I want to take out money from my credit card, but without a cash advance (high interest rates)?
Less dreaming, more living asked:
hello, I wanted to take out money from a credit card I have with no interest for 18 months, but I don't want to take out a cash advance, I was wondering if I should buy gift cards and then sell them on ebay? would Best Buy gift cards be a good idea to sell, or should I buy a computer and then sell it???
or what option would YOU go for
Most people won't give you 100% on the dollar for a resold Best Buy gift card, and a used computer will only get you back 50 cents on the dollar, so I wouldn't do that. What you might be able to do is to ask friends/family to let you charge purchases they would otherwise pay cash for, and give you the cash instead.
Or, if there are expenses you routinely have that you would pay cash for (such as gas station, grocery store, etc.), charge those expenses and save your cash. One option, although you will pay a mildly expensive fee, is to charge prepaid Visa cards (they have a $4.95 fee) and resell those to friends of family.
Just keep in mind that 18 months from now you will have to pay this off, and have a plan in mind to do so.
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Horrible idea that will hurt your credit by maxing out the card AND the credit card company might freeze your account based on this irresponsible usage of the credit line.
The only way I can think of is for you to get someone you 100% trust and have them open up a PayPal account and wire the money to them from your card and have them give you the cash….This way you'd avoid the high cash advance and interest fees.
If you were to buy things for resale you would have to make a profit on everything at a time of year the stores are discounting everything. You would still have to pay for the items and somehow in this whole mix you will get screwed. It's the law of averages.