avoiding cash withdrawal fees?

[rainws]

I recently received a reimbursement from my employer in the form of a prepaid visa credit card. If I withdraw cash using it, I am subject to a 3% fee.

I really need the cash but do not want to pay that fee. Do you think it would work to use a service like paypal to "send myself" money using the card to avoid the 3% fee?

[MiikeB]

Can you not just use the money for something that you would normally spend cash on, like gas or groceries, and then use that cash for whatever else?

Paying the fee isn't the worst, but its like giving away money...

Also, if this is reimbursement, talk to your employer about getting it in cash.

[disneysteve]

What exactly do you need the cash for that you couldn't do with a Visa card? I agree with MiikeB. Use the card for stuff that you'd normally pay for with cash. That will use the card's value and free up your existing cash.

If, for some reason, that won't work for you (though I can't imagine why it wouldn't), how about selling the card to a friend or relative. They can give you the cash and then they get to use the card.

[rainws]

i need part of the cash to pay off my credit card. im in the process of moving and starting a new (first) job

[disneysteve]

Originally Posted by rainws

i need part of the cash to pay off my credit card.

Do you normally pay cash for groceries, gas and other every day purchases? If so, use the card for those things and that will free up cash. Do you have a cell phone? You can probably go to a store from your company and use the prepaid card to pay toward your bill. That could free up money also.

[rainws]

i think you guys are missing the point. i need to pay a $2000 credit card bill by the end of the month and the only money i have is this prepaid credit card. and i have no one to sell it to. so i guess i will take the 3% hit, and withdraw the cash to pay my bill.

[disneysteve]

Originally Posted by rainws

i think you guys are missing the point. i need to pay a $2000 credit card bill by the end of the month and the only money i have is this prepaid credit card. and i have no one to sell it to. so i guess i will take the 3% hit, and withdraw the cash to pay my bill.

Agreed. I was missing the point. You hadn't really stated the specifics of the problem.

If your employer isn't willing to take back the card and cut you a check instead, you may not have much choice but to pay the fee. That really sucks. The job shouldn't pay you in that way. I wonder what made them do the prepaid cards instead of checks.

[rainws]

yeah, thats the only way they do it. luckily i only ended up needing to take $600 out so i was only hit for $18. not great but oh well.

[disneysteve]

Originally Posted by rainws

yeah, thats the only way they do it. luckily i only ended up needing to take $600 out so i was only hit for $18. not great but oh well.

Not too bad, though still a pain that you have to pay to get your own money. At least now you can use the card instead of cash to use the remaining balance and not have to pay any additional fees.

[myrdale]

This would be alot of trouble, but you could probably go to your local store and make a small purchase, lets say $0.75 candy bar and when you pay, choose "Cash Back" and take $50 - $100 out.

Walk next door and buy $0.35 pack of floss, select cash back again, rise and repeat.

[Gruntina]

Sounds like a lump sum of a relocation bonus that was provided in a card! I never really thought how that could be a problem for new employees or relocated employees.