So 28° now has an available Cash limit as well as the basic credit limit

[medhead]

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

And this is a typical complaint?

I didn't say it was a typical complaint.

 

[Beta4Me]

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

What I need is a credit card where I can withdraw money in Australia fee free up to my available credit limit.
<snip>
I also want to dump balance transfers from other credit cards into the credit card and then withdraw the amounts daily.

My question is simply why do you want this? You're stating what you want without giving any insight (or at least none that appears logical to outsiders) as to why this is what you want--or why a forex fee-free transaction account with a Visa debit card isn't what you want/doesn't suit your purposes.

 

[anat0l]

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

My question is simply why do you want this? You're stating what you want without giving any insight (or at least none that appears logical to outsiders) as to why this is what you want--or why a forex fee-free transaction account with a Visa debit card isn't what you want/doesn't suit your purposes.

28 Degrees was one of the few - if not only - credit card that had no charge for cash advancing. Yes you pay interest right away if you go into debit balance, but other than that (until next year) there is no other fee. You can't advance on a debit card, as you can only access money up to the account balance.

You can't balance transfer onto a debit account (well, you could - but that's called "paying off the balance").

I'm not too sure why most people need to be able to cash advance on their credit card, except to access (viz. "create") fast cash (or rather a fast loan of cash). I've advanced on a card before to get cash for something I've needed to purchase in cash now and payday is tomorrow (i.e. minimise interest). Of course no one should actively advocate the cash advance under normal circumstances as this is a quick way to accumulate a large amount of interest. But if I had to cash advance, it was good to have a card that didn't charge a fee for the purpose.

I'm not familiar with the idea of balance transfer shuffling, nor why 28 Degrees would be useful in that regard.

28 Degrees could achieve the above without requiring multiple accounts (e.g. a personal loan / bank overdraft).

 

[JohnK]

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

My question is simply why do you want this? You're stating what you want without giving any insight (or at least none that appears logical to outsiders) as to why this is what you want--or why a forex fee-free transaction account with a Visa debit card isn't what you want/doesn't suit your purposes.

Apologies if what I posted was not clear.

Firstly my spend in foreign currency is insignificant to worry about foreign currency conversion fees. There are some MH airfares and QF airfares ex-SIN. Amex has been giving the mid-market rate recently so the net cost is 3.5% currency conversion fee less the value of the Amex MR points. Accommodation is usually prepaid in AUD. The rest of the costs on my overseas trip is cash only so I take AUD with me.

Secondly I cannot balance transfer from certain credit cards to either Amex or Citibank Readycredit as one card number is 15 digits and the other card number is 9 digits and balance transfers require card numbers with 16 digits. So I balance transfer to 28 Degrees, withdraw the balance transfer and then BPAY to required credit card. I need to do this regularly as I carry a sizeable credit card balance and balance transfers last for ~6 months so I continue to take advantage of low interest rates.

 

[Baysider]

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

The rest of the costs on my overseas trip is cash only so I take AUD with me.

Secondly I cannot balance transfer from certain credit cards to either Amex or Citibank Readycredit as one card number is 15 digits and the other card number is 9 digits and balance transfers require card numbers with 16 digits. So I balance transfer to 28 Degrees, withdraw the balance transfer and then BPAY to required credit card. I need to do this regularly as I carry a sizeable credit card balance and balance transfers last for ~6 months so I continue to take advantage of low interest rates.

Still puzzled. If you're fortunate enough to be able to afford to carry AUD when you travel overseas and fork out exorbitant cash conversion rates, why do you carry credit card balances and the associated big interest rates? You are either quite wealthy and you don't care about blowing money on forex and fees, in which case you would have no need to ever carry a credit card debt from month to month, or you are cash strapped but then why would you be happy to pay cash forex commissions every time you travel. What circumstances dictate the way that you operate?

 

[Chicken]

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

I cannot balance transfer from certain credit cards to either Amex or Citibank Readycredit as one card number is 15 digits and the other card number is 9 digits and balance transfers require card numbers with 16 digits.

Sorry, but never heard of such thing.

If you want to balance transfer to AmEx, you just enter your credit card number and balance into your AmEx account, AmEx will then contact your credit card company and pay them off for you. AmEx is now offering 0% for 6 months.

