What is the best way to withdraw money from my CC?

nerd1 on 08/03/2013 - 00:44

Ok, I have managed to put my credit card in credit of > $10,000. I used to be able to ring up and ask for the money (in credit) to be returned to a nominated bank account. I rang up last week and was confirmed that I can do this. When I tried to do this earlier this week I was told that they have changed this policy and will no longer offer to transfer the money out. The only way I can get the money is to go back to the source of the funds and ask for a refund or something.

I have tried to do a bpay to my comsec account but comsec does not let me transfer money in via credit card.

If I paid someone by Paypal, I would loose a chunk of the money in fees.

Is there anywhere that I would be able to bpay the money to and transfer back out to my bank account?

Cheers

Financial

Comments

  • ozhunter on 08/03/2013 - 01:06

    Did you try to transfer it to your savings account through online banking?
    It's worked for me in the past with Commonwealth bank.

    Just go to the atm and withdraw 2k a day(if you're with CBA) over 5 days lol

    Out of curiosity, why would you put 10k on a credit card instead of a high interest savings account like usaver

  • alvian on 08/03/2013 - 01:42
    +2

    Buy chips at your local casino, walk around the gaming floor feeling like James Bond, then cash them?

    • tooblue on 11/03/2013 - 02:44
      -1

      Money Laudering? You name will be registered in ASIC and AFP's database.

      • alvian on 11/03/2013 - 11:46

        No, why do you write such irresponsible nonsense? All cash transactions valued $10,000 & over are registered and reported in Australia. It is people who buy and cash multiple lots of $9999 chips who are the money launderers. What I proposed is total legitimate.

        What is laudering?

  • nerd1 on 08/03/2013 - 02:18

    it was a 0% balance transfer offer from another CC, I tried to close.. the money is in the everyday money card from woolworths so there is no linked account.

    does the casino allows you to withdraw from credit cards? pretty irresponsible if they did but that will do me :)

    • retiredfeline on 08/03/2013 - 09:11

      Jeez, $10k on an Everyday Money Card? You realise there's no recourse if you lose it, unlike one with a linked account.

  • bobbinbrisco on 08/03/2013 - 09:07

    if you can be bothered… go old school increase cash withdrawal limt and use an ATM

  • chloden on 08/03/2013 - 09:32

    If it is really a huge problem then just cancel the card. Then they will and you a cheque or deposit into your bank account

    • nerd1 on 08/03/2013 - 10:28

      good idea but i do use the everyday reward card regularly

      I might confirm the cash withdraw option if here are no other option available.

  • nerd1 on 08/03/2013 - 12:29

    cash advanced is no good. It will cost me 2.5%.

    so back to the drawing board….

    • ozhunter on 08/03/2013 - 14:19

      Isn't that if you withdraw it from the credit. Since you put 10k over, you should be able to withdraw the 10k without any fee. Anything over the 10k will incur the 2.5% fee. Ask the teller to make sure, but that's the way I've always known it to be.

  • mysakh on 08/03/2013 - 14:34

    Wow, that's ridiculous. Do you have anything else tied to it? If not, I'd go talk to the branch manager and tell him that he either finds a way to take all my money out on that very day or I close all my accounts with them immediately. Then I'd close everything anyway and go find something better. Some banks are out of their minds completely.

  • nerd1 on 08/03/2013 - 15:42

    Ok, not exactly 2.5% but here are the cash advance rates;

    Cash advance usage charge
    Payable each time a user accesses your account in order to obtain a cash advance. The higher of $2.50 or 2.0% of the total transaction amount (including any fees and charges imposed by us or a third party to the effect the transaction.)

    Unfortunately its not tied to a bank, its a woolworths everyday money credit card. I mainly wanted it for the epump facility so I can fill and go quickly. On average I would fill a car 2.5 times a week and its pretty convenient to fill and go. But at the moment I am using my INGDirect card for the 5% cash back.

    I think I will cancel the card though if I don't come up with another option.

    • alvian on 08/03/2013 - 16:20

      Like ozhunter said above, cash advance is when you borrow money from the bank using the credit they have provided. Withdrawing your own money is not a cash advance.

      Woolworths credit card is issued by HSBC. Try them too before you give up. http://www.hsbc.com.au/

    • tonester on 11/03/2013 - 01:56

      have you called them?

      just as if you were to close the account, they can send you a cheque for the amount in credit which they owe you

  • tooblue on 11/03/2013 - 02:50

    HSBC charges a percentage of the amount when you withdraw money from CC, hefty. Unlike Westpac only charges $2.5 fee if your CC is in credit. (Not that I like Westpac, but this fee struture is handy)

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