Withdrawing Money from ATM using CC?

mickger

If i withdraw 300 cash from the ATM using my credit card what is the normal charge for doing this?

SaintHubbins

AIB charge €1.90 per €100. Don't know about the other banks. Imagine it would be similar.

Shelflife

unless you have preloaded your card, you are effectively taking out a loan at their crazy rates. its to be avoided unless its an emergency.

Davy

Its 1.5% of how much you take out, but with a minimum charge of €1.90, and its still charged even if the account is in credit for aib click card, not platinum though.

This is on top off the cash withdrawal rates which are always higher than standard credit rates. Aib click has 23.4% on cash, while only 8.5% on normall transactions.

mickger

Davy wrote: »

Its 1.5% of how much you take out, but with a minimum charge of €1.90, and its still charged even if the account is in credit for aib click card, not platinum though.

This is on top off the cash withdrawal rates which are always higher than standard credit rates. Aib click has 23.4% on cash, while only 8.5% on normall transactions.

Is the 23.4% only charged if you don't pay your bill on time? If i withdraw 200 tonight how much will it cost me if i pay my bill on time?

Davy

Is it a Aib click you have? They have 56 days free interest for paying the full bill, you will be still charged the 1.5% which would be €3 on the €200.

Flamed Diving

mickger wrote: »

Is the 23.4% only charged if you don't pay your bill on time? If i withdraw 200 tonight how much will it cost me if i pay my bill on time?

€3.90 interest.

stepbar

Flamed Diving wrote: »

€3.90 interest.

Where in gods name did you pull that figure? It's not correct as if you take money from you C/C you are charged interest on a daily basis until same is cleared.

daithijjj

As far as i know, interest on cash advances is charged and accrued daily but is not itemised daily on a statement, this is on top of admin charges per 100..................get it paid back and get it paid fast, do not wait for the statement, the longer you wait, you will just bleed cash.

If anyone knows of a provider who doesnt charge daily interest on cash advances id love to see the providers name in bright lights on this thread, id be applying in my sleep tonight:P

Davy

daithijjj wrote: »

As far as i know, interest on cash advances is charged and accrued daily but is not itemised daily on a statement, this is on top of admin charges per 100..................get it paid back and get it paid fast, do not wait for the statement, the longer you wait, you will just bleed cash.

If anyone knows of a provider who doesnt charge daily interest on cash advances id love to see the providers name in bright lights on this thread, id be applying in my sleep tonight:P

I think aib click is the only one to give 56 days interest free on cash once its paid in full. You will ALWAYS be charged the €1.90 or 1.5% (which ever is greater) on euro transactions. For the 'click' card this is when in credit or debit. Some cards dont when in credit

daithijjj

Davy wrote: »

I think aib click is the only one to give 56 days interest free on cash once its paid in full. You will ALWAYS be charged the €1.90 or 1.5% (which ever is greater) on euro transactions. For the 'click' card this is when in credit or debit. Some cards dont when in credit

Thanks davy, so if for eg. my balance is 500 owed and i take out 200 cash (bal 700).........i will then receive 56 free days if i pay the 700 in full by the deadline of the statement?

If not, the daily interest accrues month after month after month until the whole balance is paid?

mickger

Its a AIB Classic Visa Card i have so if i withdraw 200 tonight they will charge me interest everyday until i pay the 200 back?

stepbar

daithijjj wrote: »

Thanks davy, so if for eg. my balance is 500 owed and i take out 200 cash (bal 700).........i will then receive 56 free days if i pay the 700 in full by the deadline of the statement?

If not, the daily interest accrues month after month after month until the whole balance is paid?

No, you should get the 500 interest free and the 200 eur will be charged inteest on a daily basis until you pay it back.

Davy

mickger wrote: »

Its a AIB Classic Visa Card i have so if i withdraw 200 tonight they will charge me interest everyday until i pay the 200 back?

I cant remember 100% with the standard visa but i think you will be charged daily interest until its paid off. But isnt the standard apr lower around 19%? It will be stated on the side column of your bill.

daithijjj wrote: »

Thanks davy, so if for eg. my balance is 500 owed and i take out 200 cash (bal 700).........i will then receive 56 free days if i pay the 700 in full by the deadline of the statement?
If not, the daily interest accrues month after month after month until the whole balance is paid?

Once you clear your balance by the due date each month you wont pay the interest.

daithijjj

mickger wrote: »

Its a AIB Classic Visa Card i have so if i withdraw 200 tonight they will charge me interest everyday until i pay the 200 back?

All i can tell you mick, is that i worked for 2 large credit card companies a few years back, they were HFC(an american company) and Capital One. HFC had 120 credit cards including Goldfish cc's.........every one of them had daily interest charges that accrued daily and tallied on statement date. The one that davy has kindly informed me/us about is the first i have heard of any free period for cash advances. Taking cash out on a cc is strictly emergency only imo.

daithijjj

stepbar wrote: »

No, you should get the 500 interest free and the 200 eur will be charged inteest on a daily basis until you pay it back.

Yes, but you must pay the full outstanding balance of 700, in this example, for the daily interest on the 200 cash to stop accrueing.

Flamed Diving

stepbar wrote: »

Where in gods name did you pull that figure? It's not correct as if you take money from you C/C you are charged interest on a daily basis until same is cleared.

I assumed it was monthly.

cashback

Interest on credit cards accrues daily on purchases and withdrawals but is only billed monthly, it can't be charged daily. It's wiped clear if you pay your bill in full and on time.

Davy

Aib click gives 56 days interest free on cash i believe and Boi might with the 2-in1 card.

The older cards have NO interest free period on cash withdraws, and its calculated daily till its paid.
EBS, first active, MBNA, National Irish Bank, ulster bank all charge daily.

flatpack

01/03/2009 ESO Filling Station 20.98
03/03/2009 Tesco Jvervis 89.34
20/03/2009 Komplet.ie 240.32
25/03/2009 Cash Withdraw 200
Total Bill 550.64


now your total bill is 550.64 including cash withdraw from atm.
if you pay bank 300 euro now what is left for next bill is 50.64(purchase) + 200(cash withdraw) euro
bank'll charge you purchase interest on 50.64 and cash interest on 200 euro. i dont know what they call this but 200 cash withdraw was last transaction so its kind of first in first out.
Sorry my English is not very good but I m 100% certain about this first in first out.

Sorry forget to say interest is charged on daily basis (most banks do this) but not sure about all banks.
I also have doubt about 56 days interest free (it also can mean if you don’t pay your full bill they will ask interest from the day you spend money but again not sure about this either may be some one here can shed some more light on this. Those T&C are so small prints I hardly can read them.

NoSummer

If you keep your cc in actual credit (as in they OWE you money) its free to withdraw cash. THen again its difficult to keep your cc in credit!

Davy

NoSummer wrote: »

If you keep your cc in actual credit (as in they OWE you money) its free to withdraw cash.

This is only true with certain card providers. A lot now charge cash advancement fees when the account is in DEBIT and CREDIT.

To name a few who do this: AIB, GE Money, EBS, MBNA, Postbank, Tesco, and Ulster bank.