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Cash Advances

  • 14-09-2008 2:36pm
    #1
    Brods
    Registered Users, Registered Users 2 Posts: 182 ✭✭


    Got a cash advance on my credit card last night (...oops), what's the story with that? what are the fees gonna be like? do I need to pay it off right away or can I wait until my statement arrives? BoI mastercard if that matters.
    Thanks


Comments

  • #2
    sam34
    Closed Accounts Posts: 8,073 ✭✭✭sam34


    as far as i know, interest starts accumulation immediately on cash advances, and any payment you do make will go towards paying off other stuff, leaving the cash advance as last to be paid.
    if you have the funds, i''d suggest paying whatever is outstanding on your card now, rather than waiting for yuor bill, to avoid hefty interest charges


  • #3
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,957 Admin ✭✭✭✭✭Toots


    If your credit card is in credit, then there's no cash advance fee provided you withdrew 'your own' money. If you used your credit facility, then the fee is 1.25% of the amount you withdrew, minimum charge is €2.54.

    AFAIK, interest starts accruing on cash advances straight away, so if you have the funds, pay off the credit card asap. Give credit card services a buzz on 1890 251 251 (press option 5) and and they'll be able to confirm it with you.


  • #4
    nite11owl
    Registered Users, Registered Users 2 Posts: 19 ✭nite11owl


    Sam is right. the cash advance will possibly have the highest interest rate and is the lst to pay only way out now is to give them a ring get the ballance and est interest clear that and you should be just about sound. Interest on a cc is charged at a daily rate till the ballance is cleared in full so if you wait you will get more interest on your next statment.


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