![]() Transactions that are not considered quasi-cash include: buying cryptocurrency and securities (including, shares and bonds).topping up funds on a rechargeable gift card or prepaid card and.purchasing foreign currency or travellers cheques.sending money to another person, for example money transfer or telegraphic transfer.making gambling transactions or topping up online gambling accounts.The most common types of quasi-cash transactions include: The interest rate on cash advances is usually higher than the rate on purchases. If you withdraw cash on your credit card or use your credit card to purchase goods or services that are similar or easily converted to cash (otherwise known as “quasi-cash” transactions), interest is charged from the date of the transaction until the date you pay the transaction off in full. The interest will continue to add up until the total balance is paid. Interest accumulates daily and will be charged on your next statement if you haven’t paid your closing balance in full by the due date. ![]() If you pay your closing balance in full by the due date, there is no interest to pay on purchases. Interest on your purchases is not charged immediately. When you use your credit card, interest is charged differently on purchases, cash advances and balance transfers. ![]() If you are using a credit card, it’s important to understand how interest is calculated and charged on your card so you can make smart decisions about your money. Credit cards provide a convenient way to spend, online and in stores. ![]()
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