28° Mastercard Cash Advances while overseas [No more free cash advances from 1/1/14]

[Alanslegal]

What I'm curious about is whether or not the Wizard-but-now-GE Clear Advantage still has the no international fee structure that made it such an attractive card for o/s use in the past. I'm not such a frequent overseas traveler that I can easily test this out so am hoping some of the more frequent flyers will know (or can test?)

The card still retains its "no fee for forex conversion" commission. Also there are no annual fees so regardless if you use it once or a hundred times a year - it won't cost you a darn cent!

(Of course it is advisable that when paying goods in AUD to use other cards which can earn points rather than this Wizard)

 

[mech]

As long as the company's in Australia or your credit card provider doesn't charge for overseas AUD transactions. NAB charges this on their Visa Mini, as I found when trying to get 0.5% cashback on various things like Paypal and my Xbox Live payments - they ended up charging 1.5 or 2.5% even though it was in AUD! Same thing booking tickets with Tiger..

 

[FL360]

I think when you pay with Tiger you can insist that they
charge your cc in local currency, without converting (ripping off) to AUD.

As long as the company's in Australia or your credit card provider doesn't charge for overseas AUD transactions. NAB charges this on their Visa Mini, as I found when trying to get 0.5% cashback on various things like Paypal and my Xbox Live payments - they ended up charging 1.5 or 2.5% even though it was in AUD! Same thing booking tickets with Tiger..

 

[mech]

Not sure where you're going with that...

This was an aussie flight advertised in aussie dollars that I paid for in AUD.

But NAB charges international rates when you pay in AUD to international companies.

 

[adamonline]

This was an aussie flight advertised in aussie dollars that I paid for in AUD.

But NAB charges international rates when you pay in AUD to international companies.

Thanks for reminding me of this. I remember receiving info about this from NAB a while ago. They were specifically charging different rates based on an Internet or Non-Internet transaction for AUD amounts from a 'internationally-designated merchant'. For anyone interested the actual amounts can be found at
NAB - Personal banking fees and charges

Does anyone know if any other bank is doing this?

How is someone to know where their transaction is to be processed when purchasing online? Specifically, with Tiger they do quote their Australian company details on their website (Tiger Airways Australia Pty Ltd - ABN 52 124 369 008) along with their Singapore registration details. I can't see where it says in what country a credit card payment will be processed and if it is in AUD you'd probably assume it would be in Australia.
I assume Paypal might be subject to this too then? How are we to know?

 

[tiramia]

Hi all

long time lurker...and i have to say,you guys are a wealth of knowledge!!

I just wanted to confirm one thing as I'm going overseas soon and have put my card into credit as suggested to avoid fees.

the credit limit discovered by some people...in simple terms, it basically means if you have a 2K credit limit, you are only allowed 2K worth of transactions PER STATEMENT? including cash advances and purchases, even if you have put your account into credit?

ie 3k limit = 3K of transactions per statement
4k limit = 4k of transactions per statement

regardless of how much your account is in credit?

If someone could confirm that this is correct then i'll make sure I don't withdraw over my limit and get myself locked out

thanks guys

 

[Flashback]

Hi all

long time lurker...and i have to say,you guys are a wealth of knowledge!!

I just wanted to confirm one thing as I'm going overseas soon and have put my card into credit as suggested to avoid fees.

the credit limit discovered by some people...in simple terms, it basically means if you have a 2K credit limit, you are only allowed 2K worth of transactions PER STATEMENT? including cash advances and purchases, even if you have put your account into credit?

ie 3k limit = 3K of transactions per statement
4k limit = 4k of transactions per statement

regardless of how much your account is in credit?

If someone could confirm that this is correct then i'll make sure I don't withdraw over my limit and get myself locked out

thanks guys

Welcome to AFF tiramia. I can't say for sure, as I've never cash advanced 4k on my card (that's my current limit) but do not that there is also a daily transaction in regards to cash advances which I believe is AUD $500 (although I'm sure I've read elsewhere that it's AUD $1000).