 

[JohnK]

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

Still puzzled. If you're fortunate enough to be able to afford to carry AUD when you travel overseas and fork out exorbitant cash conversion rates, why do you carry credit card balances and the associated big interest rates? You are either quite wealthy and you don't care about blowing money on forex and fees, in which case you would have no need to ever carry a credit card debt from month to month, or you are cash strapped but then why would you be happy to pay cash forex commissions every time you travel. What circumstances dictate the way that you operate?

I am stupid and have had a lot of bad luck in life. I cannot pay off my credit card debt. Actually I can but then I would just get into debt again. If I keep my credit card(s) maxed out and reduce the interest I pay then that is a good compromise.

As for exorbitant conversion fees on AUD overseas that is not true. The cash rate I get in Pattaya is generally better than 28 Degrees offers, The issue with using credit cards in Thailand is the THB150 per withdrawal. I assume Citibank Plus would be the same.

So there is a little more to the JohnK puzzle. Life is not as black and white as some people on AFF think.

 

[markis10]

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

I am stupid and have had a lot of bad luck in life. I cannot pay off my credit card debt. Actually I can but then I would just get into debt again. If I keep my credit card(s) maxed out and reduce the interest I pay then that is a good compromise.

As for exorbitant conversion fees on AUD overseas that is not true. The cash rate I get in Pattaya is generally better than 28 Degrees offers, The issue with using credit cards in Thailand is the THB150 per withdrawal. I assume Citibank Plus would be the same.

So there is a little more to the JohnK puzzle. Life is not as black and white as some people on AFF think.

Theres bad luck and there research, Aeon don't charge a fee for foreign cards, neither is the fee charged if the withdrawl is done in a bank, so either will work with Citi, in Singapore and Malaysia you would be hard pressed to find an ATM that does charge a fee for Citi, I normally withdraw MYR50 or SGD$10 as a result, minimising currency that might need changing later.

Understand pattaya is if interest, try the Aeon ATM at


Tesco on Naklua Road in North Pattaya


Carefour on Pattaya Klang in Central Pattaya


Home Works at the Big C Shopping Center on Sukumvit and Pattaya Tai

 

[JohnK]

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

Understand pattaya is if interest, try the Aeon ATM at


Tesco on Naklua Road in North Pattaya


Carefour on Pattaya Klang in Central Pattaya

Thanks markis10 but I have done my research on Pattaya. Those ATMs are out of the way and I have no time to spare. The issue is not taking AUD overseas with me except when it is stolen.

 

[markis10]

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

Thanks markis10 but I have done my research on Pattaya. Those ATMs are out of the way and I have no time to spare. The issue is not taking AUD overseas with me except when it is stolen.

There is also the branch option I mentioned, if your time poor you can expect to pay for the privilege!

 

[JohnK]

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

Sorry, but never heard of such thing.

If you want to balance transfer to AmEx, you just enter your credit card number and balance into your AmEx account, AmEx will then contact your credit card company and pay them off for you. AmEx is now offering 0% for 6 months.

Did I use the wrong terminology?

If I log in to some of my credit cards I cannot balance transfer from Amex or Citibank Readycredit online to that credit card as their validation requires a 16 digit card number. They do not have an offline balance transfer option.

Amex is one of my only cards where I pay the balance in full each month to avoid interest charges. Most of my balance transfers are at 5.99% or less but need to be recycled regularly.

 

[Beta4Me]

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

They do not have an offline balance transfer option.

You don't need to BT with Citibank you can get a cheque to self and then pay off the offending card. Amex, I'm pretty confident I've done a BT over the phone, but I can't guarantee it--certainly have with Citi though and that was last month.

 

[JohnK]

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

You don't need to BT with Citibank you can get a cheque to self and then pay off the offending card. Amex, I'm pretty confident I've done a BT over the phone, but I can't guarantee it--certainly have with Citi though and that was last month.

Apologies again but there is something lost in interpretation of balance transfer.

If my Citibank Readycredit account has a balance of $15,000 and I want to initiate a balance transfer from St George I cannot do it as the Citibank readycredit account number is only 9 digits and I have had trouble using the full 16 digit card number. So what I used to do was initiate a balance transfer from St George to 28 Degrees and then withdraw the funds from 28 Degrees and deposit into my CBA Streamline account and BPAY to Citibank. Then initiate a balance transfer of $15,000 from Citibank Readycredit account at 0% for 3 months. Rinse and repeat regularly.

Some of my credit cards still have balance transfer forms where I can use the 9 digit account number but these could be tied up on 0% for 9 months, 2.99% for 6 months etc.

 

[Beta4Me]

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

Apologies again but there is something lost in interpretation of balance transfer.

