Withdrawing cash from Lloyds Avios Credit Card? (charges)?

Jlawson118

So generally I'm wondering how much credit cards charge in interest to withdraw cash. I don't understand the percentage for things like this, and how it equates to what I will be spending. And if I withdraw cash, are there daily charges or something? I just don't understand.

I'm currently in Bulgaria and I exchanged it at home before I came out here, but I ended up spending more money than I thought and I've made two transactions from a cash machine from my Halifax Reward card, resulting in £5 worth of foreign transaction fees, which I was expecting anyway.

I'm kind of low again and I'm wondering how much (in words I'll understand) I'd get charged to use my Lloyds Avios credit card to withdraw cash? Are there daily interest rates and if so, how much?

[Deleted User]

Jlawson118 wrote: »

So generally I'm wondering how much credit cards charge in interest to withdraw cash.

So generally you need to check the terms specific to your card.

But most cards will have a percentage fee to withdraw the cash - eg 3%. Then a daily interest rate, which is based on your APR.

The fee is the bit that make the difference - so look for a no foreign exchange card.

Stevie_Palimo

https://www.lloydsbank.com/credit-cards/avios-rewards.asp

I never understand some of these questions that a very simple search can answer as opposed to the time spent writing and awaiting answers on a thread.

Jlawson118

Deleted_User wrote: »

So generally you need to check the terms specific to your card.

But most cards will have a percentage fee to withdraw the cash - eg 3%. Then a daily interest rate, which is based on your APR.

The fee is the bit that make the difference - so look for a no foreign exchange card.

I was looking at the Metro Bank debit card, it's 0% in Europe, but unfortunately you can't apply online which is really disappointing, so I'm thinking for next time I might just have to get a travel card or something

Candyapple

http://www.moneysavingexpert.com/credit-cards/travel-credit-cards

System

You'll not have a forex fee with the Lloyds Avios (assuming it's the £24 version) but will still have the cash advance fee and daily interest.

With the Halifax debit card - you'll not have any daily interest (assuming you're not overdrawn) but you'll have a forex and ATM fee.

Jlawson118

Stevie_Palimo wrote: »

https://www.lloydsbank.com/credit-cards/avios-rewards.asp

I never understand some of these questions that a very simple search can answer as opposed to the time spent writing and awaiting answers on a thread.

That doesn't even answer my question though when I said I don't really understand the percentages and what the websites and things tell you..

Jlawson118

Heng_Leng wrote: »

You'll not have a forex fee with the Lloyds Avios (assuming it's the £24 version) but will still have the cash advance fee and daily interest.

With the Halifax debit card - you'll not have any daily interest (assuming you're not overdrawn) but you'll have a forex and ATM fee.

Thank you very much! Although can I ask how the daily fee works? Like aprox how much would it be per day? And does the daily charge stop as soon as I pay it back in?

[Deleted User]

It's not a daily fee - it's daily interest. The fee is a one off.

Assume for the sake of argument that your APR was 12% - that would be 1% (roughly) per month. So you take out £100 and take a month to pay it back - you'll pay £1 in interest. So around 3p per day until you pay it back.

Jlawson118

Deleted_User wrote: »

It's not a daily fee - it's daily interest. The fee is a one off.

Assume for the sake of argument that your APR was 12% - that would be 1% (roughly) per month. So you take out £100 and take a month to pay it back - you'll pay £1 in interest. So around 3p per day until you pay it back.

That makes sense! Thank you! Kind of similar to if I don't pay my monthly bill on time then