How to get Cash out of Credit Cards

This is a little known trick with Current by Discover whereas you can deposit money into your “teen card” using your chase credit card. This count as a purchase and you can withdraw money from your “teen card” via ATM machine. Since you are funding with a cash back credit card, you make money say 2% cash back with the Charles Schwab credit card.

Discover Teen Card

Few important facts must know:

  1. Best to use it with Schwab 2% cash back to maximize profit.
  2. Teen Card can be loaded up to $2500 each time. But do so only once per month in order to avoid audit.
  3. Withdrawal can only be at $500 maximum per day, but only do it once a week. Again, avoid fraud audit by minimizing abuses. No ATM fee if you can find one through the Pulse Network.
  4. $5 monthly fee to keep the card open, but free first month with offer code “DM110806
  5. Get up to 3 cards, so in theory, credit up to $7500.
  6. Also, try to use the teen cards for small purchases every now and then so they won’t be so suspicious. Again, try to follow my directions if you do not want the cards to be closed down.

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Comments

  1. Beavis says

    changes apply on oct -18th 2009.

    until then 4 free atm transaction per month (does not include bank (atm owner) surcharge)

  2. Beavis says

    no fee for cashback at point of transaction.

    ex. buy ‘a carrot’ – cashier asks if you want cashback…. up to $100 at local walmart.

    works best is at those self check-out.

    not sure how many times it can be done? _(IMO – no limit)
    anyone have comments on this?

  3. Jimmy says

    They changed the rules on ATM withdraws. $2.50 per transaction on Current’s side, and possibly more from the ATM vendor. $1000 max per month ATM withdraw. Any ideas how to counter this?

  4. aditya says

    I have no qualms about interpreting ‘usually’ but what is the date of birth of your teen did you print on the application?

  5. says

    From the registration page of Discover:
    “I am the Card Holder
    The person using the card itself, usually a teenager.”

    Interpret Usually however you feel like it. FYI, I have no kids.

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