If my Citibank Readycredit account has a balance of $15,000 and I want to initiate a balance transfer from St George I cannot do it as the Citibank readycredit account number is only 9 digits and I have had trouble using the full 16 digit card number. So what I used to do was initiate a balance transfer from St George to 28 Degrees and then withdraw the funds from 28 Degrees and deposit into my CBA Streamline account and BPAY to Citibank. Then initiate a balance transfer of $15,000 from Citibank Readycredit account at 0% for 3 months. Rinse and repeat regularly.

Some of my credit cards still have balance transfer forms where I can use the 9 digit account number but these could be tied up on 0% for 9 months, 2.99% for 6 months etc.

So, let me see if I'm understanding correctly (because then I can help)...

In your example: you have a Citibank debt you want to BT to St George but you can't, so you BT 28D to StG leaving the 28D in credit. To pay the Citi you take a cash advance from the 28D (using the credit position) dump that into a CBA account and BPAY the Citi card. Correct?

If so, I can't really think of a way of avoiding what you have to do :/

 

[markis10]

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

So, let me see if I'm understanding correctly (because then I can help)...

In your example: you have a Citibank debt you want to BT to St George but you can't, so you BT 28D to StG leaving the 28D in credit. To pay the Citi you take a cash advance from the 28D (using the credit position) dump that into a CBD account and BPAY the Citi card. Correct?

Be interesting to see how the new credit reporting system treats this in March.

 

[Ghostdunks]

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

[FONT=Tahoma, Calibri, Verdana, Geneva, sans-serif]

In your example: you have a Citibank debt you want to BT to St George but you can't, so you BT 28D to StG leaving the 28D in credit. To pay the Citi you take a cash advance from the 28D (using the credit position) dump that into a CBA account and BPAY the Citi card. Correct?

[/FONT][FONT=Tahoma, Calibri, Verdana, Geneva, sans-serif]I understood the whole convoluted process until it got to the part about the 2nd balance transfer from Citibank AFTER 15k had been taken out of StG, transferred to 28d, then withdrawn to pay off the 15k credit card debt on Citibank. At that point, Citi has a 0 balance. Why then initiate another balance transfer? In that example, which bank has the low interest balance transfer offer you are taking advantage of?

Seems like you were using the 28d as a proxy go between credit card account as that is the only credit card with the right length of credit card numbers(which other credit card providers validate for when doing a balance transfer) AND had no fees for cash advance? [/FONT]
[FONT=Tahoma, Calibri, Verdana, Geneva, sans-serif]

Be interesting to see how the new credit reporting system treats this in March.

The new credit reporting regime shouldn't affect this i don't think. From what i read on the changes, the current balances of credit card accounts won't be reported, just the credit limit applicable to the account[/FONT]

 

[JohnK]

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

[FONT=Tahoma, Calibri, Verdana, Geneva, sans-serif]

[/FONT][FONT=Tahoma, Calibri, Verdana, Geneva, sans-serif]I understood the whole convoluted process until it got to the part about the 2nd balance transfer from Citibank AFTER 15k had been taken out of StG, transferred to 28d, then withdrawn to pay off the 15k credit card debt on Citibank. At that point, Citi has a 0 balance. Why then initiate another balance transfer? In that example, which bank has the low interest balance transfer offer you are taking advantage of?

Seems like you were using the 28d as a proxy go between credit card account as that is the only credit card with the right length of credit card numbers(which other credit card providers validate for when doing a balance transfer) AND had no fees for cash advance? [/FONT]
[FONT=Tahoma, Calibri, Verdana, Geneva, sans-serif]

Seems like a convoluted process but necessary to minimise interest paid. The 28 degrees optoon handy but there are other ways.

What I object to is being told what I am doing is not what 28 degrees was designed to do.

Neither is loading up the card with cash to withdraw overseas.

 

[rweir]

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

Neither is loading up the card with cash to withdraw overseas.

absolutely.

 

[Isochronous]

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

Be interesting to see how the new credit reporting system treats this in March.

There's a new system coming in? ****, better do some more applications before then!

 

[opusman]

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

I dont care about paying interest for a few days. What I need is a credit card where I can withdraw money in Australia fee free up to my available credit limit. I may pay interest on the amounts for 1 week. It could be 2 weeks. It could be 3 weeks. I dont care about interest charges. I care about ATM fees.

Surely the interest charges outweigh the withdrawal fees? Is it just a matter of principle or something?