subject: Money Transfer: Quick Cash from Your Credit Card [print this page] Money Transfer: Quick Cash from Your Credit Card
Credit cards exist to give you access to credit. This means that even without cash, you can still purchase anything, as long as the store where you intend to make the purchase accepts credit cards. While credit cards as a payment method is pretty widely used, there are still a lot of instances where you just can't use your credit card to pay for something. This usually means that you have no option but to save up enough money or apply for a loan, in order to have enough to pay using a cheque or in cash.
What people do not realise is that there are actually some credit cards that give you access to more cash through a feature called money transfer. Money transfer simply means tapping the credit limit on your credit card and transferring the amount you need directly to your current account. You can then withdraw the money on your current account anytime you need it.
The ability to do money transfer using a credit card is not too widely known in Ireland because there are still relatively few Irish credit card companies that offer this feature. This means that if you are looking for flexibility in the way you can access the credit on your card, you definitely should use the availability of money transfer as one of the criteria when comparing credit cards Ireland companies offer.
If you do plan on taking advantage of a credit card's money transfer feature, you should however always consider the cost related to it. If your card is new, chances are that the rates for money transfer would be really low for the next few months, since the best credit cards often offer low money transfer introductory rates. In fact, you can even find some cards that offer zero money transfer rates during the introductory period. If you are already past the introductory period, find out just how much the actual money transfer rates are so that you won't be surprised to see the interest rate when you get your bill.
You should also remember that the amount you can transfer to your current account depends on the credit limit left on your credit card. This means that if you wish to use this feature as a means for getting emergency cash, you should always leave enough credit on your card to cover emergencies. If you have reached your limit, there is no way you will be able to do money transfer when you need it the most.
