What's the charge for withdrawing money from cc?

zebidee1

I know it's always a no-no to use your credit card to withdraw money from at an ATM......but OH needs to buy something from a shop miles away and only has his Egg money card and no actual cash or any other cards on him. The shop is a small independant and doesn't take credit cards.

Coming home and going back with cash would cost around a fiver in petrol costs.

What extra would he have to pay if he withdrew a tenner from Egg Money?

gax23

Normally about £2 plus horrendous interest on top. Best avoided. Does he need to buy the item at all?

CLAPTON

eggmoney card is one of the few that don't charge a fee for money withdrawal... so you only pay the interest

zebidee1

So if I transfer money from bank to Egg immediately to clear the account, then the interest should be neglible?

It's for a part we need to repair our tumble dryer btw, so it is needed asap.

CLAPTON

indeed yes the interest would be very small (pence) if you clear the card completely although I have a feeling that they have a 50p minimum charge

zebidee1

Many thanks. We dont keep a balance on the card, it's always cleared. I've just sent them a fair bit extra to put it into credit to make absolutely sure any extra charge they do make will be covered.

sicker

Might be a good idea to keep a small positive balance at all times for such emegencies. You can draw up to £500 per day with no fee and you also get 4% interest paid monthly on the positive balance which may be higher than your current account is paying?

John

lisyloo

ve just sent them a fair bit extra to put it into credit to make absolutely sure any extra charge they do make will be covered.

This is a good idea.
If you don't completely cover the interest (because you don't know exactly how much it is) then you can end up paying interest on your interest.
Mght be a small amount, but best avoided by doing what you've done.