Credit card cash transfer

Jon12345

Jon12345

Jon12345

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Joined
5 Feb 2003
Posts
365
I have a friend who wants to transfer some money from her credit card into her bank account. From phoning up the credit card company, how long does it take for the cash to clear in the bank? e.g. if she did it today, when could she draw on that cash at her bank?

Thanks,

Jon
 
If she needs it urgently she could just take the cash out of an ATM and deposit it into her account. Then it would be immediate. Sorry I couldn't help any more, but this is what I have had to do in the past.

Sucks a bit though due to interest.
 
On credit cards, usually cash is charged at a higher interest rate than a purchase. Also depending on which credit card company it is, they also make it so you'll pay off the lower interest purchases before the higher interest cash withdrawl, which if you don't clear a lot of the balance each month can easily get a lot higher than the amount you withdraw.

Basically, all I am saying is that it's not a good idea to use a credit card for cash unless it's a last resort!
 
z0mbi3 said:
Why does she want to do it that way anyway?
Click to expand...

Surely that's not any of our business ? If you've noticed but it's January, that's the month after what for the majority of people is a period of greater than normal expenditure... if I was a betting man i'd probably put money on the two being linked. Agreed it'd have been quicker/simpler to go to a cash point but the way she's done it is going to be the cheapest for her i'm guessing.
 
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