Cash advance charge on EGG MONEY card.

capstain411

I want to purchase £500 worth of euros from my local post-office. I want to use my egg money card for my purchase. Egg CS gave me a confusing answer.

Will I be charged cash advance fees or any other fees for this transaction. How about interest, if I go in negative balance.I pay the balance in full every month.

miss_lisalou

There usually is a charge for purchasing foreign currency on a credit card. The Post Office staff normally advise you at the time that a charge would be added and that it is the card provider, not the Post Office who make this charge. I've never used Egg, but previously used Lloyds TSB and I think they charged 2.5%. Can't remember what interest it incurred though. M&S is a good one as their card is interest free for 12 months when you buy currency from them, and it's often a good rate too.

Have you looked through Egg's website for the details?

PS. Count yourself lucky that you still have a "local post office"

YorkshireBoy

capstain411 wrote: »

Will I be charged cash advance fees or any other fees for this transaction. How about interest, if I go in negative balance.I pay the balance in full every month.

Whilst there is no cash advance fee, there is a 2.65% currency conversion fee.

Remember, there is no interest-free period on cash advances. If your transaction creates a negative balance, you will pay interest from day one until you completely clear your card's balance. Cash advances are the last item to be paid off.

If you do incur interest, you will need to pay two statements off in full to stop it. Alternatively, overpaying the first statement will also stop the interest. In short, the sooner you repay, the less interest will be charged.