How to get Cash out of Credit Cards

by Hu$tler on August 6, 2009

in Street Smarts

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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{ 18 comments… read them below or add one }

Jimmy October 1, 2009 at 12:08 am

Thanks for the great advice, Beavis :) Using the Current card at US Bank ATMs has no ATM owner surcharges, right?

Reply

Beavis September 27, 2009 at 6:47 pm

changes apply on oct -18th 2009.

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

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Beavis September 27, 2009 at 6:46 pm

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?

Reply

Jimmy September 21, 2009 at 5:10 pm

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?

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Hu$tler September 13, 2009 at 1:41 am

I don’t have kids, but I have brothers and sisters.

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aditya September 12, 2009 at 9:50 am

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

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Hu$tler September 7, 2009 at 5:39 pm

Another Promo code for THE first month free: CP509

Reply

Hu$tler September 7, 2009 at 5:38 pm

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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