liam.mccaffrey
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| posted on 6/11/06 at 04:08 PM |
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credit cards
if you withdraw money from a cash point on a credit card do you pay a higher rate of interest than purchases?
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TimC
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| posted on 6/11/06 at 04:12 PM |
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Depends on the card. In my student days I did. The price I paid for another night on the lash chasing women!
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nick205
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| posted on 6/11/06 at 04:12 PM |
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sometimes - depends what card you use. Some cards will also charge you a cash advance fee to withdraw cash too 
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nitram38
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| posted on 6/11/06 at 04:13 PM |
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You will pay interest from the time it was withdrawn.
It is better to buy something with it and the interest only goes on if you do not pay at the end of the month.
If you buy something on paypal, interest is at the end of the month too.
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iank
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| posted on 6/11/06 at 04:13 PM |
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That will probably depend on the small print for the card.
What will happen is you will pay interest from the day of the transaction rather than from the payment due date.
Edit: Blimey everyone jumped on that one quickly 
[Edited on 6/11/06 by iank]
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Minicooper
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| posted on 6/11/06 at 04:37 PM |
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Unless you have a special deal, never draw cash on a credit card unless you have to, typically 25~30% APR, plus normally a cash withdrawal fee
David
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omega 24 v6
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| posted on 6/11/06 at 06:07 PM |
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Cash advancesw/withdrawls on credit cards (visa mastercard etc) are usually charged interest from the time of supply. SO you'll be charged
interest immediatly.
If it looks wrong it probably is wrong.
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oliwb
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| posted on 6/11/06 at 06:31 PM |
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What card are you with???? Does get expensive if you start taking Cash advances out on it! I did it once when skiing in France - they lumped on the
exchange rate (not a good one either!) and an extra charge for being abroad plus all the other crap too! Plus their sneaky and when you pay it off if
you don't pay the balance in full they'll pay off the purchases first which have a lot lower rate of interest than cash advances....Oli.
If your not living life on the edge you're taking up too much room!
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