AIB cash advance fees from VISA

Cyrus

Very annoyed over this.

changed my old cr card to a click on to avail of the lower rate (altho i rarely if ever pay interest on a cr card, but it seemed like a good idea)

i soon realised that when you transfer money from a click card to your current acc, whether you are in debit or not (which i normally would be, i often have betfair/ig index winnings on my card), they charge you a 1.5% cash advance fee.

i called to complain, and was advised to move to their platinum card which did not have an advance fee if you were in a debit situation on the card.

so a few weeks later i had withdrawn 4k from ig index, at the time i owed circa 500 euro so the debit balance on the card was 3,500. i withdrew (by this i mean i transferred to my current acc) 4k assuming id pay a cash advance fee on the 500, turns out i was charged 1.5% on the full 4k.

apparently if your card goes into credit even by 1 euro you are charged an advance fee on the full amount.

now, of course all this is in the T&Cs, but to me it doesnt make sense and seems a total rip off, do all cr card co's have the same policy?

Paulw

Cyrus wrote: »

apparently if your card goes into credit even by 1 euro you are charged an advance fee on the full amount.

Sounds perfectly normal to me.

If you withdraw cash on your credit card, you are charged interest right away. If you have a balance, you aren't charged interest. But, once you go over your balance, you are charged interest on the full amount.

With banks and such, it ALWAYS pays to read the full T&Cs.

TheDriver

The only way you do not get charged on cash advances is on the old standard visa cards which you only get to renew if you already have one. Its nasty of them but again, read the t&cs. Thats the only reason I hold onto my old visa card and not upgrade to any of the new click stuff.

Cyrus

Paulw wrote: »

Sounds perfectly normal to me.

If you withdraw cash on your credit card, you are charged interest right away. If you have a balance, you aren't charged interest. But, once you go over your balance, you are charged interest on the full amount.

With banks and such, it ALWAYS pays to read the full T&Cs.

not interest a cash advance fee

Cabaal

Anyone who gets loans, credit cards etc etc etc etc from any banking of financial company without reading the T&C's needs there head checked,

Cyrus

really. so every time you get a loan or a cr card you read the 40 page t&cs, good man

mickoneill30

Cyrus wrote: »

really. so every time you get a loan or a cr card you read the 40 page t&cs, good man

You're complaining about something you agreed to without reading?

Don't skip documents just because they're big. That can end up costing you money.

They'll do whatever they can to wring a few quid out of you. It's not hard to avoid most of the fees though as long as you know what they are.

Cyrus

fair enough lads, ill know in future, i am drawing peoples attention to this.

To be fair im not complaining about it happening, i am complaining about the rationale for the charge of which there seems to be none.

mickoneill30

Cyrus wrote: »

i am complaining about the rationale for the charge of which there seems to be none.

That's what banks do

TheDriver

Cyrus wrote: »

fair enough lads, ill know in future, i am drawing peoples attention to this.

To be fair im not complaining about it happening, i am complaining about the rationale for the charge of which there seems to be none.

I totally agree with you Cyrus, its easy to get caught out. What I have learnt is that if theres an offer on a card e.g. low interest, then they must be taking away some perk. And for some of us, a perk is getting our own money out of a vsa card for no fee.

eth0_

Cyrus wrote: »

not interest a cash advance fee

And? What you did was obtain cash from your credit card, not _credit_. Hence the cash advance fee. It will be outlined in the terms and conditions booklet.

Ste.phen

His point was he took 1500 of his money, and 500 of their money, and they charged him the fees on 2000 instead of 500.
Which is not how my credit card (BOI mastercard) works AFAIK.

Cyrus

correct, thank you

and it wasnt interest ive an issue with its the cash advance fee

eth0_

Igy wrote: »

His point was he took 1500 of his money, and 500 of their money, and they charged him the fees on 2000 instead of 500.

OH. Ok, that *is* odd! Have you rung them Cyrus? What was their explanation?

Cyrus

i had a major argument with some one, no answer just that its in the Ts and Cs :mad:

Random

Cyrus wrote: »

i had a major argument with some one, no answer just that its in the Ts and Cs :mad:

They should have pointed you to the relevant section.

Other than that though there's not much you can do. It's in the T&C. You accepted it when you signed up. A business does not have to explain it's reasoning to you.

Dam credit cards