How do credit cards work with cash withdrawals?

Jlawson118

In words I'll understand, like how does interest work on these kind of cards? And secondly, I'm wondering how much I'd be charged abroad to use mine..

I have the Lloyds Avios Credit Cards. I applied for it because I knew I was going abroad for a few months this summer, and the card allows for foreign transactions with no extra charge.

Technically, this is my first credit card (Apart from I acquired an Aqua Card one or two months before but I barely used it) so interest rates are a little confusing to me. I just buy things on it and then pay it off practically straight away.

Anyway, I have my travel money sorted out and should have enough to cover me, but I'm wondering how much I would be charged to withdraw cash from my Lloyds Avios? The rate is 2.95% so what would that mean?
I also have a Lloyds Bank Debit Card and a First Direct one too, how much would I pay on those too for cash withdrawals?

Dobbibill

You need to check the T&Cs for each card or ring the relevant bank.


The Lloyds Avios was pretty easy to find via their website and it says

Charges Cash Withdrawals 3% or minimum £3

and

Interest-free period
• Maximum 56 days for purchases if you pay the full balance shown on your previous and current statement on time.
• There is no interest-free period for balance transfers and cash withdrawals

take from here http://www.lloydsbank.com/assets/media/pdfs/cc_terms_and_conditions/summ_box_avios_all.pdf

basically if you withdraw £100 or more you will pay 3% any less and it will be £3 because there is a minimum charge.

You will also pay interest from the date of the transaction with cash withdrawals rather than having a grace period that you would with purchases etc

grumbler

There is no point in paying off purchases "straight away" as virtually all CCs offer interest-free period on purchases if the statement balance is always paid in full and on time.

Unlike purchases, cash advances normally don't have interest-free period.

2.95% per month? This is ~0.1% per day. Also ~3% flat fee.

Lloyds Debit card is one of ''debit cards from hell" for using abroad by MSE classification. First Direct is slightly better: Your Card: Overseas Charges