You’ll usually have to pay a fee to transfer a balance from one card to another. That new card generally has a lower rate which helps you save money in interest payment. Balance transfersĪ balance transfer is when you move your balance from an old credit card to a new one. Learn more about your rights when using credit card cheques. Contact your credit card issuer and ask them to stop sending credit card cheques. If you don’t want to use credit card cheques, cut them up before throwing them out. If you use them to pay for goods or services, the amount will appear on your credit card statement. The interest rate charged when you use a credit card cheque is usually higher than for regular purchases.įinancial institutions link credit card cheques to your credit card account. You’ll pay interest from the date you use the cheque. You may also use them to pay bills or other debts such as outstanding balances on other credit cards. You may use credit card cheques, also called convenience cheques or promotional cheques, to make purchases the same way you would with personal cheques. You may also have to pay a fee each time you make a cash-like transaction.Ĭheck your credit agreement or contact your financial institution to find out if they consider your purchase as a cash-like transaction. The interest for a cash-like transaction is usually higher than for regular purchases. Like a cash advance, you’ll pay interest from the date you make the cash-like transaction. gaming transactions (placing bets, buying casino gaming chips and buying lottery tickets).travellers’ cheques (a prepaid cheque to pay for goods and services while travelling).money orders (a prepaid paper payment for a specific amount).wire transfers from one financial institution to another electronically.Cash-like transactionsįinancial institutions often treat the following types of transactions like cash advances: Some financial institutions set a minimum and a maximum amount for those fees.
CARDWORKS MERCHANT SERVICES PRICING PLUS
For example, the interest rate for regular purchases may be 19%, but it may be 22% for cash advances.Ī cash advance may be a very expensive way to borrow money. The interest rate for cash advances is usually higher than for regular purchases.
You'll pay interest from the date you get a cash advance until you pay it back in full. There is no interest-free grace period with cash advances. getting cash from a financial institution.taking out cash at an automatic teller machine (ATM).You may use a credit card to get a cash advance by: go to another merchant who doesn’t charge a surcharge.choose to use another payment method such as cash or debit.at the point of sale, both in store and online.Merchants must also clearly disclose the surcharge: This allows you to cancel your purchase before authorizing payment or pay with an alternative form of payment. They must inform you of the surcharge before processing your payment. Your purchase may cost you up to 2.4% more. Merchants may add a surcharge to your transaction for using your credit card (except in Quebec). Make sure you understand the pros and cons of these types of plans.įind out more about buy now pay later plans. Credit card providers typically call this option equal instalment payments or instalment plan. You might be able to turn your qualifying purchases into buy now, pay later plans.
CARDWORKS MERCHANT SERVICES PRICING HOW TO
If the merchant doesn’t correct the transaction, contact your financial institution for assistance.įind out how to resolve an unauthorized transaction. A merchant is the business that sold you goods or services. If you find a mistake, contact the merchant to correct the transaction. Check your receipts against your credit card statement to make sure there are no mistakes. It’s a good idea to keep receipts for all your credit card purchases. at a point of sale, like a cash register or checkout.
You may use your credit card to pay for goods and services: You may use your credit card for different types of transactions. Types of credit card transactions and associated fees As you pay down your balance, you have access to more credit. Your credit limit is the maximum total amount you can spend. A credit card allows you to pay for goods and services in stores, online and by telephone.
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