur any paypal charges when you do it this way????

**bignig** · 4th September 2004

sorry it took a while to reply bin away lol,no mate no charges tou can send money to paypal for free ,then when you send it to you bank as long as it is over �50.00 or something close to that it is free also if you do send less than �50.00 its about 28p lol not bad hey

**dirtyrider** · 18th September 2004

Not a bad idea- until paypal freezes your account.

**Mule** · 18th September 2004

Originally Posted by dirtyrider

Not a bad idea- until paypal freezes your account.

Which just goes to show that the 'similar threads' thing works.

**Cookie** · 18th September 2004

@ Mule.

I aint done this yet as I'm still waiting for the credit card.

What do you mean by 'similar threads'?

**dirtyrider** · 19th September 2004

Originally Posted by Mule

Which just goes to show that the 'similar threads' thing works.

Yes!

**krazykris** · 18th October 2004

Look at the small print on the 0% card. Most cards need you to spend a set amount each month to keep the 0%. when you make your mopnthly payments in comes of the 0% first thus not touching the monthly spend, hence it accumulates interest at a given rate.

Beware