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Transferring Money from Credit Card back to Bank Account

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  • 25-08-2010 8:28pm
    #1
    bystarlight
    Registered Users Posts: 162 ✭✭


    Hi,

    I transferred X amount of money from my current account to my credit card. Turns out I don't need it on my credit card anymore.

    If I transfer it back to my current account I know I'll lose money. But will it be a percentage of the X amount? Or will it be cost per transaction? i.e. a set fee, regardless of the amount I'm transferring.

    The bank is AIB and the credit card company is VISA.

    Thanks!


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    #2
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    it's the same charge as if you took the money out of an atm as it's essentially a cash advance. if it's the click card you have they charge the fee whether your card is in debit or credit.


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    #3
    bystarlight
    Registered Users Posts: 162 ✭✭bystarlight


    Random wrote: »
    it's the same charge as if you took the money out of an atm as it's essentially a cash advance. if it's the click card you have they charge the fee whether your card is in debit or credit.

    So it's a set fee then, and not a percentage of the value I'm taking out? Correct?


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    #4
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    there's usually a set fee and then a % transaction fee when i take a cash advance from an atm. it's the same for cash transfers online in my experience.


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    #5
    eagle_i
    Closed Accounts Posts: 89 ✭✭eagle_i


    My understanding is if your credit card is in credit there is no charge on taking money out. It is when you start a cash advance which you are effectively borrowing is when you are hit by the charges.


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    #6
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    Thats not the case with all cc


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    #7
    eagle_i
    Closed Accounts Posts: 89 ✭✭eagle_i


    Fair enough Random, to clarify it is my understanding and my experience of AIB's Visa card, as for any other cc I can't comment. One cc is enough for me, even that gets a battering now and again!!


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    #8
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    eagle_i wrote: »
    Fair enough Random, to clarify it is my understanding and my experience of AIB's Visa card, as for any other cc I can't comment. One cc is enough for me, even that gets a battering now and again!!
    the t+c of my aib click visa say that whether in credit or debit i'll be charged the same.


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    #9
    delllat
    Closed Accounts Posts: 1,388 ✭✭✭delllat


    does anyone know if this applies to ebs credit cards from mbna ?

    i thought they can only bill you if you are "borrowing" from them and if you were in credit you could take back your own money free from charges


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    #10
    eagle_i
    Closed Accounts Posts: 89 ✭✭eagle_i


    Random, I've had my cc for probably 20 years now, and the advice I received at the time I applied for the cc is that if my cc was in credit then no charge applied other than foreign exchange charges. This has been my experience throughout also. Not sure about the Click CC, perhaps this is more recent issue of the aib visa card and these charges may apply now. With my cc charges for withdrawals within euro currency only applies once you start borrowing, ie. once your card goes into debit - as Dellat points out above.


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    #11
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    different t&c for different cards and banks.


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    #12
    defiantshrimp
    Closed Accounts Posts: 241 ✭✭defiantshrimp


    eagle_i wrote: »
    Random, I've had my cc for probably 20 years now, and the advice I received at the time I applied for the cc is that if my cc was in credit then no charge applied other than foreign exchange charges. This has been my experience throughout also. Not sure about the Click CC, perhaps this is more recent issue of the aib visa card and these charges may apply now. With my cc charges for withdrawals within euro currency only applies once you start borrowing, ie. once your card goes into debit - as Dellat points out above.

    While that is the case for almost all cards, the AIB Click card is different. Most cards however will not charge you to take money out when you have a credit balance (i.e bank owes you money).


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