Aqua card - question about cash transaction fees and interest

Breadcake

Hello,

Can anyone shed light on to how Aqua handle cash based transactions? i.e. does it become immediately apparent in the available funds or pending transactions that a fee has been charged?
Also does the interest lower the available funds day by day?
Or is it that are they are added once a statement is generated?

Many thanks in advance.

Dobbibill

Breadcake wrote: »

Hello,

Can anyone shed light on to how Aqua handle cash based transactions? i.e. does it become immediately apparent in the available funds or pending transactions that a fee has been charged?
Also does the interest lower the available funds day by day?
Or is it that are they are added once a statement is generated?

Many thanks in advance.

• what fee? are you referring to the ATM withdrawal fee?
• no - interest is added when the statement is produced retrospectively.
• yes. see point 2.

Breadcake

Not only how/when the ATM fees are applied but any MCC codes that flag up as cash based transactions, if a fee is due does it appear instantly or on the generation of a statement?
Thank you for clarifying how interest is handled.

Craig1981

the transaction ill appear in day or two, as well as the transaction fee (the £3 or 3% charge).
interest is added from day of usage for cash advance, but will only appear on your statement

Breadcake

Thank you Craig.

T-G-C

Once the cash machine is used, a transaction is applied to the credit card. On an immediate basis, the fee will not be visible, since the fine details are still being processed.

Once the transaction is identified as cash and the network has processed the transaction, the fee will be applied to the credit card account. This will be £3 or 3%, whichever is greater.

Interest on a cash advance is applied from the date of commencement, meaning it begins to accumulate until finally applied on the following statement date. This will happen each month until the cash advance has been paid in full. It is worth remembering that payments are dedicated to the transactions bearing the highest rate, meaning purchase transactions will be pushed behind the cash advance(s) when a payment is made, whether minimum or more.

If payment is made in full for the cash advance value, interest to the date of offload will be charged on the following statement. Residue interest, otherwise known as trailing interest, may be charged if a cash advance is paid in the middle of a statement cycle, so it would be best to offload the cash advance value on the statement date, allowing the following statement to relieve the cash interest.

Breadcake

Thank you T-G-C, all seems to be clear now. In my situation it wasn’t particularly an ATM transaction but a transaction with presumably a MCC identifying it as cash based.
It seems I’ve avoided the 3%/£3 fee as the transaction is no longer pending and at a value equal to the transaction with no transactions appearing alongside side it referring to fees.
Expecting worst case the balance has been cleared so it’s a matter of waiting to see if the transaction has accrued interest in the days it was a balance on the account.