I'm currently on the nab $500 limit card, but transferred a extra $500 from my savings account which means the extra $500 is basically my money. While I tried to transfer my $500 back it tells me I have to pay a fee + 1.75% or something which doesn't make sense!!!? Why would it cost me money to take my money back?
Because people will take advantage of it. 28 degrees as an example.
All the credit card providers have different fees (from zero upwards) depending on where you access the funds from and if the account is in credit or not.
The NAB charges 1.75% from all channels with apparently no fee reduction on credit balances.
NAB Personal Banking Fees
So the fee for $500 would be $8.75.
Almost 100% sure he would only have to pay $1.75 fee as he is withdrawing his own money.
So if I transferred 100k into my credit card, if I where to withdraw or transfer it back to my savings, it still costs me money? Juts doesn't makes sense since it's my own money.
i've done that before, just call them and they'll transfer it for you for free.
If on a CC it sees as cash advance so will charge you fee.
It's worth looking at the recent 28 Degrees Mastercard change to Cash Advance fees OzBargain On that account, the fee would be $15.00 to get "your own money" back.
Capped at $30 for your $100k transaction.
There's a fee for withdrawing cash from the credit card, but I think it's only like $2. There would be no percentage fee if it is your own money.