Egg money cash advances

jwarne

Just wondering if anyone knows if the Egg money credit card has a fee or commsion for withdrawing money?
I've gone to their website and in the FAQ and "rates and charges" section and it says "Q:Is there a fee for cash advances? A: No."
Is it as simple as that?
Do you get cashback on it? What about taking money out abroad?
Any help greatly appreciated

wigginsmum

You'll attract different higher interest rates for withdrawing cash here and abroad, higher than the standard balance interest rate. I thought I saw when I looked at the weekend a transaction fee of £2 but I could be wrong. I avoid taking money out on CCs because the rates ARE so high. No cashback as far as I'm aware.

Jules

YorkshireBoy

How do I make a withdrawal?
You can make cash withdrawals from cash machines that accept MasterCard. You can withdraw a maximum of £500 per day. It’s worth noting that when you purchase travellers' cheques, these will register as a cash advance and will affect the amount of cash you can withdraw that day. We will not charge you a fee or interest for cash withdrawals when you have a positive balance. However, if a withdrawal gives you a negative balance you will be charged interest on the negative amount, but we will not charge you a fee.

http://www.egg.com/visitor/0,2388,3_79766--View_1709-bID_EMonMovingFAQ-dva_1,00.html#howdoimakeawithdrawal?

grumbler

1. No fee for cash withdrawals (and no cashback)

2. All overseas transactions - 2.65% (including purchase of foreign currency and travellers' cheques).

jwarne

Thanks guys -what a great site this is! :money:

One thing I'd like to clarify is if I'm paying my balance off in full every month then the interest on cash advances won't affect me? So I end up paying back the same amount withdrawn right?

YorkshireBoy

jwarne wrote:

One thing I'd like to clarify is if I'm paying my balance off in full every month then the interest on cash advances won't affect me? So I end up paying back the same amount withdrawn right?

Wrong!!!

Interest free period
Maximum 50 days for purchases if you pay your balance in full and on time. There is no interest free period on cash advances or balance transfers.

Egg Money Summary Box...

http://www.egg.com/visitor/0,,3_79827--View_1682,00.html

innovate

You only do not get charged if you withdraw from a positive balance.

Paying your account in full every month does not give you a positive balance (the best balance you can achieve is zero but if you use your card for purchases, most of the time you will have a negative balance)

Edited: sorry, YB, you beat me to it - and with more info! :cool:

grumbler

jwarne wrote:

One thing I'd like to clarify is if I'm paying my balance off in full every month then the interest on cash advances won't affect me? So I end up paying back the same amount withdrawn right?

No. AFAIK interest-free period is on purchases only.

Frequently asked questions => Rates and charges :

How many days interest-free credit can I get?
If you pay the outstanding balance on each statement in full by the payment date, new customers will get up to 50 days' interest-free credit on purchases when they have a negative balance

Small print:

4.3 ... We will not, however, charge interest on Purchases listed in your last statement, if you pay the Statement Total on or before the Payment Date.

jwarne

Thanks again, this time for the correction
That's all clear for me now. Always did think it's never a good idea to take cash out using credit cards.....