Bank of Ireland CC Cash Advance

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El_Zilcho

Guest
I've been thinking of taking out a Cash Advance with my credit card, but, having done some research I've come across a gross amount of warnings and horror stories with regards to high rates of interest, etc.

So, I'm here looking for more specific information, if anyone can provide it! First and foremost, does anyone here know if BOI's interest-free period (56 days I think?) applies to cash advances? Their website doesn't seem to specify one way or the other. I found an article online from the Indo that says it does, but that's 2 years old, and things change.

Secondly, if I were to pay the interest, would it only apply to the cash advance, or to all the transactions on my card at the minute?

If I'm doing the maths right, I'm not looking at too much interest as is, as I'm only looking to take out about €200 to repay within a month or so.

Does anyone with experience with cash advance think it's worth it?
Any and all help is appreciated!
 
The cash advance fee is €2.54 or 1.5% whichever is greater.If you pay off the bill in full by the due date,no further charge applies.If you don't interest is backdated to the cash advance date @2% a month .
 
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I think that may read that you have up to 56 days interest free.

My understanding is if you take out an advance or make a purchase with cc on the 1st day of the month you will be interest free till the end of the following month. If you do the above on the 30th of the month you will have a much shorter interest free time.

I'm open to correction.
 
Black Sheep said:
I think that may read that you have up to 56 days interest free.

My understanding is if you take out an advance or make a purchase with cc on the 1st day of the month you will be interest free till the end of the following month. If you do the above on the 30th of the month you will have a much shorter interest free time.

I'm open to correction.
Click to expand...

That's what up to means!
 
Taking a cash advance on a credit card is one hassle-free way of solving a short-term "cashflow" problem (presuming your credit limit allows) if you are absolutely certain of clearing the full amount — purchases and this cash advance — on the next repayment date. Not "within a month or so".

Otherwise it's potentially a very, very expensive way to borrow €200.
 
thanks for replies, peoples, plenty of useful information. cheers!

sounds like I wouldn't have too much to worry about, even if I am liable to pay the interest. I'm guessing it's only really a major problem if you're taking out a hefty sum or prolonging the payment for a large period.

thanks!

edit: or maybe not, if the above reply is anything to go by! it is essentially just to help ease things over christmas, my work hours will pick up for a few weeks after christmas so payment then shouldn't be a problem. definitely going to crunch the numbers and be sure though!
 
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Is your bill currently paid off in full each month?

If it's not, you'd be looking at interest from day of withdrawal, at APR 24% from what vandriver says.
 
my next payment is going to be DD from my account on the 10th, but I won't be taking out the cash advance til after that anyway, and I don't intend on including any other purchases on the card for that month.
 
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