Hi,

I'm trying to think of a cheap (read free) way to get cash off of a credit card. One plan I have, but am not sure whether it would work, is using Paypal.

If I linked the card to paypal, so the card was charged for the transactions, then paid a trusted friends account a sum of money. Obviously there would be a paypal charge for my mate to receive the money but, could he refund me the money and not incurr any charges? And if that's possible could I change my account to be linked to my bank account and then withdraw the refund?

Anyone know? or is there another way?

Cheers

Rob

Paypal "gifts" are fee free. Your "friend" could just give you the cash, if they're the type to spend on things using paypal.

Good shout but "Gifts" can only be funded by Bank or paypal balance ie not cards.

Cheers

Rob

i suspect a refund would have to go to the card it came from.

Best way to get free cash off your card is to buy things for friends, ideally expensive things like group meals out, but maybe just full tanks of fuel etc.

It's only free if you pay the amount off when it's due at the end of the month isn't it ? There's no such thing as free money, someone will have to pick up the tab somewhere along the line. A friend of mine thinks if his cards aren't maxed out then he has money to spend. Last count he owed £13,500 and has sod all in the bank, so transfer the balance to a new card and start all over again. He does have trouble sleeping though.

I think you will find that cash withdrawals against a credit card attract interest from the day the money is withdrawn, not from the end of the month.
I would think the cheapest way is to get a Bank loan, from a Bank or Building Society, Credit Cards are nearly as expensive as Loan Sharks.

DONT get into Debt, its really hard to pay it all back with all the interest. Go without or save up, its the cheapest and safest way financially speaking.

The interest rate may look small at 1.5%, but mulitply the rate by 12 (months) to get the annual rate, and its nearer 20%, which is an expensive loan. Only use a credit card if you can pay it off completely when you get the next bill.

If things are so tight that you can't afford bank fees etc, then you can't afford the items you want to buy.

lol I'm touched by the concerns over my finances, but without boring you all with the details I only need it for a month and I need it next week. I can borrow from other sources but thought if I could dodge the 2.5% cash withdrawl fee, this would be an easy fix.

Cheers chaps.

quote:

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Originally posted by nasty-bob
I only need it for a month and I need it next week.

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Again, thanks for the patronising lectures, you've just reminded me why I don't often ask questions on here.

quote:

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Originally posted by nasty-bob
Again, thanks for the patronising lectures, you've just reminded me why I don't often ask questions on here.

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