Thursday, December 15, 2011

There is interest payable if you take cash from ATM on a credit card, but is it same for cash back from Tesco?

Lets say I buy items for 拢25 using credit card and take 拢50 as cashback on same card from any store which provide cash back facility, do they consider as a single transaction of 拢75 or two transaction 1. Shopping for 拢25 , 2. Cash withdrawl of 拢50. If they consider a single transaction, its intrest free untill my due date otherwise 拢50 would be considered as cash taken from ATM. I do not know answer yet and thats why its here.|||cashback on credit cards is usually not available at checkouts. i assume that it is because of this very reason which you have highlighted.


otherwise it would be next to impossible for the card issuer to differentiate which rate of interest ( normal or cash advance) they must apply to transactions.|||Wherever you take cash out - from the ATM or as a cashback, the interest is at the higher rate for cash. Interest usually starts on the day of withdrawal for cash transactions.|||The excess will be treated as a cash advance and the cash advance terms and conditions will apply. This should be explained in your cardholder agreement, probably in print that will require a magnifying glass to read and likely couched in legalese terms, but it should be there somewhere.|||I dont think you can get cash back with credit cards, only with debit cards, in which case no charges apply.|||I don't think stores give cashback when you use a credit card only a debit card.|||Cashback is only given when presenting a debit card for payment of goods.





Cashback does not apply to credit cards.


(Credit Cards are cash Advance transactions not cash back transactions. )|||I am surprised by some financial questions on here !!!!!


any cashback you take from a shop gets added to your bill, end of.|||lots of people have put what i consider the right answer - you wont get offered cash back on credit cards for that very reason, debit cards only.|||I worked in a supermarket and generally they do not give cash back on credit cards so i do not think you need worry. Should it be possible, but i don't think it is, you pay interest on any cash advance. It is not just a one off interest either- it is payable for the entire time you owe that money.|||It doesn't cost you anything to get cash back on a debit card and I don't think they offer it if you use a credit card.|||it will be two separate transactions, so you will be charged for the 拢50 cash that you had. they can't charge you a cash handling fee when you've used credit. no matter where or how you use your credit card, if you physically withdraw cash from it by some means you will be charged a cash handling fee xx

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