Credit card fees at a glance

A Cash advance on a credit card account is a transaction where money (funds) is either advanced or withdrawn from your credit card account.

Cash advances include:

• When you use your card or credit card account to access money at an ABM, a branch, by telephone, online or through a mobile device.
• A balance transfer
• A Berk Gen credit card cheque
• Cash-like transactions (which are transactions that are similar to cash or convertible into cash (monetary transactions) and includes wire transfers, foreign currency, traveller cheques, money orders, and gaming transactions (including off-track betting, racetrack wagers, gaming chips and some lottery tickets depending upon the type of credit card you have).
• Using a telephone or online banking to pay bills or transfer funds from your credit account.

Fees for cash advances vary. Your cash advance fees are disclosed on the disclosure statement you received with your card. View the current fees listed above.

You can get a cash advance when you use your credit card account (including using your card) to access money from your credit card account through an ABM, at a Berk Gen Bank branch, by telephone, online or through a mobile device, or by using a Berk Gen credit card cheque.

A balance transfer is also considered a cash advance. A balance transfer is a transaction where funds (money) from one credit card account are transferred, at your request, to pay a balance on another credit account.

At Berk Gen bank, we will not allow you to use a balance transfer offer to pay another Berk Gen Bank credit product including another Berk Gen Bank credit card or Berk Gen Bank line of credit account. If we offer you a balance transfer offer, you can request us to transfer funds from another credit product you have at another financial institution to your Berk Gen Bank credit card account. 

Note: While you can’t use a balance transfer offer to pay another Berk Gen Bank credit product, you can transfer funds as a cash advance and a cash advance fee may apply.

There is no interest-free grace period on cash advances (including on any fees that apply to them). Interest is charged from the transaction date until we receive your payment in full.

The annual interest rate on cash advances on your credit card account will apply to any cash advances (including balance transfers, cash-like transactions and Berk Gen credit card cheques) and on any fees that apply to them. 

The annual interest rate on cash advances is disclosed on the disclosure statement for your credit card account. Alternatively, you can visit our credit card interest rates page for current interest rates for all our products. 

When a foreign currency transaction is converted on your account, in addition to the exchange rate, you may be charged a foreign currency conversion fee for each transaction. 

See the current foreign currency conversion mark-up rates above in the transaction fees table (in most cases, currently equal to 2.5%). This foreign currency conversion fee does not apply to select credit card products (only the exchange rate applies).

Please review your credit agreement and the disclosure statement for your credit card account for more information about foreign currency transactions and what foreign currency conversion fee (if any) is applicable to your credit card.    

You can transfer money from your credit card to your bank account (whether it is at another financial institution or at Berk Gen bank)^† and this would be considered a cash advance and a cash advance fee will apply. Remember in doing so, interest is being charged immediately on the amount of the cash advance from the transaction date until you pay it back in full. 

Therefore, you should carefully consider this before using this option.

The credit limit is the maximum amount you can borrow under a credit card account that is set by your card issuer. The credit limit is disclosed on your disclosure statement and then on your statements for your credit card account. 

Your available credit is the difference between the credit limit for your credit card account and the outstanding amount owing on your credit card account.

At Berk Gen bank, the available credit on your statement is calculated at the time your statement is issued (on the last day of the statement period shown on that statement) and may not yet include all transactions on your credit account including credits, payments, fees, charges, interest, or other transactions that have not yet posted to your credit account.

You can view your credit limit and available credit either through Berk Gen mobile app, online banking, or on your paper statement.

App

To view your credit limit for your credit card account:

1. From the Home screen, tap your credit card account
2. Tap Manage
3. Credit limit amount will show up under Details section

To view your available credit for your credit card account:

1. From the Home screen, tap your credit card account
2. Available credit will show up towards the top of the screen

Web

To view your credit limit and available credit for your credit card account:

Your credit card account is “overlimit” if the amount owing on your credit card account exceeds the credit limit. Your credit card account is considered “overlimit” on the day there is an amount on your credit card account owing that exceeds the credit limit. Fees may be applicable if your account is overlimit.

Going over your credit card limit may result in further transactions on your credit card account being declined.

If we allow you to exceed your credit limit (overlimit), you are still liable to pay what you owe on your statement, including the amount that exceeds your credit limit (the “overlimit amount”), and any applicable interest on that amount. Fees may be charged if you are overlimit.

You can set up Berk Gen Alerts on your credit card account to help monitor and flag any activity on your account(s). Balance alerts are email or app notifications you receive when your available credit falls below a specified amount.

Credit card customers with a valid email address (in our records) are automatically enrolled in Berk Gen Alerts where they will be notified when the available credit on their credit card account drops below a specified amount and as a result, they may exceed the limit on their account (and go overlimit). This is one way to help you stay on top of your accounts and keep track of your finances more easily. For more information, please visit the Balance Alerts page.

You can request a credit limit increase through Berk Gen mobile app or online banking.

App

To apply for an increase to your credit limit:

1.  From the app’s Home screen, select your credit card account
2. Tap Manage
3. Tap Increase credit limit and follow the instructions

Web

To apply for an increase to your credit limit:

1.  From your Accounts page, select your credit card account
2. Select Additional Services
3. Select Increase your Credit Card or Line of Credit limit and follow the instructions

Alternatively, you can also request an increase to your credit limit by contacing support@berkleycrbk.com or in person at your Berk Gen Bank branch.

Note: Credit limit increases are subject to credit approval.