Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Using my credit card to withdraw cash at ATM

Options
  • 25-07-2008 11:07am
    #1
    podge018
    Registered Users Posts: 1,817 ✭✭✭


    What's the deal with this?

    I'm still in my first year so interest is about 3% but I've heard something (I think) about interest accumulating from the day I withdraw the cash?


Comments

  • Options
    #2
    Davy
    Registered Users Posts: 19,340 CMod ✭✭✭✭Davy


    Yes for cash transactions. Also a fee for taking out cash on top of the interest depending who your provider is it varies slightly


  • Options
    #3
    CSC
    Closed Accounts Posts: 653 ✭✭✭CSC


    Withdrawing cash from ATMs or over the counter is the most expensive way to use a credit card. The interest rate will be nearly 20% in most cases (check with your provider but it's not 3%), there is a fee for each transaction and you pay interest on the money from the day you withdraw.
    Also, the way credit cards work is that you pay the balance with the lowest rate off first so you could be paying interest on the money you take out for quite a few months - to give an example of this say you spend €800 in retail transactions at 13.9% and take €200 out at an ATM at the higher rate, if you pay €200 back when your statement comes out, the money will be paid off the €800 and the €200 cash will still be accruing interest.


  • Options
    #4
    Xcellor
    Registered Users Posts: 2,803 ✭✭✭Xcellor


    Don't take money out this way if you can at all avoid it.


Advertisement