interest changed on a cash withdrawal

bajmoe

I rang egg back in February to ask what this charge "cash interest at 1.805 per month" was for as i was playing my balance off in full, i was told it was a mistake and would be refunded back to my account, but it wasn't so i rang back only to told this time, that they hadn't made a mistake, and it was interest changed on a cash withdrawal, i didn't think i paid this if i paid my balance off in full each month, i understand for cash advances there is a 3% handling fee.

is this right, if so is there any cards that don't make this charge.

thanks

bajmoe

molerat

On all cards that I am aware of interest is charged on cash withdrawals from the date of the withdrawal.

clio

Egg Money does not have a charge.

uok

egg charge me cash interest at 1.805 per month and a 3% handling fee,
regardless if i pay off the balance or not



uok

clio

UOK
We do not charge a fee for cash withdrawals
http://new.egg.com/visitor/0,,3_79731--View_1654,00.html

You,ll still get charged interest unless you have a positive balance with the Egg money card but there is no fee attached .

NickX

bajmoe wrote: »

it was interest changed on a cash withdrawal, i didn't think i paid this if i paid my balance off in full each month

There is no interest free period on Cash Withdrawals for ANY credit card as far as I am aware. Best advice is NEVER use a CC for cash withdrawals.

bajmoe

clio wrote: »

UOK
We do not charge a fee for cash withdrawals
http://new.egg.com/visitor/0,,3_79731--View_1654,00.html

You,ll still get charged interest unless you have a positive balance with the Egg money card but there is no fee attached .

clio i am assuming you work there, I'm not sure what you mean by positive balance, i pay off my bal each month, for cash advances i was told there is a 3% handling fee, and a interest charge, at 1.805 per month, below is a cut and paste from my statment

05 Apr 2008CHARGE FOR CASH ADVANCE£3.00 DR
08 Apr 2008CASH INTEREST AT 1.805 PER MONTH£2.52 DR

£3.00 for cash withdrawal and the £2.52 was the interest charge
one egg adviser said it was correct the other said i should not have been charged the £2.52 interest charge as i paid off my balance in full, who's right?

bajmoe

NickX

bajmoe wrote: »

05 Apr 2008CHARGE FOR CASH ADVANCE£3.00 DR
08 Apr 2008CASH INTEREST AT 1.805 PER MONTH£2.52 DR

£3.00 for cash withdrawal and the £2.52 was the interest charge
one egg adviser said it was correct the other said i should not have been charged the £2.52 interest charge as i paid off my balance in full, who's right?

bajmoe

The £2.52 is correct, you do not get any interest free period on Cash Withdrawals, therefore you accrued interest.

I think Clio is referring to Egg Money where you can have a positive balance, and if the balance remains positive after the Cash Withdrawal then no interest would be accrued.

bethanyrayne

molerat wrote: »

On all cards that I am aware of interest is charged on cash withdrawals from the date of the withdrawal.

For the 50s and over there is the Saga Platinum which charges 2% cash withdrawal fee but has the same interest free period as purchases so no interest if paid in full by due date.

http://www.saga.co.uk/money-shop/credit-card/

NickX

bethanyrayne wrote: »

For the 50s and over there is the Saga Platinum which charges 2% cash withdrawal fee but has the same interest free period as purchases so no interest if paid in full by due date.

Thanks, didn't know that - but I have got a few years to go yet before I qualify.

bethanyrayne

NickX wrote: »

Thanks, didn't know that - but I have got a few years to go yet before I qualify.

Always good to be prepared Nick and 50 isn't that old nowadays.

I think it's a good deal 55 days cash loan for a fixed 2%