Hoping you folks might have some feedback to share - if my 28 Degrees card is in positive balance, and I withdraw some cash from an ATM while overseas, will I have to pay any interest on the cash advance amount?
I know that I will be charged a 3%/$4 cash advance fee, but couldn't find info on any applicable cash advance interest.
Thanks in advance.
Are there any catches associated with that account?
I just want to use it as a debit account. Purchase stuff online and use eftpos at the supermarket.
Is this the same card with the great exchange rates?
Nope..no fee whatsover. I just use it to draw money from ATM oversea. Obviously you gotta load it up with money before withdrawing..
Which card has the excellent exchange rates? I've seen a lot of people on ozbargain use them for overseas transactions.
@cDNA: Q. Which card has the excellent exchange rates?
A. (Citibank Plus) I've seen a lot of people on ozbargain use them for overseas transactions
@cDNA: Exchange rate just whatever visa's rate (just like your cc, except without withrawal & conversion fee), and it will be better than your shop money changer for sure! Citibank don't charge any fee, just whatever converted amount in AUD
i doubt it, if you dont have a debt
It appears you won't pay interest on the cash advance fee LOL - from the FAQs at this link: http://www.28degreescard.com.au/faqs/cash-advance-fee.html
Will I be charged interest on my cash advance fee?
Interest will be charged on the cash advance fee on a daily basis from the date of the withdrawal. If your account is in credit, you will not be charged interest on the cash advance fee.
but it doesn't say anything about whether you'll be charged interest on the cash advance itself! I would assume not, if the card has a positive balance, but then again I've never used the card for cash advances, so hopefully someone who has done so can confirm.
Do you have to select "Credit" to get a cash advance from the ATM when your balance is near zero? HOw does it work?
Can't help with that question unfortunately - I've never used any credit card for a cash advance, I use my Citibank Plus account to withdraw cash when I'm travelling.
If you're OS why don't you just use it, which will clear the positive balance and save the $4? If you want to withdraw cash OS use the citibank+.
Having done this myself in the past the answer is no. As long as you've loaded up your account and have a positive balance, you can use it like a keycard/debit card to withdraw cash from ATM's. I also don't recall ever being charged a cash advance fee - I think this may only be if you do not have a positive balance and are therefore borrowing the money, though you may want to double check.
Edit: just read the FAQ about the cash advance fee and it seems things may have changed since the last time I used that function overseas. That's a bit rubbish.
Yep, they introduced this new fee beginning of last year (from memory). Hence why I got myself a Citibank account purely for overseas cash advances. Still use the 28 deg for all transactions though. But definitely no longer fee free for cash advances.
get a citibank plus transaction acc and your problem is solved..