Making an EFT from my Credit Account

[vicv]

I couldn't find any answers to this on the web.

I see it is possible for me to do an EFT from my Credit account (FNB Gold) to other bank accounts.

Would there be any extra costs involved compared to simply swiping my credit card? (Hidden fees/Interest etc)?

 

[MKFrost]

Clearly my day has been to long. Saw the headline but my brain read it as 'Making an ETF from my Credit Account' thinking this should be a good one, making an ETF from your credit card account so that it can be sold and traded on the markets......

As said, my day has been to long......

 

[Brawler]

I did this once. Seem to remember fees were negligible but I always pay it off at end of month

 

[werfie]

Hmmm, no, don't think so, I do this all the time. But I don't really track fees. If you're worried, I would say the safer option would be to transfer money from your credit card to your cheque/savings account and doing the EFT from there... but I would imagine this is the same thing.

 

[Tinuva]

I couldn't find any answers to this on the web.

I see it is possible for me to do an EFT from my Credit account (FNB Gold) to other bank accounts.

Would there be any extra costs involved compared to simply swiping my credit card? (Hidden fees/Interest etc)?

Yes there is an extra cost. I have done this in the past, and it shows the extra bank fees on my statement if you do an EFT from your CC. On my statement for a R600 eft from CC, it shows up as:
#ELEKTRONIESE OORPLASING FOOI -7.00

Nowadays I just do everything from my cheque account, much cheaper since I am on the mobile plan.

 

[Tinuva]

Hmmm, no, don't think so, I do this all the time. But I don't really track fees. If you're worried, I would say the safer option would be to transfer money from your credit card to your cheque/savings account and doing the EFT from there... but I would imagine this is the same thing.

PS. Transferring money from your CC to your cheque account also incurs a service fee, although it is half of what it would be to do the EFT straight from the CC to another person's account.

 

[vicv]

Thank you for the feedback. Decided to transfer money to my cheque account. Service fee was R3.50. Will post back if I run into other issues.

 

[supersunbird]

Thank you for the feedback. Decided to transfer money to my cheque account. Service fee was R3.50. Will post back if I run into other issues.

Remember if you go into credit due to the transaction (after all, you might have had a positive balance on the CC), it gets treated same as a cash withdrawal, meaning immediately interest starts being charged on it, no up-to-55-days interest free.

 

[vicv]

Remember if you go into credit due to the transaction (after all, you might have had a positive balance on the CC), it gets treated same as a cash withdrawal, meaning immediately interest starts being charged on it, no up-to-55-days interest free.

Sigh, that's what I was worried about. Will pay the full amount at the end of the month though, will see how much interest they throw at me.