Withdrew lots of cash on my credit card!!!

sailorjack

Hi
I have recently withdrawn £3000(cash) on my credit card to pay for a car that i wanted to buy.
I had wanted to have applied fora credit card(or 2!)with a 0% apr for 6 months by the time my bill came at the end of the month.
I have now discovered that i am being charged daily interest and am having to wait for my credit card applications to be processed.
Does anyone have any advice for me please?

Bossyboots

It is a standard term of credit cards that interest is payable on cash withdrawals from the day it is drawn until it is repaid. I don't see that there is nothing you can do about this except pay the money back as quickly as possible. What are you going to do if you get turned down for the other card?

KTF

AFAIK, cash advances have never been included as part of the 0% deals that are on offer.

grumbler

sailorjack wrote:

...Does anyone have any advice for me please?

1. Always read T&C.
2. Do some research in advance and think :think: . In your case if you want to use credit card, but cannot pay by credit card, you should have consedered Super Balance Transfer

Sorry, but this is the only advice I can give now ...

empfun

Do your best and pay off the £3000 with interest ASAP.

sailorjack

i have a good credit rating so i dont see any problems but it will probably take another week for them to come through and interest is adding all the time!!

KTF

You could always call them up, ask what the balance is then pay it off there and then.

sailorjack

DO you mean pay it off when my new credit card arrives KTF?

KTF

You could either do that or pay it off using other means. That way you would avoid paying (more) interest.

YorkshireBoy

KTF wrote:

You could either do that or pay it off using other means. That way you would avoid paying (more) interest.

It sounds like the OP has already parted with the cash and bought the car.

Question to the OP...

Which are the cards that you've applied for? I ask because unless they're BT cards, then I'm struggling to see how you're going to settle the cash advance (which, by the way is probably incurring £35-40 a month interest).

moneyuser

Your're just going to have to wait for the applications to go through, unless you have savings (or borrow from relative) to pay off the 3k. Guess you haven't though or you would've done that. It would probably take 3-5 days to clear anyway.

Once you get the new card I take it you're just going to do a BT, hopefully the credit limits will match otherwise you're going to be in a bit of a mess.

Were you charged a 2% fee as well for doing the cash withdraw? All of the cards I've got also charge more interest for cash withdraws than normal BT/purchases by about 5%.