[Idyllchat] ATM clarification

[Russell Crum]

Janet,

I cannot speak about Capital One, but in general any cash withdrawal  
from an ATM using a credit card is actually a loan. As such the  
amount withdrawn  begins accruing interest charges immediately unlike  
normal charges that won't have an interest charge until sometime  
after the monthly cutoff.

Only true ATM or debit cards avoid this. They are removing funds from  
your bank account at the time of withdrawing the cash so there is no  
interest charge involved because it is your money you are  
withdrawing. As far as I know all banks have a 24 hour limit on cash  
withdrawals using an ATM card and many charge a per use fee.

I hope that helps.



Russ Crum


On Apr 23, 2008, at 16:41 , DRJSD at aol.com wrote:

> I know there was a lot of info about ATM cards, fees, best cards to  
> carry etc. recently. I thought I read most of it and understood the  
> recommended approach was to use a Capital One visa card with a pin  
> number at the ATM machine. I understood there were no fees on  
> withdrawals.
>
> I must have misunderstood because when I called Capital One today  
> to inquire, I was told there is a withdrawal fee, a cash limit and  
> a fairly high APR.
>
> Can someone set me straight?
>
> Janet
>
>
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