- Thread starter snowqueen
- Start date
Cash Advance on Credit Card
Beware of APR % on your cash advance. More often than not Credit Card cash advance interest starts to accrue as soon as the advance is granted as opposed to the grace period given with purchases & as a bonus 
, the APR % rate is often higher than the rate placed on purchases using a CC.
, the APR % rate is often higher than the rate placed on purchases using a CC.As it's the 30th of the month and everyone has just been paid, the lines at banks will be crazy. Maybe better to put your credit card into a cash machine, you should be able to withdraw cash from any bank using a foreign credit card.
This is theoretically true, but I have never used a credit card for that and have no clue what my pin is.
I have used a cc in the distant past to send money thru Western Union or another company. You get hit with cash advance fees and the WU fee is higher still. Not a good thing to do.
Cash Advance limits ( as well as ATM limits) are a function of your HOME bank - not the Dominican bank or Dominican ATM.
For example - if you have from your home bank a daily limit of $5,000 ( I know, this is just an example ) you can withdraw this amount from a
Dominican ATM. You may have to do this in multiples of the ATM limit ( generally 10,000 pesos per withdrawal) but you can do this. Hopefully you are not charged for each withdrawal but for ScotiaBank we have no fee per transaction.
For example - if you have from your home bank a daily limit of $5,000 ( I know, this is just an example ) you can withdraw this amount from a
Dominican ATM. You may have to do this in multiples of the ATM limit ( generally 10,000 pesos per withdrawal) but you can do this. Hopefully you are not charged for each withdrawal but for ScotiaBank we have no fee per transaction.
How on earth can you use a credit card without having a PIN? You have to key it in every time you pay for something in a store. It's the same PIN you would use in a cash machine
I haven't tried getting a cash advance on my credit card in a long time, but last time my bank(BHD) told me to use the ATM outside. At BHD and Banco Santa Cruz, the maximum DAILY limit is 20,000 pesos. As mentioned before, cash withdrawals are usually at a much higher interest rate than regular purchases. Some cards have terrible exchange rates, also.
I never use a PIN with a credit card. Never. Even debit cards don't require a PIN with a POS (point of sale) purchase, only cash machines require it.
The other day I needed to withdraw a large amount of money from the Scotiabank ATM. Multiple withdrawals of the 10,000 rd max. There were a lot of people waiting to use the ATM as only one was working that day. The young security guard told me that I could only make 3 withdrawals. I politely told him it was my money and I would take whatever I needed. And the long lineup due to one machine not working WAS NOT MY PROBLEM. He wasn't happy with me as I was not following HIS ARBITRARY rule.
Imagine that coming from someone who's fellow countrymen mostly ignore ALL rules, common sense and courtesy.
O
If you can arrange, do the withdrawal at the end of your billing cycle....or as close as possible and pay the account immediately to 'stop the clock'
r pay the withdrawal back fast and avoid the interest build-up.
If you can arrange, do the withdrawal at the end of your billing cycle....or as close as possible and pay the account immediately to 'stop the clock'
I wouldn't do it .. the banks rob you without guns. if you have a barrel in your yard start looking at it the banks will bend you over it
yea, but the chip is what controls it being accepted. If it's stolen, it's my theoretical responsibility to notify the bank if it's stolen. However, US law says I'm not responsible for anything over $50 in the event of theft.
My primary cc is Citibank and they have been great down here. I rarely have any problems with them.
I'm a little surprised he would tell you that.
That rule is primarily intended for the prestamistas who get in line with a stack of CC's in their hand.
Putting the shoe on the other foot, imagine if you were waiting in line behind one of them. You'd probably get a little irritated if he was at the ATM for half an hour.
That's why the last word written there -- courtesy........... rings hollow
No courtesy shown
Step aside for 1 or 2 people and go back in
No courtesy shown
Step aside for 1 or 2 people and go back in
Its actually not arbitrary. The rule is usually posted. No reason not be considerate while withdrawing "my money"