Credit Cards Cashpoint

rogue_elements

what if you can pay it off that exact same day?

what about paypal? is that cash or purchase?

also what do youmean by no interest free cash days? you get charged from the day you take it out rather than when you get the statement/payment due date? surely they can't do that without telling you

callum9999

rogue_elements wrote: »

i'mtalking about if you pay it off in full when you get the bill so there is no chance to get chared interest... i know that the iNTERESST is much higher for money purchase but if you pay it off anyway in that first month then what would you get charged?

No as your contract specifies you start paying interest from the day of withdrawal - there is no interest free period for cash.

EDIT: They are not doing it without telling you - if you read your contract it will clearly state interest is charged from the day of withdrawal.

HouseHuntr

rogue_elements wrote: »

i'mtalking about if you pay it off in full when you get the bill so there is no chance to get chared interest... i know that the iNTERESST is much higher for money purchase but if you pay it off anyway in that first month then what would you get charged?

Forget all this hyperthetical C R A P, what's the card and the APR, then you'll get a 100% accurate answer rather than supposition or are you just here to see how many people will post for you ?

lisyloo

what if you can pay it off that exact same day?

Then you'll get charged for zero days but be aware of clearance times.
If you do a BACS transfer it will take 3/4 days to clear.
Even if you pay in cash over the counter it may take 4 days to clear.

what about paypal? is that cash or purchase?

Depends what you are doing in paypal.
If you are doign a purchase e.g. ebay, then it's a purchase.
If you are transferring money then it might count as a cash advance.
I don't have experience of paypal, but retailers do have the ability to distinguish.
For example if you buy a jumper in M&S it's a purchase, if you buy foreign cash, it's a cash advance, so the answer is that it depends on the transaction.
If you are talking about withdrawing cash, there is certainly a danger it will be classed as cash.

also what do youmean by no interest free cash days? you get charged from the day you take it out rather than when you get the statement/payment due date?

Yes, you get charged from when you physically take it out from the machine.

surely they can't do that without telling you

It will be pretty clear in the contract.

lisyloo

Are you trying to acheive something in particualar? or just curious?
If tehre is something you are trying to acheive (like rewards points or something) then we'll be able to help you better if you tell us what it is.

It's very unlikely you'll find some new loophole.
Thousands of people will have looked before you.

Any

lisyloo wrote: »

For example if you buy a jumper in M&S it's a purchase, if you buy foreign cash, it's a cash advance,

M&S credit card counts foreign exchange as a purchase...

"Choose how you pay
You can pay for your travel money by cash or credit/debit card. If you use your M&S Credit Card or Chargecard, there are no cash advance or foreign exchange fees. And you get up to 55 days interest free credit, just like other card purchases."

rogue_elements

want to take out cash to satisfy monthly deposit for current accoount bonus but do not have any cash all i have to do is ring it through withdraw and then pay it off

lisyloo

M&S credit card counts foreign exchange as a purchase...

Thanks good point.
Yes you are right there is an exception for using M&S own card.

The point I was making is that the same retails can distinguish between differnt types of transaction. So it's not the fact that you are buyign from paypal that matters, it's the category of the transaction.

lisyloo

want to take out cash to satisfy monthly deposit for current accoount bonus but do not have any cash all i have to do is ring it through withdraw and then pay it off

Right, so you can do the transactions immediately.
But SOME credit card companies still take 4 days for payments to clear even if you pay in cash to your credit card over the counter.

So what you will have to pay (max) is 4 days interest and any charges they apply.
You will need to check your interest rate and terms and conditions for charges.
If you state the card then you might get some info on the charges.

You basically need to work out whether the cost is worth it to keep your bonus account.
OR ask a family member to lend you the cash for a day.
Do you have a family member or friend who would agree to lend you the money for 1 day?

p.s. don't start you 4 WORKING days over the easter weekend.
The clearance process only works on working days, but you'll be charged for all the days including weekends.
Yes I know it's one sided.

CannyJock

rogue_elements wrote: »

also what do youmean by no interest free cash days? you get charged from the day you take it out rather than when you get the statement/payment due date? surely they can't do that without telling you

If you want to tell us which card it is, we'll copy the bit from their T&C's where they do tell you

If it's just to get a cash bonus on an account, then unlikely it's be worthwhile given the charges - I refer the gentlement to the very first answer given to his original post.

EDIT: What's the current account and how much is the bonus worth?