We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Cashback
wilsdon
Posts: 21 Forumite
in Credit cards
I understand the idea that you should never withdraw money from an ATM with your credit card due to the insane rates of interest. However, if i were to say buy £7 worth of shopping from the supermarket and then get £30 cashback surely that would just be billed as £37 spent at asda or wherever? Therefore i would stand to not inccur the charges that i would withdrawing that same £30 cash from an ATM?
I realise this is probably a simple yes or no however, it's better to be safe than sorry!
I realise this is probably a simple yes or no however, it's better to be safe than sorry!
0
Comments
-
Basically yes, £30 cashback would be treated as a purchase. However, IME you only get cashback offered on a debit card.0
-
I understand the idea that you should never withdraw money from an ATM with your credit card due to the insane rates of interest. However, if i were to say buy £7 worth of shopping from the supermarket and then get £30 cashback surely that would just be billed as £37 spent at asda or wherever? Therefore i would stand to not inccur the charges that i would withdrawing that same £30 cash from an ATM?
I realise this is probably a simple yes or no however, it's better to be safe than sorry!
You do not have the option to get cashback on credit cards - you have the option only on debit cards.0 -
Cashback is also treated differently when it is done too, some backs merge it and show it as part of the one overall transaction, others will show it separately. So if you could do cashback on a credit card (which afaik you can't), they would most likely charge you the same as it would have been from a cash machine - handling fees, interest and no interest-free grace period for paying in full.0
-
Yes, depends how it is itemised.
I have bought John Lewis vouchers in waitrose and they are classified as a purchase, but I could not obviously guaranteee that for all vouchers in all comapnies.0 -
Retailers have to have the aquirers authorisation to give cash back or cash advances, gift vouchers are not normally redeemable for cash so would attract a purchases process not cash.These are my thoughts and no one else's, so like any public forum advice - check it out before entering into contracts or spending your hard earned cash!
I don't know everything, however I do try to point people in the right direction but at the end of the day you can only ever help yourself!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards