Just wondering if anyone can offer some insight on the cheapest way to get money from my credit card.
I need to access the available credit on my card, but since the banks are holding on tightly to their cash, they are rarely offering any balance transfer checks.
Is there a way to access the money without having to pay cash advance fees? Can I use paypal and send money to myself? What percentage would they charge me? Also, would they think it was suspicious if I received $2000-$3000 in one lump sum and freeze my account? or would they think it was too suspicious if I received 10 x $200 payments from the same person? Any better alternatives?
I'm trying to purchase some inventory and need cash. My interest rate on purchases from my credit card is only 2.99%. Thanks so much for your valuable opinions and for sharing this knowledge with me. Cheers!
The complete step-by-step guide to get back to selling today!
1. Paypal... However you need to make sure your credit card provider won't treat this as a cash advance (in the UK there are those that do). However you do it you risk having the funds frozen/held.
2. Find a friend with merchant account facilities and ask them if they will process the transaction and give you the cash (you could cover the merchant fees). Dodgy as it will be against their merchant T&Cs.
3. In the UK there are loadable/pre-paid cards you can get that will accept a top-up from a credit card. You can then withdraw the cash. There will likely be a cash withdrawel fee and a limit on how much you can withdraw from the card a day. Again do a test transaction to make sure your provider won't treat it as a cash advance.
4. Buy stuff with your card that you can easily and quickly resell for around purchase price....
CaptainJack
Last edited by captainjack1980; 11-12-2009 at 02:47 PM.
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Why do you have to purchase the inventory with cash? I would suggest that you purchase your items using a method that is documentable and trackable.
__________________ SPACER Heights by great men reached and kept
Were not obtained by sudden flight,
But they, while their companions slept,
Were toiling upward in the night.
Getting money out of credit card 
