Question about cash advance

[Mis5P]

Hello
I have the citibank platinum card and wanted to know if there are any fees for using the cash advance and if you receive any points for it??

thanks for your help

 

[yohy?!]

No points

21.24% interest charged on cash advances (no interest free period)

AND

$2.70 fee if <$100 OR 2.7% fee if > $100 :shock:

 

[Danna]

Many consumers are unaware that every time they use their credit cards to withdraw cash, extra fees kick in, the truth cash advances carry an upfront fee of 2% to 4% of the amount advanced, they have a higher interest rate than regular card charges.

 

[Fantic125]

Avoid cash advance on any credit card ifyou can possibly avoid it.

Having said that, do a search on this site for '28 Degrees / Wizard' card and you may find some useful tips.

 

[Archphoto]

Not to mention the cash is the *last* thing to be paid off if you have any charges on your CC.
Check the card issuer's T&C to see how fees and charges are applied to your particular product.

 

[casanovawa]

Uhm, if they didn't charge a cash advance fee for it and gave points, exactly how long do you think it would take to acquire millions of points???

I'd be down the ATM every day drawing out the max and then walking in the bank and depositing it again to repeat the next day...

The banks are too smart to give points out for these types of transactions...

 

[straitman]

Many consumers are unaware that every time they use their credit cards to withdraw cash, extra fees kick in, the truth cash advances carry an upfront fee of 2% to 4% of the amount advanced, they have a higher interest rate than regular card charges.

Danna,

Welcome to AFF.

What you say may be true for some cards but certainly not always that great.

I just looked and my Amex if I was to take a cash advance is only .25% dearer than purchases interest. My Commbank Platinum card has 1% higher rate for cash advances than for purchases. Neither, as far as I can see have the 2 - 4% upfront fee.

Happy to be corrected if I'm wrong as I never do cash advances and/or pay interest.

 

[simongr]

Uhm, if they didn't charge a cash advance fee for it and gave points, exactly how long do you think it would take to acquire millions of points???

I'd be down the ATM every day drawing out the max and then walking in the bank and depositing it again to repeat the next day...

The banks are too smart to give points out for these types of transactions...

In the old days this is exactly what happened. Well without the points schemes. My economics teacher at school used to do exactly this - pay for something on the card then draw cash to pay off the card - at the time no interest accrued on cash advances until after the due date. Quite how I got an A at A Level in economics is one of life's mysteries...

Obviously in more recent times the banks have realised the tiny flaw in this and plugged it. It is a shame as being able to get cash from a global credit card used to be a great benefit if unable to access to a domestic account when overseas.

 

[casanovawa]

I'm sure they do charge you a cash advance fee as I have copped it several times on my travels when my proper ATM card decided to stop working and the rest of the trip i had to have cash advance fees coz of taking money out by my credit card... Both times ANZ got a serve when i got back and they game me some monetary compensation to cover it... It is i think $2.00 or a certain percentage of the cash advance, whichever is the greater...

I thought about using the Woolies card to bpay paying off my ANZ credit card account each month, but i think this would be charged as a cash advance and so attract the fee at 2 cents (or more) per point or whatever, if ANZ even allowed Woolies to bpay into that particular account, i think i looked at it but afterwards worked out it either couldn't be done, or if it could the cash advance fee didn't make it worhwhile...

Lot of i thinks in that, others might be more rock solid...