Some Granite Visa card consumers wonder if Vanquis Bank impose a limit to the quantity of money they can pull back from ATM machines. Just like mastercards ‘ borrowing limit, there’s also a limit to how much money you can withdraw. This limit isn’t printed on Granite card’s web site though , this is thanks to the fact that the limit will be different for each purchaser.
Sometimes Vanquis Bank will have to review your credit history and other factors first before deciding on the limits. But our research tells us the cash advance limit is generally about 1/2 your borrowing limit. Therefore shall we say your Granite card’s borrowing arrangement is £300, your money withdrawal limit will generally be somewhere around £150 – the precise number may be a little less or more than this. The numbers that we have show the limit is mostly 40 percent to half of the borrowing limit.
In actual fact understanding how much you can take out from ATM machines is just 1/2 the story. You still have to be conscious of the costs and other expenses related to cash advances. Money advance is basically a convenience offered to card users, because some merchants don’t accept mastercards.
However before you take out the money, you may be able to guesstimate how much you’re going to pay for the service. First off when the money pops out of the ATM machines, you’ll be right away charged either £3 ( the minimum ) or 3 p.c. of the money, whichever appears higher.
Shall we say, you are taking out £150 from the ATM, then you’ll be charged £4.50, because 3 p.c. of £150 is £4.50, and it’s higher than £3. Though the £4.50 service charge isn’t truly a good deal. In fact, if you settle the balances before the cut offs, then you’ll be paying a sum total of £154.50 only. Nonetheless if you’re going to reimburse by payments, you’ll be paying much more, matched against if you spend the cash on your Granite card.
This is because of the fact that the common yearly interest levied on cash advances ( 44.94% ) is way way higher than card purchases ( sometimes 35.9% ). Now you know just how much you’re going to pay for the Granite card’s cash advance service, we are hoping this info will help you to make a rather more sensible choices when you take out money from ATM machines. The base line is this : if you have to take out money, ensure you always pay back that amount right away to circumvent the high interests.