 

[kpc]

the credit limit discovered by some people...in simple terms, it basically means if you have a 2K credit limit, you are only allowed 2K worth of transactions PER STATEMENT? including cash advances and purchases, even if you have put your account into credit?

Welcome to AFF. The above is my understanding.

A couple of points to remember.

If you use the MC as a credit card, it starts to eat into the +ve balance of the card eg. if you put your card into $2000 +ve balance, and then spend $1000 on a credit card purchase, you now only have $1000 available for a cash advance before you start to incur interest / fees!

Also I never use my Wizard card at hotel check in as they often put a hold of a certain amonut of $ on the card...I'm never sure what the impact is on the cash advance amount. You can still pay the hotel bill on check out with your Wizard, but it will eat into your cash advance (see above point).

Some people have 2 separate cards (often one would be in their partner's name)....one is topped up with cash for cash withdrawals, and the other for credit card purcahses...too difficult for me! I have a large credit limit, so I transfer a lot of cash in before I leave OS; when I get back to Oz, I go to an ATM machine (now only Westpac is fee free), and withdraw the balance left over.

 

[tiramia]

Thanks heaps Flashware and kpc

I'll be using my amex for the hold deposit, and I've already paid the hotel costs as it was the Accor special sale, so all I really have to worry about is testing out what the limit is.

I'll let you guys know when i get back (i plan to max out whatever the limit is on the last few days!) so we can add more evidence to how exactly this cash advance limit works...it all gets very confusing :shock: Luckily I also have a HSBC atm card for backup just in case!

Funnily enough, HSBC has also nominated Westpac ATMs in Australia to be fee free so they must have some alliance. I would think Wizard would nominate CBA ATMs instead of Westpac, so that surprised me a bit :shock:

 

[Diesellife]

Thanks heaps Flashware and kpc

I'll be using my amex for the hold deposit, and I've already paid the hotel costs as it was the Accor special sale, so all I really have to worry about is testing out what the limit is.

I'll let you guys know when i get back (i plan to max out whatever the limit is on the last few days!) so we can add more evidence to how exactly this cash advance limit works...it all gets very confusing :shock: Luckily I also have a HSBC atm card for backup just in case!

Funnily enough, HSBC has also nominated Westpac ATMs in Australia to be fee free so they must have some alliance. I would think Wizard would nominate CBA ATMs instead of Westpac, so that surprised me a bit :shock:

I'm not sure if this is still the case for AMEX, but as far as I know... AMEX does not have the same advantage as Wizard.... whether you are in credit balance or not, you still get charged for international transaction + cash advance fees...

Also, AMEX has an 80% (Something like that) cash advance limit imposed to the card (sometimes it is 80% of current limit with large cash advance without arrangement) , therefore you will not be able to draw below that limit...Eg... Card limit 10000, current balance 2000 in credit, total available = 12000. You will not be able to draw out anything beyond 10000 (8000 limit + 2000 credit). Of course, then you have you daily maximum redrawal limit etc...

In anyhow, I don't see a reason why you want to withdraw cash from AMEX as it is a very expensive way to access your money.

 

[aspro2]

On my last trip, I certainly used more than my credit limit after loading the account with cash and using both ATMs and CC purchases. However, I think many Wizard customers have experienced a degree of unpredictability about how Wizard administers limits.

As for holds, all I know is that the Indian call centre doesn't understand what holds are, so while they might work for hotel transactions, don't use them if it's for some sort of verification process (eg, where a merchant puts a hold and you have to tell them how much it is in order to prove you're the card holder), cos you'll never be able to find out how much the hold is from the call centre.

 

[Alanslegal]

The most important aspect with cash advances is that there is a DAILY limit. IIRC on the Wizard it is $1,000AUD (equivalent) per day, so if your account has $1,000 or a $10,000,000 in credit, you can only take the limit (as it protects YOU) and the lender.

