Using Mastercard credit card at an ATM?

Dapos

Hi there,

I have a quick question. Someone told me recently i shouldn't use my credit card as an ATM card as i get charged interest on it striaght away. Is this true or what exactly is the story. Is there a difference between using your credit card to purchase something in a shop and using it to withdraw money from an ATM?

I have a Master card credit card from Bank of Ireland (just the standard one i think). I'm pretty good at keeping the credit card paid off as i pay off stuff at least once a week on it through online banking.

There have been times in the past where i have been stuck (ATM card not working in certain machine and my ATM card was broke for a week or so a while back) but normally i wouldn't use my credit card at an ATM.

Any advice/info is appreciated.

Thanks.

c - 13

Its been a while since i've done that but IIRC there is some sort of cash advance fee applied based on the amount taken out up to a certain amount.

I'm open to correction on that though.

Woden

Yes just recently I got charged 3pounds when taking out approximately 90pounds using the credit card.

If your credit card is in credit/debit? i.e. you owe nothing on the card and you have put extra onto it. There is no fee to withdraw then if I recall correctly.

dotsman

It's all in your terms and conditions (does anyone read them?).

Here are the T&C for the BOI Clear card which, I assume, are similar to yours.

Sections 6 & 7 relate to your question. In short, A credit card should never be used as an ATM card except for emergencies. I assume you have an ATM card right next to your credit card in your wallet? If not, put one there.

Dapos

dotsman wrote: »

It's all in your terms and conditions (does anyone read them?).

Here are the T&C for the BOI Clear card which, I assume, are similar to yours.

Sections 6 & 7 relate to your question. In short, A credit card should never be used as an ATM card except for emergencies. I assume you have an ATM card right next to your credit card in your wallet? If not, put one there.

Ok ya i prob should of read the whole t&c's. That kinda clears it up anyway. YA like i said i use my ATM card the majority of the time, there just has been a handful of times i was stuck and had to use the credit card.

One final question, if i put extra money into my credit card does this still apply?

Not sure what your experience has been with Bank of ireland but i have been stuck before as they delayed replacing my ATM card so i'm just trying to see what my options are if i get in that situation again.

Thanks for the help.

daithijjj

Using a credit card at the atm is financial suicide........cash advance fees and daily interest apply to most of them......if you want you can load cash onto your credit card at your branch pre purchase but you may still be liable to fees (depends on your provider).

I was using mine online for 2 months before i noticed that they charged me 2.50 per transaction.......i called them up and spoke to an advisor who said there was no way to get these fees back as they were new fees in the t&c's. Its only that i used to work for a large credit card company that i requested a supervisor to talk to and after 10 mins of arguing my case i got all fees refunded........they told me that i would have had notice of these fees in the post with my statements........i told them that i did not receive paper statements so never recieved any such changes to the fees charged......once they hook you in they will blindside you, trust me, i used to have people crying on the phone to me about charges and fees that they never thought were being accrued...........read the t&c's as if your life depended on it.

dotsman

Dapos wrote: »

One final question, if i put extra money into my credit card does this still apply?

It will depend on the card. Some don't charge a cash advance fee if you have front loaded the card (ie transfered the money to your card before making the withdrawal). Again, check your T&Cs they should tell you everything you need to know.