Compare Credit Cards with CardSmart

Home » Credit Card News » Spending Money » Credit card users urged to learn which transactions are treated as 'cash'

Credit card users urged to learn which transactions are treated as 'cash'

Gambling transactions and purchasing foreign currency can be treated as 'cash' transactions

More from Spending Money
12 October 2011

Credit card users urged to learn which transactions are treated as 'cash'”

Bookmarks

Credit card users should learn which transactions are treated as 'cash' before using their card, according to a financial expert.

Rolland Ellison, writing for the Mirror, claimed that the majority of Britons don't use their credit cards to withdrawal cash in order to avoid unnecessary charges but many are unaware that other transactions carry the same charges.

He said: "In general gambling transactions, purchasing foreign currency, electronic money transfers, postal orders and the purchase of travellers' cheques are treated as cash withdrawals.

"That means that if you use your credit card to buy gambling chips on an online gaming site, the transaction will be charged interest at a higher rate."

Mr Ellison added that those who do make a credit card cash withdrawal should ensure they clear their balance as soon possible.

Standard Life recently published a report which shows that UK adults spend around £317 every month on their credit cards, equating to £3,804 a year.

Written by ©

Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
Compare More Credit Cards...

The content and information on this website are intended as general information only and shall not be construed as financial advice or recommendations of any nature in accordance with the Financial Services and Markets Act 2000 nor is it intended to address specific financial requirements. Read more... We strongly recommend that you seek independent financial advice before using and/or relying on the information made available to you or prior to purchasing any financial product/service listed on the Website. Whilst every attempt has been made to ensure that the content and information published are true, correct and up to date, no warranty, guarantee or representation is given as to its accuracy, reliability or fitness for a specific purpose.

The Best Buy credit card comparison tables feature financial products/services of our advertisers and may not necessarily constitute the best offers in the market for each of such products/services.