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

[serfty]

... (I don't have the opportunity to search myself at the moment.)


Posted on a wing and a prayer ...

OK, back using a real computer ... here we go:

...

if you have $5000 sitting in credit on the card it earns no interest. if you have that same money in a high interest e-saver it earns about .89c a day.

if you withdraw say $300 while you are overseas, that will cost you 20c in interest overnight (at 20% interest).

you should not need to pay anymore than one days interest as you can transfer the money from your e-saver almost immediately to cover the withdrawal. I usually to it next day so that the transfer hits after the withdrawal and covers it.

the other issue is that if you have $5000 and make purchases those come out of the $5000 as does your cash advance.

if you withdraw (without a credit balance) then any money you top up goes immediately to pay of the cash advance. the purchases sit there earning no interest anyway.

over a month, using my system gains about $27 in interest in my saving account, but the interest charges on the credit card (assuming you took out $300 a day) would only be in the region of $6.20...

The other option of course is to just allow cash advances onto a debit balance and pay those straight away through on-line banking.

For cash advances (overseas) of around $2000-$4000 a month I generally pay around $1-$2 in interest charges, sometimes less (last month was 87c).

I go on-line and pay the estimated amount of the cash advance by pbay the day after I withdraw it.

This way I keep the money in my bank earning 6% interest which is much higher than any cash advance charges I end up paying.

 

[rweir]

the cash advance is paid off first.

ah, good point, as of july 1 this is the case.

 

[serfty]

ah, good point, as of july 1 this is the case.

I believe it was situation in any case with this card - note the posts I have coped come from Last year.

 

[moa999]

serfy.
That is my strategy as well - saves potentially causing an issue with credit balance.
Only problem is when the deposit drops before the withdrawal so you earned up paying off purchases rather than cash advance... Just need to be careful with the matching.

Just needs a decent wifi connection wherever you are and you're own equipment - tablet/laptop -- I avoid banking on public computers.

 

[Flashback]

Is anyone having troubles logging in at the moment?

An hour ago it gave a random web server error message, but now I get:
[h=1]No Access[/h] Sorry, but you're unable to access the Online Service Centre. This is most likely due to the status of your account, or if you're not the primary cardholder.

For more information, please call Customer Solutions - click on the 'Contact Us' tab in the navigation for contact details.

 

[Chicken]

Is anyone having troubles logging in at the moment?

I cannot even get to the user name password page. The circle just keeps spinning.

 

[Flashback]

Just spoke to the call centre, they're aware of the issue and confirmed they're currently down.

 

[Danger]

Yep. Same issue right now.

 

[MEL_Traveller]

ah, good point, as of july 1 this is the case.

thanks Serfy for finding my earlier posts! I haven't had the opportunity to log on earlier today to see this thread develop!

moa999 - usually safe to pay off the cash advance 24 later - but allow extra time on a weekend as weekend transactions will post on a monday.

 

[starshine]

I signed up for the Citibank Plus account tonite to use as a back up...+ for the 10000 bonus reward pts, of course

Oh damn, I finally got my Citibank Plus account opened today, but I never heard about the 10,000 point reward. Were you already a Citibank customer to receive that offer?

 

[Flashback]

I'm having login issues with 28 Degrees again. Is anyone else?

 

[serfty]

Working ok for me ...

 

[Flashback]

Working ok for me ...

Seems to be back up for me also now!

 

[TonyHancock]

It's working for me, but I did have issues logging in earlier today.

 

[Flashback]

It's working for me, but I did have issues logging in earlier today.

They seem to have a lot of issues, not very stable. Stable enough, but not as stable as it should be for a bank!

 

[Flashback]

Down again:
[h=1]Sorry, this service is currently unavailable. Please try again later.[/h]

® Registered to BPAY Pty Ltd ABN 69 079 137 518
28 Degrees MasterCard is a credit facility provided by GE Capital Finance Australia (ABN 42 008 583 588) trading as GE Money. 572 Swan Street, Richmond, Victoria 3121 Australia.
Copyright General Electric Company 2009. All information is correct at time of publication but is subject to change.

 

[cove]

They are not a bank but I love the fee free London transactions with great exchange rates for both cash and purchases.

 

[Flashback]

They are not a bank but I love the fee free London transactions with great exchange rates for both cash and purchases.

Indeed! After I posted I thought about editing to say 'financial institution' but then couldn't be bothered ;-)

 

[DrAndyC]

Not working for me, today Sunday 5th

Indeed! After I posted I thought about editing to say 'financial institution' but then couldn't be bothered ;-)

 

[Flashback]

Not working for me, today Sunday 5th

Just tried, working for me.