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Getting money from credit card into bank account

(13 Posts)
thatcoldfeeling Mon 04-Apr-16 08:39:26

Right, before I do this I am just checking there is no MN wisdom I am missing to make this cheaper?

I need to get £500 from my credit card (Capital One, but not the one with the v. horrific APR, the next one up from that, just fairly horrific!) into my bank account to make a one off payment. I fairly often (because I am terrible at money management) have to draw cash out from my credit card to pay into my bank account to ensure I can make direct debit payments. The charge for cash withdrawals is £3 or 3% - whichever is more. So for £500 that would be £15 straight away. Then interest accrues daily, the rate of which confuses me so I am not entirely sure what this would cost.

My other option is to transfer from one Paypal account to my other Paypal account, and then draw it out. AFAIK there is no fee for withdrawing the money, but the transfer on a credit card would cost £17.20. So with the grey area on the daily interest rate I think this may be my best bet.

Any comments/wisdom/suggestions as I would be only too happy to find a way to further reduce the cost of the transfer!

thatcoldfeeling Wed 06-Apr-16 06:31:57

Bump... anyone, before I just go for PayPal?

LynetteScavo Wed 06-Apr-16 06:51:19

I think I've done it via pay pal years ago. I would have given it a lot if thought, so it probably is your best option.

minnymoobear Wed 06-Apr-16 06:55:36

Can you do a money transfer from your card to your bank account? Check if the card has any special offers for you to use - will be cheaper than using it as a cash advance

eurochick Wed 06-Apr-16 07:16:51

How much is it to draw it out of a cash machine? You could the physically pay it in to the account.

thatcoldfeeling Wed 06-Apr-16 08:01:08

As per OP, it is £3 per £100 to withdraw cash, and interest accrues daily. So £15 straight off on £500, but I am not great at working out what the interest would be, however chances are it would go over the £17.20 for Paypal I suspect. Though if anyone has any idea what the cash interest rate would work out at, that would be great, it would be about 3 weeks until I pay it off & I think the cash interest rate is 34.9% APR, I don't even know if that is in addition to my ordinary 20% APR or not?!

Unfortunately I can't do a direct bank transfer with this card and as it is not a great credit card (the Capital One card where your APR goes down a bit if you are 'good'!), they don't really do offers!

Sootica Wed 06-Apr-16 08:08:53

The daily interest rate on £515 at 34.9% APR (that won't be in addition to the 20%) would be about 49.24p. So over 3 weeks another£10.34 on top of the £15

Don't quite understand the PayPal charges. Will it be putting £500 onto PayPal as a purchase on your card thus attracting 20%APR plus the £17.50 pay pal transfer charge?

thatcoldfeeling Wed 06-Apr-16 08:12:40

Thanks Scootica, this is exactly what I wanted to know. Any yes, wrt Paypal that is exactly the situation, only the interest would not accrue daily as with cash interest, so because I would be paying off in full at the end of the month I don't think there would be any.

Sootica Wed 06-Apr-16 08:34:54

Ah ok. Do you already owe anything on credit card though as repayments normally are towards older debt purchases first?

Roddas Wed 06-Apr-16 09:00:02

I might be getting confused, but can you shift your debt onto a 0% card?

thatcoldfeeling Wed 06-Apr-16 10:34:51

I usually pay of my card in full each month, although I already have abt £150 on there this month already so I may not pay it off entirely actually, but it will be mostly paid off.

My credit rating is not great so can;t get a 0% card, plus that wouldn't help me get it in to my bank account where it needs to be in order to make a payment without my card which is what I need to be able to do.

Rockchick1984 Wed 06-Apr-16 10:42:50

Do you need it to pay direct debits? I'd be calling the companies involved and see if you can pay by card this month instead of DD and simply pay on your credit card. Means it only attracts the purchases rate of interest!

thatcoldfeeling Wed 06-Apr-16 11:11:56

No, to pay a private individual so no way around it, they won't own a card reader!

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