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Did you know for cash advances you only pay a one off interest fee?

  • 24-11-2014 5:08pm
    #1
    playcold
    Registered Users, Registered Users 2 Posts: 13 ✭


    Did you know for cash advances you only pay a one off interest fee?


    I am with the Ulster Bank and I have a student credit card and I was short of money so I used the card to get a cash advance. Anyway I decided to go into a Ulster Bank branch to find out how much interest per day I will have to pay but the informed me that I only pay a one off interest fee at 21.1%.

    Did you know that it is only a one off payment of interest for Cash Advances?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    Come again - you 'only' (quoting you) have to pay a one-off fee of 21.1% :eek:

    You were grossly misled with that answer or (more probably) you completely misinterpreted it. What is more likely is that you are charged daily interest and it's at an APR of 21.1%.

    While most credit cards give you free credit on purchases provided you settle the monthly bill in full, it is invariably the case that you pay interest on cash advances every day from the date of withdrawal until you pay it off.


  • #3
    playcold
    Registered Users, Registered Users 2 Posts: 13 ✭playcold


    Yeah I clearly asked them was it a day to day interest accumulating and she assured me it was a one off 21.1%. I don't know but that is what she told me.


  • #4
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    playcold wrote: »
    Yeah I clearly asked them was it a day to day interest accumulating and she assured me it was a one off 21.1%. I don't know but that is what she told me.

    Thats not correct, its 21% per year and a cash advance fee too.


  • #5
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    You were either given bogus info, or completely misunderstood.


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