paying off credit card balance with a cash withdrawal

folkestonelisa

I am luckily enough to be able to pay off my credit card in full. But hubby stupidly went away and didnt take a cash card only his credit card. He withdrew £200 on saturday and i will be paying it all off on the 29th September. How can i do it to stop the interest. If i phone up and get a balance and pay it off with extra will that stop the interest, or do i pay it off and not use it for a while.

Was hoping to do a balance transfer with it.

Thanks for any help.

Hillfly

Make a payment to the card asap for the amaount he withdrew plus a few pounds more to cover fees. That should stop the interest - or certainly keep it to a small amount.

PS. I am from Folkestone too!

ICan'tStandIt

folkestonelisa wrote: »

I am luckily enough to be able to pay off my credit card in full. But hubby stupidly went away and didnt take a cash card only his credit card. He withdrew £200 on saturday and i will be paying it all off on the 29th September. How can i do it to stop the interest. If i phone up and get a balance and pay it off with extra will that stop the interest, or do i pay it off and not use it for a while.

Was hoping to do a balance transfer with it.

Thanks for any help.

You can't in most cases as cash is the last item on a credit card balance (as the interest rate is higher) regardless of when it was withdrawn.

Cash interest is calculated daily, but will stop as soon as the total balance is cleared.

Call your credit card company and request a "pay off balance" or "settlement figure" and pay that as soon as you can. If they take debit card payments over the phone, pay them then.

Make sure that your payment has credited before any further transactions are done. If a purchase is made before your payment credits, your payment will be used to pay that off instead, as the purchase will probably have a lower interest rate than the cash and therefore paid off first.

Personally, I would wait until your next statement arrives which includes the cash withdrawal, your payment, the interest etc just to make sure you're in the clear, before using it again.

Hope this makes sense.