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Being able to cash out a gift card seems like an interesting way to get a cash advance on your credit card, without paying cash advance fees. Surely the credit
by drewg123 7y ago
Being able to cash out a gift card seems like an interesting way to get a cash advance on your credit card, without paying cash advance fees. Surely the credit card companies are on to this, and prevent it somehow?
- ska 7y agoI'm not sure how many jurisdictions force them to allow cashing out. If I recall correctly California law says they have to, but only for relatively low value ($10 or $5 ?) so not sure how effective that is. So I doubt the CC companies are too concerned. Of course if you are selling them below face value and it wasn't your card, its a different calculus.
- gruez 7y agoThere's a list of goods[1] that are classified as "cash-like" and are treated like cash advances when you purchase them. They don't really try too hard to crack down on this though, because there's little point. After all, you can always get a cash advance for free by going into a store and offer to pay for someone's purchase in exchange for cash (and a little discount). [1] https://help.barclaycard.co.uk/brochure/spending_transactions/cash-like-transactions https://help.barclaycard.co.uk/brochure/spending_transaction...