Question re: varying interest due to type of transaction

thriftymomma

owen22 wrote: »

It's a not a CRA, it's a credit card in her name that needs a minimum payment making on it today (hence why they won't accept a CC payment from me, even though my card isn't with them)

How do I get a chequebook for my CC?

CC companies tend to send you out a few at a time, with details of any promotional rates written on them.

owen22

Hmm.. I've only had my card a few weeks and haven't seen any chequebook yet so I guess that's a no-go.

Thanks for your help guys!

williham

If you pay off £80, the 15% debt will be cleared and the remaining £20 will be charged at 30%
If you pay off £50, the remaining £25 of the 15% will be charged at 15% and the remaining £25 of the 30% will be charged at 30%.

CLAPTON

owen22 wrote: »

It's a not a CRA, it's a credit card in her name that needs a minimum payment making on it today (hence why they won't accept a CC payment from me, even though my card isn't with them)

How do I get a chequebook for my CC?

It's unlikely that she can pay off her minimum payment on time if it's due today. Most (but not all) payments take several days to clear even if make in cash in a bank.. but it depends upon her card and which bank she is paying the money into. The back of the CC statement normally shows the methods od payment and how long you need to allow.

I think you can forget about CC cheques... the're pretty rare these days and only come occasionally and often are treated as cash advances anyway.


And as explained above you will be paying 30% on the £20 if you pay off 80 as they put any payment towards the lowest APR balance.

martafdz

The fee she will get for late payment will be probably less than any charges/interest you might incur by withdrawing cash from your account. Unless it is a small amount. See your statement or contract, in small print they have to tell you how much is each thing. Some credit card companies charge you the interest and the fee for any cash by adding this to your balance, so there is no interest free period for withdrawals. Check yours.

If you can wait a bit, ask for a loan, it will work out cheaper, and some banks give you the answer inmediately and the cash next 48h. You could apply for a loan to pay your partner's card and your own card. Do not be afraid to ask, asking is free, getting quotes help to see what is best... but make sure they make quotes, not applications!