Rabodirect Credit Account

[bigdee77]

Hi all,

Does anyone have any experience with the above account ? I'm thinking of opening one to pay for an upcoming wedding . I intend to drawdown amounts of money as I need it . Although I have heard that after your initial drawdown you cannot draw down more until you've repaid at least Euro 1,000 even you've already been approved for a higher amount -is this true?

 

[ClubMan]

Why not read the terms & conditions of the account which probably answer at least some if not all of your questions?

 

[bigdee77]

I did read the terms &conditions but it's still not very clear to me

 

[Daffodil]

Although I have heard that after your initial drawdown you cannot draw down more until you've repaid at least Euro 1,000 even you've already been approved for a higher amount -is this true?

That is correct. So my advice would be to draw down enough initially so you won't have to worry. Don't do what I did draw down the total approved amount by mistake - once it's in your account it's very tempting to just spend it !!!

 

[rmelly]

Assuming you need 2k initially, drawdown 3k, then repay 1k as soon as allowable, leaving it in highest interest account you can find until then?

 

[bigdee77]

Assuming you need 2k initially, drawdown 3k, then repay 1k as soon as allowable, leaving it in highest interest account you can find until then?

That thought had crossed my mind - I wonder how soon this can be done ? and when can one draw down again ?