Withdrawing Cash from Egg CC??

Gareth83

I need to withdraw some money from my egg account as I have misplaced my bank debit card.

How much will I be charged?

According to the website:

Making cash withdrawals from a cash machine

You can make cash withdrawals from cash machines that accept MasterCard. You can withdraw a maximum of £500 per day. It's worth noting that when you purchase travellers' cheques, these will register as a cash advance and will affect the amount of cash you can withdraw that day. We will not charge you a fee or interest for cash withdrawals when you have a positive balance. However, if a withdrawal gives you a negative balance you will be charged interest on the negative amount, but we will not charge you a fee.

My account currently has £480 of spending. Payment is due on the 2nd July.

So what will I be charged??

MABLE

Gareth83 wrote: »

I need to withdraw some money from my egg account as I have misplaced my bank debit card.

How much will I be charged?

According to the website:



My account currently has £480 of spending. Payment is due on the 2nd July.

So what will I be charged??

Well what will be charged then!

Gareth83

what do you mean?

will i be charged interest on the £480+cash withdrawl or just the amount withdrawn??

benf90

As the OP quotes the FAQs for the Egg Money account I presume that's the account they have and it's not the normal Egg Card (Visa).

I'm also presuming you pay the full balance each month? If so, then you'll only be charged interest on the amount you withdraw.

The interest will be charged at 7.9% or 16.9%, whichever rate you were given when you applied.

You'll get charged interest from the day you withdraw the cash until the day your balance is cleared. Clearing the balance can be done in two ways:

1. For 2 consecutive months pay the balance off in full. Or;
2. Clear your balance to zero by making an extra payment to the card (and wait till the balance shows as zero or in credit before using it again).

Aren't you able to avoid this though and visit a branch of the bank you use for your current account? You should still be able to withdraw cash over the counter from your current account, and then you won't need to worry about fees or interest on your credit card etc.

Just as an added point, if you withdraw cash using your Egg credit card then be aware that if interest accrues then the minimum they charge per month is £0.50. That shows on the statement as 'Minimum finance charge'... depending on the amount you withdraw don't be surprised if you see that show up instead of it being shown as 'Interest'.