Cash Withdrawl...

Toastie

Would a cash withdrawl on a credit card affect my credit rating?

For this month i will need around £50 cash in order to pay for public transport etc... (my pay wasn't registered so it will come through and the end of the month)

For £50 i can't get any kind of loan so i was wondering if i withdrew from a credit card if it would damage my credit score.

Thanks

MABLE

Toastie wrote: »

Would a cash withdrawl on a credit card affect my credit rating?

For this month i will need around £50 cash in order to pay for public transport etc... (my pay wasn't registered so it will come through and the end of the month)

For £50 i can't get any kind of loan so i was wondering if i withdrew from a credit card if it would damage my credit score.

Thanks

What choice do you have. If you need the money then you have to go with this option regardless of whether it affects your credit rating.

jamalfatty

It would only affect your rating with the company your using to get the cash, and then only slightly if its just £50 - other lenders wouldnt know the £50 is cash.

System

Toastie wrote: »

Would a cash withdrawl on a credit card affect my credit rating?

For this month i will need around £50 cash in order to pay for public transport etc... (my pay wasn't registered so it will come through and the end of the month)

For £50 i can't get any kind of loan so i was wondering if i withdrew from a credit card if it would damage my credit score.

Thanks

No, there is no reason it should affect your credit rating.

Be aware there will be a handling charge of around £3 and you will be charged interest from the day of the withdrawl.

Regards
UNDERGROUND

jd87

I don't think it would affect your credit rating at all. As long as you don't miss any credit card payments it should be fine.

reehsetin

could you not just pay for things with the CC directly? rather than by cash? pay for a travel card etc by CC?

UK007BullDog

It would be better to ask friends or relatives for the money. or ask employer for an advance.

Also cash withdrawal has the highest interest rates.

If there is any other money on the card and you are not paying it all off at the end of the month when you get paid your £50 can very quickly morph to 100's of pounds in interest.....

Only do it if you cannot get the money anywhere else.