What's the best way to get cash off your credit card?

Question

I want to buy a car privately with cash, but how can I get cash from my credit card?

Answer 1

You're talking about double interest- interest on the withdrawal of money, then interest on paying the cash back, usually at a much higher rate than a car loan (which can be 5% with good credit, versus 10+% at least!)

Don't do it- get a car or bank loan.

Answer 2

The least expensive (meaning you will not recieve an atm fee) way you do it is to go to any local bank and go up to a teller to request a cash advance off of your credit card. You will need your id and the actual card. You can go to any bank, you don't actually have to have an account there. That bank will not charge a fee. Your credit card will and you should be aware that the interest rate will be anywhere from 23 to 30 percent.

Considering call the credit card company to see if they will send you a "super check". A super check is a check that will be blank that you can make payabale to anyone. Usually these checks have a lower interest rate than doing a cash advance.

Also if you call the credit card company they may be able to transfer those funds directly into your checking account. Again you are looking at high interest rates but this is a convenient way of getting the cash.

Good luck to you in your purchase and please consider other less expensive methods.

Answer 3

By using your credit card in the ATM to withdraw cash. You'll be charged a "cash advance fee" (about 2.5% usually, depends on your bank.)

This is a very expensive way to borrow money, though. This is because, each time you withdraw a certain amount of cash, you are charged a fee and, secondly, some credit cards charge a higher APR (interest rate) on your cash balance. It's also worth noting that some credit card companies limit the amount of cash you can withdraw on the card, e.g. to 50% of your credit limit.

Why not investigate the chances of getting an overdraft on your bank account or a car loan.

Having said all this, I have seen secondhand car dealers that accept credit cards as payment.

Answer 4

Depending on how good your credit is you might be better off to get a line of credit from a bank vs. taking it off your card. Most cards have a super high rate for cash advances. Also you might have a cash advance fee + a limit which is generally less than your purchase limit (ie. purchase limit of $5k cash advance of 2.5k).

Bank lines of credit can be beneficial if used correctly and do your research on that banks LoC. So long as your score isn't excessively low you might get a prime + 2 or 3%. Generally a banks LoC is 10-14% and this is cash advance AND purchase. If your card has a fixed low rate on purchases but a high rate on cash advance you'd do well to check a bank line of credit out.

In answer to your question go to your bank, they should have a cash advance machine and will either give you cash or deposit it to your account.

Answer 5

The best way to get cash off of your credit card is ... well, there is no best way, the only way is to just NOT do it. If you need to finance a car, try your bank, if you have a good relationship with them, employer credit unions ... ANYTHING besides paying with a cash advance on a credit card. Cash advances cost much more in interest than ordinary credit purchases.

Answer 6

Some credit cards come with a cheque book, each cheque has your card number on it, effictively using these cheques is the same as using your card. If you need the cash, go to an ATM and withdraw the cash, and pay higher interest rates. Better still, get out of debt by only buying things you actually have the cash for. This is why personal debt out of control, we live in an impatient "want it now"society where people do not live within their means.

Answer 7

You can but it's going to cost you.

The best advice for getting cash from your credit card is DON'T DO IT.

Apart from the cost, you won't get any of the benefits of a credit card transaction such as free insurance, bankruptcy protection, etc.

Answer 8

You can take a cash advance on a credit card if the amount you need is within your limit, but you'll get eaten alive on interest if you do it that way.

Answer 9

Probably getting cash back from supermarkets. You dont say how much that this is going to cost, seen as though you can only get £49 at a time with it, you'll need a lot of purchases.

Alternatively, it depends on who you know. If you could hook up with someone that runs say a petrol station, and when the customers pay with cash, you put your card in their machine and pocket the money.

Answer 10

That would be about the worst way to buy your car. You'll pay cash-advance rates on the money, which will be about 3 times what you'd pay for a car loan.