What is the present situation for someone who has a current but unused credit card with, say, a 5000ukp limit and who wants to draw that whole amount out as cash for short to medium term use? I believe it used to be that you could only draw out something like 100 pounds a day or somesuch (at an exhorbitant rate of charges)? It's either a Halifax or Egg card. TIA
Credit card withdrawals
Oct 11, 2009
4 Replies
I don't think you will find it an economic way to get money. Most cards now have a 3% or so charge for cash withdrawals - and will start charging you interest straight away.
I think Egg allow transfers to a current account - so all you would need to do would be request a transfer online and they will do it. Remember you will need to be able to add on the fee and still stay within your limit, so you wont get the full 5000.
Neb
And they might not let you draw the entire credit limit as cash. Amex only allows me to draw 20% of my limit as cash.
Thanks guys.
Egg allow up to 95% to be taken as a balance transfer.
Chris
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