Getting cash from a credit card?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
4 posts
AnotherCreditUser
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Getting cash from a credit card?

Postby AnotherCreditUser » Sat Dec 10, 2011 4:39 pm

Does anyone know how to do this without fees or lower fees?

  1. I have tried using paypal by opening two accounts and basically buying from myself, but after a grand, paypal decided to close my account as they thought it to be some sort of identity theft lol. Nevertheless it is an unusually long process.
  2. I have tried buying prepaid debit cards at local stores and then withdraws at the local atm, but then even they have deposit/withdraw limits. Also most stores wont let you buy prepaid debit cards with a credit card, and the ones that do, dont always.
So if you are pooling money to start up a business and dont have a decent background to get a business loan, I have heard most people maxing out their credit cards and getting cash from it for their start-up. Some successful, some not, but knowing I have interested parties with a decent combined credit ability, paying paypal 3k for just transferring money to myself is ridiculous but it is what it is.

Having each person go to their own bank, and getting a cash advance also seems ridiculous due to the APR being 30 percent. I mean it is still 3k lost to the bank, but that is only if the debt is repaid in 30 days time.

Taking full cash advantages to 0% APR cards, or their current purchase APR which I believe is 4 percent is what the goal is.

I still would prefer an alternative to paypal where it is a one time fee at your purchase APR instead or cheaper, but let me know your thoughts/advice. If I have to bite the bullet with the advance APRs I will, but it is still financially smart to weigh out other possible opportunities for getting cash from a credit card?


Money card
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Postby Money card » Sun Dec 11, 2011 1:15 pm

If you go into Walmart and buy something with a Discover card, they will ask you if you want cash back.

Are there withdrawal fees or any kind of fees? That I don't know. When the cashier asked me this I just said no.

sdoonan
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Postby sdoonan » Mon Dec 12, 2011 12:16 am

What money card refers to is the "Cash Over" program. It's the equivalent of "do you want cash back" when you use a debit card; despite how it sounds, it is charged as a purchase (since the money you ask for back is added to whatever you buy, as opposed to being a second transaction) instead of a cash advance.
Cards I Carry:

Visa: CitiForward Student (1k CL, 15.24%), Capital One Student Journey Rewards (.5k CL, 19.8%)
Discover: More Student (1k CL, 17.99% regular, current rate 1.9% through 3/6/12) (Primary card at this time)
AMEX: Blue Cash Everyday (2k CL, 21.25%)

AnotherCreditUser
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Postby AnotherCreditUser » Mon Dec 12, 2011 11:28 am

Lol good advice but walmart usually only has 30k liquid cash at a time, and for that reason individual limitations dont go over a grand per transaction provided you have enough cash back bucks on your card.

Was able to obtain a business loan account. If interested as well, just be sure to have all parties involved go to the bank together and they will help you out provided you have at least one person with a decent tax history.



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