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If my VISA is in credit do I pay ATM charges?

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  • 16-03-2010 11:20am
    #1
    cherryred
    Closed Accounts Posts: 106 ✭✭


    Just checking if I credit my VISA account do I pay any interest/charges when taking money out?

    Thanks


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    #2
    be wide of me
    Registered Users Posts: 93 ✭✭be wide of me


    It depends on the card i have an AIB Visa think it is the "Be" card and got charges when withdrawing from it when it was in credit. Ring your bank and ask.


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    #3
    GerardKeating
    Registered Users Posts: 7,572 ✭✭✭GerardKeating


    cherryred wrote: »
    Just checking if I credit my VISA account do I pay any interest/charges when taking money out?

    Thanks

    Charges yes, interest maybe not.

    The visa network will charge you bank a fee for the cash advance, few banks would absorb this cost.


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    GerardKeating wrote: »
    Charges yes, interest maybe not.

    The visa network will charge you bank a fee for the cash advance, few banks would absorb this cost.

    Its not a cash advance as you say as the account is in credit. Different matter completely.

    Generally most credit cards have no charges if in credit (from my experiences, ie. my mastercard and the other halfs Visa with PTSB) but would advise to check card provider directly for clarification.

    I have a mastercard and if in credit I can withdraw cash with no charge even abroad. This was handy when travelling abroad. Remember if there is no charge that the account must remain in credit after the transaction. eg. If in €80 of credit then max can withdraw with charges is the €80


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    #5
    GerardKeating
    Registered Users Posts: 7,572 ✭✭✭GerardKeating


    chris85 wrote: »
    Its not a cash advance as you say as the account is in credit. Different matter completely.

    Nope, the card scheme (visa in this example) will charge the bank a fee for processing the transaction and most will seek to recover this fee, since it might be 2% of the cash withdrawn.

    Normally when one spends say €100 in a shop, the merchant would only get €98 or €99, since the acquiring bank will charge the merchant for the privilege of processing the transactions.

    With a cash withdrawl, there is no merchant, except the ATM provider, so the card holder will get charged something (to cover interchange, fees etc). This is totally separate and different from any interest charges that would be levied if the account was not in credit.


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    #6
    Davy
    Moderators, Category Moderators, Business & Finance Moderators, Technology & Internet Moderators Posts: 19,340 CMod ✭✭✭✭Davy


    From memory most cards don't charge you. Its on more of the newer type cards like the aib 'Be' card, but its not on the aib standard card for example.


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    #7
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Yes, I have a "be" card, though it's a MasterCard, and there is a cash advance fee even when the account is in credit. It's fairly hefty too.


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    #8
    Slice
    Closed Accounts Posts: 1,133 ✭✭✭Slice


    I might be wrong on this but I'm almost certain that you're not insured on purchases made against a positive balance with credit cards


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    #9
    GerardKeating
    Registered Users Posts: 7,572 ✭✭✭GerardKeating


    Slice wrote: »
    I might be wrong on this but I'm almost certain that you're not insured on purchases made against a positive balance with credit cards

    Not exactly, if fraud is committed against your card, any transactions against your credit limit is covered, but transactions against a credit balance are not.


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