Is this possible ...

argo · #1 (**permalink**) 08-31-2006, 08:11 PM

Hi,

Is this possible to get cash of credit card without paying fees or pay a little?

Any ideas, suggestions, thoughts?

safari · #2 (**permalink**) 08-31-2006, 08:55 PM

Do you mean cash advance? All credit cards charge high interest rate on cash advances (usually over 20% APR), plus there could be transaction fees up to 3% if you use their checks. Also, there is no grace period on cash advances, so the interest starts accumulating immediately. You can get cash back at some stores when you pay with a credit card, usually up to $50 in cash, which is treated as a purchase. Some cards let you earn cashback on your purchases, which ranges from 0.25% to 5%, depending on the amount spent in a year and the type of purchase. Once you accumulate a certain amount of cashback, you can request a check to be sent to you. Those are the only ways I know that let you get cash off a credit card without paying any fees.

I never tried this, so don't take my word for it. If you have PayPal premier account, which allows you to accept credit card payments, you can send invoice to yourself (using another email) and then pay with a credit card, as if you won an auction. PayPal will charge you about 3% or so, but it will be treated as a purchase, not a cash advance, so if your card has 0% on purchases, it might be worth a try.

argo · #3 (**permalink**) 08-31-2006, 10:28 PM

Safari,

Ideas with Paypal and stores sound interesting. Which stores do this? How they can be found? Just interesting why would they do this keeping in mind that they pay VISA/MC certain percentange.

greedy4chips · #4 (**permalink**) 08-31-2006, 11:00 PM

Are you looking for quick cash? We have gone to bars in the past and charged $100 to our CC and received $100 cash. It gets listed as a purchase, so there are no fees and no high cash advance rate.

If you are looking for cash in 30 days or more, apply for a card and do a balance transfer to your current card or yourself if they allow it. Then just request the negative balance amount from your 1st card.

Example: You have $800 on your CC, apply for 2nd card and request $2500 balance transfer (make sure there are no fees). This leaves you with $1700 cash you can request.

Dangerous because you will now owe money to 2 CCs and you could find yourself in a downward spiral awfully fast!

safari · #5 (**permalink**) 08-31-2006, 11:11 PM

Quote:

Originally Posted by argo

Safari,

Ideas with Paypal and stores sound interesting. Which stores do this? How they can be found? Just interesting why would they do this keeping in mind that they pay VISA/MC certain percentange.

I've only seen the cashback option when using my Discover card at a local supermarket (Ralph's). It depends on both the card issuer and the store. I don't know if it's available with Visa/MC/Amex. Can anybody confirm?

getforfree · #6 (**permalink**) 08-31-2006, 11:45 PM

I was thinking about buying a money-order with a cc, but those places take only cash, or debit for those kind of purchases.

If you know any local store owner, you can try to ask him to charge your cc as for purchase and give you cash instead. But they pay fees for it too, so if their fee is higher then your cashback reward, it's not worth it. One of then told me they pay 3%, so it worht it only if you get 5% on your card, and after sharing with that person, you get like $1 profit for each $100 charged.

You can also buy things for other people and get reimbursed for it.

disneysteve · #7 (**permalink**) 09-01-2006, 10:23 AM

Quote:

Originally Posted by getforfree

If you know any local store owner, you can try to ask him to charge your cc as for purchase and give you cash instead. But they pay fees for it too, so if their fee is higher then your cashback reward, it's not worth it. One of then told me they pay 3%, so it worht it only if you get 5% on your card, and after sharing with that person, you get like $1 profit for each $100 charged.

Not to be a party pooper, but is that legal?