# Possible to buy bank draft using Credit Card?



## musicfan (2 Mar 2009)

Hi All

Just wondering is it possible to buy a bank draft using my Credit Card?  Im aware of the interest / charges etc but its just a temporary measure until the end of the week.  The company does not accept Credit Card.

Thanks


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## TarfHead (2 Mar 2009)

I can't be 100% certain, but would be 99% sure that you may not.

You could withdraw cash on your credit card and use the cash for the draft, but you'll be charged interest from the date of withdrawal, so that's an expensive choice.


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## WaterSprite (2 Mar 2009)

TarfHead said:


> I can't be 100% certain, but would be 99% sure that you may not.
> 
> You could withdraw cash on your credit card and use the cash for the draft, but you'll be charged interest from the date of withdrawal, so that's an expensive choice.



I think OP was expecting interest so it's the same thing, no?  

If you pay off the CC on time, you aren't charged interest.  There will probably be a small charge for the draft itself.


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## CCOVICH (2 Mar 2009)

TarfHead said:


> You could withdraw cash on your credit card and use the cash for the draft, but you'll be charged interest from the date of withdrawal, so that's an expensive choice.


 
I didn't think you could buy drafts with cash any more (money-laundering)?


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## CCOVICH (2 Mar 2009)

WaterSprite said:


> If you pay off the CC on time, you aren't charged interest. There will probably be a small charge for the draft itself.


 
You are (generally*) charged interest on cash from the date of withdrawls/cash advances (unless your account is in credit), regardless of whether or not you pay your monthly bill in time.  (if you were referring to an outright purchase of the draft with your credit card, then no, you wouldn't be charged interest if the bill is settled on time)

*In *some* cases there may be an interest free period for cash advances-if anyone knows of cards that offer this facility, do let us know!


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## WaterSprite (2 Mar 2009)

CCOVICH said:


> You are (generally*) charged interest on cash from the date of withdrawls/cash advances (unless your account is in credit), regardless of whether or not you pay your monthly bill in time.  (if you were referring to an outright purchase of the draft with your credit card, then no, you wouldn't be charged interest if the bill is settled on time)
> 
> *In *some* cases there may be an interest free period for cash advances-if anyone knows of cards that offer this facility, do let us know!



Any time I withdraw cash from the ATM, I'm charged a cash advance fee (%age) but no interest.  I pay my credit card bill off monthly but it is not in credit (at any stage).  The difference (for me) is that, if I don't pay my bill at the end of the month, interest is charged from the due date for purchases and from the withdrawal date for cash advances.  I thought all CCs were the same - I have an AIB gold card.


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## CCOVICH (2 Mar 2009)

WaterSprite said:


> Any time I withdraw cash from the ATM, I'm charged a cash advance fee (%age) but no interest. I pay my credit card bill off monthly but it is not in credit (at any stage). The difference (for me) is that, if I don't pay my bill at the end of the month, interest is charged from the due date for purchases and from the withdrawal date for cash advances. I thought all CCs were the same - I have an AIB gold card.


 
I would have researched this at the time I put together this post and it varies from card to card (Google will also throw up articles which suggest the same).  It could be a feature of the Gold card that cash doesn't attract interest from date of withdrawl, but this won't apply in all cases.

Typically, details on the calculation of interest are buried in the terms and conditions in the application form and so can be easily missed.


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## Hybrid Boss (29 May 2009)

Yes you can buy a draft with your cr/card however will be seen as a cash advance. Better off applying for a Temp. overdraft for a few days


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## AgathaC (2 Jun 2009)

CCOVICH said:


> I didn't think you could buy drafts with cash any more (money-laundering)?


 As far as I am aware this is correct, you may be able to buy up to a certain (low) limit with cash but if it's a large amount you cannot pay for the draft with cash, to the best of my knowledge.


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## Perplexed (3 Jun 2009)

In BOI you cannot buy a draft unless you're an a/c holder. Drafts cannot be bought for cash for amounts over €500. It is to comply with traceability & anti moneylaundering legislation.
You would be able to make a cash withdrawal from your CC, lodge it to your a/c & then buy a draft from the a/c. 
It's not the most economical way to do it ie. cash advance charges etc but it is possible.


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