quick question regarding credit cards

mkdon

QUICK ONE:
Im with aib and have aib be card.can I with draw money on my credit card say 1200 (below credit limit) and not get charged interest if pay back within the month?

STUPID QUESTION I KNOW

ferga_com

Not a stupid question. Cash withdrawals incur interest immediately. Purchases don't, if your account is paid in full by the due date.

A possible workaround is to use the card for purchases to the value of €1,200 e.g. groceries and pay that off in full and use the cash that you otherwise would have for whatever you need it for.

mkdon

Thanks for quick response
Another silly question:
Any idea of say the cost of withdrawing say 1200 from credit card(I know depends on the bank) need cash
Percentage wise are we talking a 10% hit or how much is the norm
Im with AIB by the way:o

3DataModem

Pay it back within about 30 days you'll be looking at 2% approximately... 24 euro.

coylemj

Why not ask AIB for a temporary overdraft facility on your current a/c? That will be much cheaper than taking it (as cash) out of the credit card a/c.

mkdon

another pathetically stupid question what is the overdraft facility AIB offer?

Random

an overdraft is basically when your current account goes into minus amounts as agreed with the bank up to a certain limit.

LionelNashe

mkdon wrote: »

Thanks for quick response
Another silly question:
Any idea of say the cost of withdrawing say 1200 from credit card(I know depends on the bank) need cash
Percentage wise are we talking a 10% hit or how much is the norm
Im with AIB by the way:o

Apart from the interest that starts to accumulate, there is a fee of a few quid as well I think.

mkdon

so how much is the overdraft this seems to be cheapest option

LionelNashe

I pay 26 quid a year for the overdraft facility. I don't know what interest is charged on the negative balance though I would assume its less than what credit cards charge.