Cash Advance: How much will it cost me?
I am currently in Oxford, England for one month and am down to like 20 pounds cash. I also need Euros for my trips to France etc.
The option I see is using either my MasterCard or Visa (each have about 19% annual interest rate) to withdraw cash (roughly $200 dollars Canadian or 60 pounds or 60 Euros). My parents will deposit what I withdraw into my credit card so I am really just interested in how much interest I would accumulate at like a 1 week period.
Can I also tell my credit card company not to use the money that my parents deposit towards purchases made but instead only towards the cash advance?
Are there any other options that I have?
Actually I just read that my Visa Gold has a 19.5% cash advance rate.
But I am unsure if that is daily, weekly, annually etc.
A solid number would be very helpful
Oops sorry…18.5% Cash advance for Visa Gold and 18.99% for MasterCard.
Yes I know annually means yearly but I got confused when reading the explanation Visa gives for their calculations of Interest:
We calculate interest daily, however we only add it to your Visa Account monthly. The amount of interest we charge is calculated as follows:
* we multiply the amount you owe each day by the applicable daily interest rate or rates (that is the applicable annual interest rate or rates divided by the number of days in the year) and
* for each month, we add together the interest charges for each day.
The total is the interest we charge you.
http://www.rbcroyalbank.com/cards/documentation/ch_agreements/ch_agreement.html