Credit Card Cash Interest

ColdAsIce

Dear all,

I had a question i have a Capital One Credit Card,

At a time i took out cash from a cash machine obviously knowing the fees and that trailing cash interest will still continue.

At the time as a gesture of good will Cap 1 credited me back 21p however looking at my statement i got credited back the full £3 advance fee also.

I paid this all back and got charged another 40p which i paid off my 2nd statement.

All i wanted to know does this have an affect on my credit obviously it shows dire financial desperation, though ive paid it off.

With that in mind, do i need to request a settlement figure from the credit card company to wipe this interest.

Every time i ring up Capital One i keep getting told different things e.g. i havent got the cash interest as i paid the 40p and then some telling me that i do have it and i will be charged for it.

This is my first fortee in credit cards, and obviously this is the last time im going to do this. But does this have an adverse on my credit footprint im some what worried even though i pay off my purchase balances in full every month have done so in the last 2 months.

Im obviously going to keep the card for 12 months or so then maybe going for a mainstream card with a cheaper rate of interest, would this possible as im a student? or again they would look at my salary etc in which case i still continue with cap one card.

Please advise accordingly.

Regards,

ColdAsIce

YorkshireBoy

You're worrying unnecessarily. Just don't make a habit of making cash withdrawals and you'll be OK.

CannyJock

Trailing interest on cash withdrawals and purchases disappear once you've paid two statements in full.

So long as you're now paying statement balances in full, you're fine.

If you wanted to reduce/prevent the trailing interest then you need to overpay the card.

The new level on details on credit reports specifically report cash withdrawals so that information is visible from some lenders - don't have a Cap One card so can't tell you if they report it or not.

If you continue to pay your card in full then you'll paint a positive picture for future applications and won't have to pay any interest at all.