Guys,

I have put this post in 12 topic and here as well to help members be aware of EMO fees and other fees occured while using a WellsFargo credit card.

I had an very expensive experience using my Credit card while Funding EMO.(Which ultimately was for a 12Dp upgrade).

Ok,
Here's the summary. I Needed 3k EMO on a given day to upgrade at 12Dp.

1) EMO charges 6 %, so I was charged $3180 on my Cr Card and I got 3k EMO in my EMO account.
2) After 6 days, my bank displayed the EMO transactions as a CASH WITHDRAWL, means they charged another 4 % as CASH withdrawl fees.
3) The interest on this CASH TRANSACTION is 24% annually, but no matter when you pay, you have to pay the interest for at least a Month.

So ultimately, to FUND 3k EMO via my Cr Card, the cost was $180(6%) by EMO + $ 120(4%) by Credit Card company.

Now, what I would have liked is EMO transactions appearing on my US credit card as a Cash Transaction.
Last Month, I had used PayPal for DadnDaves which was ultimately funded from my Credit Card.
Here, the DADnDaves transaction DID appear as a Purchase transaction, saving me from bearing the hefty fees and giving me a nice 50 day creidt period.

Just wanted, to give a heads up to fellow EMO members in the cost they would pay to user their US credit cards to fund EMO. which is a straight 10%.


Still, my 12dp profit for the above 3k would be 34%.
Not bad

Cheers.
Mik.

One more thing I learnt from a wellsFargo Rep is, that if you transfer money from you CC to your checkin account then you save on the hefty interest rates as you are Levied rates of a purchase transaction.

I am ready to help people who may have questions on the same to save on high interest charges.

So you are saying this applies to ALL ccs and not just your Wells Fargo cc correct?

Also, you are saying the credit card company treats any deposit to EMO as a cash advance, hence the high %?

If that was the case, what do you suggest we use to fund EMO with?

My experience was with Wellsfargo. I have no clue on other CC or banks.
Again, my bank treated this as a cash advance.

I wrote to EMO and this was their reply

>>>>

EMO does NOT now and never has submitted credit card purchases as cash
advances. We submit all our credit card transactions as "sales". Despite
this, some banks elect to classify our transactions as cash advances. This is
a decision on their part and one EMO has no control over, though we
obviously disagree completely with such decisions. This is an issue you'll have
to discuss with your bank.

Best regards,
Medardo
EMO Customer Service


<<<<

The best and cheap way is EMO exchange with a trusted member or your upline may be.

Thnx for the reply! I shall clarify this with my cc issuer first then.

Updates.
I spoke to my bank again and they said they would remove the finance charges. But the expect EMO to give them a call.
I've sent EMO an email on the same as of now.

Thanks for sharing.

Well said. Well done

I invite people to add their EMO credit card experience at this thread.

Updates at EMO


SuperCash Card Update posted: 2006-02-17
If you are interested in the availability of the SuperCash debit card, please plan on receiving your card in late March or April.

I am using citibank credit card, I funded my emo on january to upgrade with 12dp. The amount I put was $60 dollars then the statement of account that I received was $63.6 with the 6% fees so I guess it will vary depending on your credit card issuer.

Which country?

My WellsFargo bank in the US took this as a CASH transaction and levied 4% withdrawl fee.

they do it because if they do it as a cash advance you can't do a credit card chargeback.

they DID it as a CASH advance!!