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Can you withdraw money from an ATM using a credit card?

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  • 17-11-2014 5:11pm
    #1
    playcold
    Registered Users Posts: 13 ✭


    I am with Ulster Bank.


    I wanted to know can you withdraw money from an ATM using a credit card?


    I heard it is a cash advance. What is a cash advance exactly? And what is the interest rate for this using the Ulster Bank?


    Thanks for your help.


Comments

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    #2
    reetz
    Registered Users Posts: 45 ✭reetz


    Yes you can. Just like your debit.

    You get charged €2.54 For the transaction.

    And i think its around the 21.1% interest on cash advances.

    The quicker you pay it off the less interest you'll pay


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    #3
    playcold
    Registered Users Posts: 13 ✭playcold


    Thanks for your reply. How often is the 21.1% interest rate charge applied? I think I heard somewhere that it is charge every day, is this right?


    Thanks for your help


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    #4
    endacl
    Registered Users Posts: 22,305 ✭✭✭✭endacl


    21% per day interest? Compounding?!?

    :eek:

    Probably not.


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    #5
    whomitconcerns
    Registered Users Posts: 4,359 ✭✭✭whomitconcerns


    its all the time...the interest accumulates from the second you take the money out with the credit card. The APR is 21%, and is calculated of the amount of time oweing.

    Also be aware if you have any other balance on your credit card the interest accumulates on everything while its outstanding.

    http://www.ulsterbank.ie/roi/personal/daily-banking/credit-cards/gold-mastercard/rates-fees.ashx


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    #6
    playcold
    Registered Users Posts: 13 ✭playcold


    Thank you. Is that 21% every day then?


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    #7
    Pablo1802
    Registered Users Posts: 216 ✭✭Pablo1802


    playcold wrote: »
    Thank you. Is that 21% every day then?
    Is that so complicated to get exact information about fees and charges from ulster bank website?

    If you don't understand what it has been written in your credit card agreement with the bank then you should cancel your credit card immediately.

    1.Fees for cash withdrawal
    Cash advances: handling fee 1.5%, minimum €2.54.
    So there is a min of € 2.54 but no max, which means for every €1000 taken from the ATM you would pay €15 straightaway

    2.Interest
    Depends on the credit card you have;
    UB Mastercard Gold is currently on 19.26% as annual interest for cash only, which means you would pay 19.26/365/100*Amount of cash advance, calculated as daily interest of you total outstanding balance on your card from the first day of your cash withdrawal.


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    #8
    playcold
    Registered Users Posts: 13 ✭playcold


    Thank you. I wasn't sure.


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