AIB Gold Visa Cash Withdrawal

If I top up my credit card, i.e. credit my credit card ! - am i charged cash withdrawal charges when its in credit ?? Are these charges only applied when VISA are lending me THEIR money but not mine ??

Also, if it is in credit by say €300 and i make a purchase over the counter for €350 is my cash credit tapped into and will i now be charged the exorbitant cash advance charges ??

Re: AIB Gold Visa Cash Withdrawal ??

zat29 said:

If I top up my credit card, i.e. credit my credit card ! - am i charged cash withdrawal charges when its in credit ?? Are these charges only applied when VISA are lending me THEIR money but not mine ??

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Check your terms & conditions to be sure. Normally cash withdrawals from an account preloaded with cash incur no charges. Outside the € zone you will be charged a forex margin usually c. 1.75% or more (although this can still be more cost effective than exchanging cash or buying traveller's cheques). Cash advances normally incur interest and other charges immediately and are usually an expensive way to access cash. If preloading for cash withdrawals make sure to factor in any other non cash withdrawal transactions that might occur and which might eat into the cash balance. Also be aware that loss of cash from a preloaded account due to the card being lost/stolen may not be fully covered or may take time to reclaim. I usually transfer cash to the card for access abroad and then top-up via online banking as I need more cash (allowing a few days for the transfers to execute).

Also, if it is in credit by say €300 and i make a purchase over the counter for €350 is my cash credit tapped into and will i now be charged the exorbitant cash advance charges ??

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The transaction may or may not eat into the cash balance - check the terms & conditions - but cash advance or other charges should not be incurred on the €50 excess over the cash balance if this is a card payment. You should have the normal credit period to pay this before interest accrues.

Re: AIB Gold Visa Cash Withdrawal ??

ClubMan said:

..... Cash advances normally incur interest and other charges immediately and are usually an expensive way to access cash. ......

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Clubmna, thanks for your reply. I just dug out my terms and conditions:
[1] "A cash advance fee will apply unless yourj account has a credit balance greater than the total amount of the cash advance at the time of withdrawal"

This is clear to me (the fee is €1.90 or1.5% of the transaction value, whichever is greater). Fair enough.


[2] "Where a cash advance is not paid in full by the due date, interest will be charged on your account from the transaction date."

As I pay all my CC bills on time this is saying that I won't be charged interest - am i correct in this? however, if i miss the payment date the cash advances incur a whopping interest rate from the date it was withdrawn from the ATM but over-the-counter purchases will only incurr interest from the due date on the bill.

I was always of the (mis) understanding that cash advances from the ATM incur interest from the day it is taken out ???? Can anybody clarify?
thanks,
ZAT

If you withdraw cash and clear your debt by the due date you just pay the Cash Advance Fee.

If you do not clear your debt, then you pay interest from the date of the withdrawl plus the the Cash Advance fee.

If you purchase something with your card, but clear your debt then you pay interest from the payment due date.

Re: AIB Gold Visa Cash Withdrawal ??

zat29 said:

[2] "Where a cash advance is not paid in full by the due date, interest will be charged on your account from the transaction date."

As I pay all my CC bills on time this is saying that I won't be charged interest - am i correct in this? however, if i miss the payment date the cash advances incur a whopping interest rate from the date it was withdrawn from the ATM but over-the-counter purchases will only incurr interest from the due date on the bill.

I was always of the (mis) understanding that cash advances from the ATM incur interest from the day it is taken out ???? Can anybody clarify?
thanks,

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I thought so to in general. Maybe I too am mistaken?

soy said:

If you purchase something with your card, but clear your debt then you pay interest from the payment due date.

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Soy, should this not be " but don't clear your debt" ?

Have a read of this thread.

From what I know, the policy on interest advances on cash varies between banks.

thanks ccovich, that thread is very clear

i believe that interest is charged on purchases from the date of those transactions also, not from the due date on the credit card bill.

bb12 said:

i believe that interest is charged on purchases from the date of those transactions also, not from the due date on the credit card bill.

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In general, yes, this is the case, but only if the balance outstanding is not paid by the due date.

Interest may be charged on cash from the date of the withdrawl, even if the balance is cleared on time.

Re: AIB Gold Visa Cash Withdrawal ??

zat29 said:

.. if i miss the payment date the cash advances incur a whopping interest rate from the date it was withdrawn from the ATM ..

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surely you'd have to miss several payment dates for the interest rate to be 'whopping' ? If you miss just one month, the interest should be less than 3% - hardly 'whopping' ?