In terms of purchases, you can purchase as much as you want as long as you have enough credit and debit on your card.

 

[kpc]

The most important aspect with cash advances is that there is a DAILY limit. IIRC on the Wizard it is $1,000AUD (equivalent) per day, so if your account has $1,000 or a $10,000,000 in credit, you can only take the limit (as it protects YOU) and the lender.

I read somewhere that the "over the counter" limit is AUD$3000 per 24 hours for the Wizard...not that I have ever withdrawn such a large amount in cash at one go! Also note that some ATMs have a maximum withdrawal limit, which is below the AUD$1000 equivalent (a la ATM at Dps:shock , and you may need to make more than one ATM withdrawal, thus annoying the hell out of others in the Q behind you

 

[Flashback]

I read somewhere that the "over the counter" limit is AUD$3000 per 24 hours for the Wizard...not that I have ever withdrawn such a large amount in cash at one go! Also note that some ATMs have a maximum withdrawal limit, which is below the AUD$1000 equivalent (a la ATM at Dps:shock , and you may need to make more than one ATM withdrawl, thus annoying the hell out of others in the Q behind you

I had to do that in SIN in December, but instead of using the same one did some ATM hopping; you know .... gotta try 'em all! :mrgreen:

 

[Alanslegal]

I read somewhere that the "over the counter" limit is AUD$3000 per 24 hours for the Wizard...not that I have ever withdrawn such a large amount in cash at one go! Also note that some ATMs have a maximum withdrawal limit, which is below the AUD$1000 equivalent (a la ATM at Dps:shock , and you may need to make more than one ATM withdrawal, thus annoying the hell out of others in the Q behind you

Yep sorry, over the counter withdrawals are IIRC $3,000 but then you have to show ID, passport, etc to prove who you are (and it protects you). $1,000 limit is from exclusively from ATM's (again to protect you).

 

[kdser]

I withdraw some cash from a Westpac ATM yesterday. Among other things, there were two items in the ticket printed after the withdrawal. One reads "BAL $xx_x.xx", and the other "AVL $xx_x.xx".

The BAL amount is the credit balance I have in the card, the AVL amount equals to my credit limit minus the amount that I have already withdraw.

As such, it seems to me that, unfortunately, our monthly cash withdraw is capped at out credit limit.

I have also withdraw some cash over-the-counter in a Westpac branch today. I knew over-the-counter withdrawal limit is $3000 per day. Nevertheless, I tried $5000 and was denied by the line and tried $3000 again, succeeded.

Lastly, as I have pumped too much money to my Wizard card, I have to take them out somehow. Does anybody know whether I can request GE to send me a cheque for my credit balance?

Thanks in advace.

 

[beardoc]

So we can use Westpac for fee-free cash advances still?

 

[Tortuga]

Lastly, as I have pumped too much money to my Wizard card, I have to take them out somehow. Does anybody know whether I can request GE to send me a cheque for my credit balance?

Thanks in advace.

Good question, I will need to know the answer as well.... It would be easier if this could be done on the internet via bpay or something similar? Any ideas

 

[serfty]

... Lastly, as I have pumped too much money to my Wizard card, I have to take them out somehow. Does anybody know whether I can request GE to send me a cheque for my credit balance? ...

Go to a westpac atm and withdraw the cash.

Then take the cash and deposit where it is best for you.

If there's a daily cash withdrawal limit that is less than the amount you want, then do this in a daily basis.

 

[kdser]

Go to a westpac atm and withdraw the cash.

Then take the cash and deposit where it is best for you.

If there's a daily cash withdrawal limit that is less than the amount you want, then do this in a daily basis.

This is what I am doing now. However, I have to say, it is quite inconvenient. Moreover, the amount I want to withdraw is greater than my credit limit. I will need to withdraw some this month and the remaining balance next month.:-|