Vanquis account in credit, cash advance.

connormill

Hoping someone here knows the answer to this.

My vanquis account was in credit by roughly £100 and yesterday I withdrew about £50 in cash on the card (debit card is lost, bank was closed, only real option) now, I would assume that as the account is in credit, they can not charge me intrest on this cash advance as it is essentially "my money".

But I could be wrong here, I'm gonna guess they'll charge the cash advance fee, but that's ok. not overly worried about that.

Anyone had a similar experience?

chanz4

some will charge the 3% due to costs

opinions4u

They can't charge you interest while you're in credit.

But it would have been smarter to make purchases to recover the money than withdraw cash.

JournalGirl

It's not interest...it's a cash advance fee...and you are likely to be charged.

connormill

opinions4u wrote: »

They can't charge you interest while you're in credit.

But it would have been smarter to make purchases to recover the money than withdraw cash.

Exactly what I thought. And i didn't want to withdraw cash.

Lost my lloyds debit card on friday, since then just been going into branch with my driving license to get cash. But as im sure you know, banks are closed at 7pm on a saturday.

connormill

JournalGirl wrote: »

It's not interest...it's a cash advance fee...and you are likely to be charged.

they usually charge both.

A £3 fee just for withdrawing cash, and then daily intrest from the date of the withdrawal at about 60% :eek:

I know they are going to charge the £3, not worried about that. What I was concerned about was 60% intrest on an account that was in credit

Lovemoney

Hi I got same problem here, my husband been using my vanquis card for online casino so i been charged cash in advance fee, cash interest and repayment option plan. I rang them up and complaint they managed to refund me repayment option plan which i didn't sign up for it in the first place, now i still argueing with them about cash in advance fee why???? their explaination is should be in term and condition, what we suppose to know what treat as cash in advance, can anybody help please. Thanks x

Fruit_and_Nut_Case

Lovemoney wrote: »

Hi I got same problem here, my husband been using my vanquis card for online casino so i been charged cash in advance fee, cash interest and repayment option plan. I rang them up and complaint they managed to refund me repayment option plan which i didn't sign up for it in the first place, now i still argueing with them about cash in advance fee why???? their explaination is should be in term and condition, what we suppose to know what treat as cash in advance, can anybody help please. Thanks x

It's not the news you want to hear but it's a standard thing with most - if not all - credit cards to treat gambling payments as cash advances.

SnowTiger

Lovemoney wrote: »

Hi I got same problem here, my husband been using my vanquis card for online casino so i been charged cash in advance fee, cash interest and repayment option plan. I rang them up and complaint they managed to refund me repayment option plan which i didn't sign up for it in the first place, now i still argueing with them about cash in advance fee why???? their explaination is should be in term and condition, what we suppose to know what treat as cash in advance, can anybody help please. Thanks x

http://www.vanquis.co.uk/credit-cards/terms-and-conditions:

21.5 ‘Cash Transaction’ – means:

21.5.1 the withdrawal of cash from a cash machine, or financial institution, displaying the Visa sign;

21.5.2 purchases of currency and cash related transactions, such as purchases of travellers cheques, money orders and money transfers including directly to your personal bank account; and

21.5.3 Gambling Transactions.

Didn't your husband realise that using an online casino was gambling?

Ben8282

connormill wrote: »

Hoping someone here knows the answer to this.

My vanquis account was in credit by roughly £100 and yesterday I withdrew about £50 in cash on the card (debit card is lost, bank was closed, only real option) now, I would assume that as the account is in credit, they can not charge me intrest on this cash advance as it is essentially "my money".

But I could be wrong here, I'm gonna guess they'll charge the cash advance fee, but that's ok. not overly worried about that.

Anyone had a similar experience?

You will pay a cash advance fee, I assume 3% minimum £3? You cannot be charged interest on a credit balance as there is no debit balance to charge interest on.