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Barclaycard Rewards Card - ATM Cash Advances
Comments
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Hopefully an actual underwriter would have the intelligence to understand that making regular cash withdrawals on a BC rewards card which is paid off in full every month isn't a credit risk or sign of bad financial management
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I have this on my statement too BUT further down under 'Charges' it states Cash fee of 2.99% ?
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Is it a Rewards card? My Rewards card has no cash fee, but my Cashback card does.
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It is a Barclays Cashback Rewards card - I have had it for at least 15 years since they took over the old Egg card business,
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Different card. I have a Cashback card that I think was ex Morgan Stanley which gives 0.5% cashback but charges foreign exchange markup plus cash fee, and a Rewards card that gives 0.25% cashback but no cash or forex fee. So obviously I use the Cashback card for UK spending and the Rewards card for foreign spending and cash.
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Thanks for that my card has 0.5% cashback - the Rewards bit was bolted on sometime last year as far as I can remember.
You would think that all variances of Barclays cards would work the same way?
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You probably shouldn't be commenting on underwriting then.
Unless they're in Barclays Group itself. They won't know if its a subprime card with 50% APR cash advances or Barclaycard Reward with an interest free period. All they'll see is a credit card account with x amount of cash advances on x occasions.
Would you not agree that free cash advances are the exception and not the norm?!
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Not really, for decades there've been several good value credit cards for getting cash, particularly abroad. There's the Halifax Clarity which has no cash advance fee but it does charge interest from the withdrawal date, but despite that it used to be one of the best way of withdrawing cash abroad, and it still better than probably most debit cards.
Then before that Nationwide had a credit card which charged a flat 0.5% fee for cash withdrawals, at a time when you could probably stooze it and make more interest than the fee in the interest free period. I used it for cash abroad but using it for cash in the UK could have been sensible.
Between the 3 of them I'm pretty sure I've had a credit card which could sensibly be used for cash withdrawals continuously since around the turn of the century. I've mostly used them abroad but I do travel a lot so that's a lot of cash withdrawals, and pre COVID I used mainly cash when abroad. It doesn't seem to have affected my credit score.
I would have thought, or hope, that any sensible underwriter with a bit of nouse would understand that withdrawing cash on a credit card isn't necessarily a sign of bad financial management especially if someone has never defaulted on a loan or even got any late payment markers against them.
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They will see it for exactly what it is. Someone using credit for taking cash out. Makes no difference if you are paying interest of not.
Life in the slow lane0 -
No different to someone using credit for spending then.
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