Cash with a credit card

either,or

My bank account is empty and I need some cash to pay split bills. I have a credit card and I was wondering if there was any way to pay money into my current account with that? I had thought of topping up a PayPal account and putting the money back but apparently that could take up to six weeks! thanks for any help you might be able to offer.

Esh

Why not just have the other person give you the cash they have and then put the full amount on your card? Alternately, most online sites for bill companies will let you make partial payments with a card.

either,or

My flat mate has them set up as a direct debit and I repay him my share in cash each month...it's not the end of the world if I can't, I'm sure he can wait til I next get paid, it's just that will be after Christmas.

MushroomStick

You can pull cash off a credit card at an atm.

either,or

Don't they start charging you a massively inflated interest rate immediately for doing that?

Esh

Yes, they do. And your flatmate can go online and change the automatic debit.

DevoutlyApathetic

MushroomStick wrote: »

You can pull cash off a credit card at an atm.

You will be charged an extra % fee and there is typically no grace period for cash withdrawals.

It's not a terribly good idea to get into. You'd be better figuring out what the terms are and offering to toss in half the extra cash to your roommate or something if he's okay with cash.

MushroomStick

DevoutlyApathetic wrote: »

MushroomStick wrote: »

You can pull cash off a credit card at an atm.

You will be charged an extra % fee and there is typically no grace period for cash withdrawals.

It's not a terribly good idea to get into. You'd be better figuring out what the terms are and offering to toss in half the extra cash to your roommate or something if he's okay with cash.

All true. But to me, right now the priority is to not screw over the roommate. OP already made the mistake when he spent money that should have been set aside for bills.

DevoutlyApathetic

Yea, I was thinking if the roommate is cool with the whole delay thing it'd be better to give him the extra cash but I didn't make it clear that the roommate being cool with it was priority one.

Really going online and changing the card is probably the best plan from the not being a dick while not being screwed point of view.

either,or

Okay, I guess it's probably best to wait until my next pay day then. I wasn't intentionally being a dick by the way, I was off work for a few weeks after someone close to me died so I didn't earn a lot last month which is why I've had to take out a credit card. He obviously knows all about that so it's cool, I just said to him I'd try and find a way of getting cash from the card because it's christmas and that's expensive for everyone.

MushroomStick

If your roommate has a paypal account, it would probably be cheaper to send him money that way than to cashout at an atm.

Dug Danger

Another idea (a stretch)...Being that it's close to christmas. Maybe you could make a purchase for him equivalent to what is owed. Just an idea. And that may be darn near impossible. But it could save the money in his account for the bill and in turn not leave him short.

Midshipman

The other fun thing about cash advance from a credit card is that not only is the interest rate exorbitant, but that debt is always paid off last whenever you make payments on the card. So if you have any debt already on the card, you won't be free of the extra interest until you completely pay off the card.

Daenris

Midshipman wrote: »

The other fun thing about cash advance from a credit card is that not only is the interest rate exorbitant, but that debt is always paid off last whenever you make payments on the card. So if you have any debt already on the card, you won't be free of the extra interest until you completely pay off the card.

This isn't completely true. Since 2010, creditors must apply any payment amount over the minimum towards the highest interest rate balances. So you're still screwed over if you're only making the minimum payments, but if you can manage to pay more than the minimum you can pay down the highest interest stuff.

MushroomStick

If this does come down to taking out a cash advance on a credit card, hopefully the OP will take it as a lesson, pay it off as soon as possible, and take steps to avoid it coming down to this in the future. Its not an ideal solution, but neither is the situation that brought it up.

Hevach

With most utilities you can pay over and above the billed amount, and have it carried over to the next bill. A possible solution if your flatmate doesn't need the cash immediately is to make an additional payment on your card and let the credit wipe out part of next month's, then pay your half next month and effectively give him a month off of the bill.

Al_wat

Mulletude wrote: »

Another idea (a stretch)...Being that it's close to christmas. Maybe you could make a purchase for him equivalent to what is owed. Just an idea. And that may be darn near impossible. But it could save the money in his account for the bill and in turn not leave him short.

Yeah try this. See if you can pay for some xmas gifts on their behalf. Or you can go for more utilitarian things like paying for their groceries or gasoline or something. That way you can avoid the cash advance interest charge, and in terms of paying them back it all works out in the end.

WildEEP

Your best bet in this situation is exchange. Since its your flatmate that you owe - ask him if he has plans to spend that money on something specific. Offer to make his car loan, student loan, etc in the equivalent amount - alternatively you could get a pre-paid visa card in the amount and give that to him. However, you're going to want to contact a place that will accept that payment - a lot of places will only do cash for visa gift cards - you'll have to search to find one that'll accept credit.