Taking cash out on credit card

juno

I went to see Green Day last night, and I didn't want to take all my cards with me. But when I got there, I found I'd taken my credit card rather than my debit card. I needed cash, so I took some money out from an ATM, intending to pay it back today to avoid much interest.

Except I've just checked my statement online, and it isn't showing up yet!

So I've made a payment to my account anyway. Will that be OK to stop me getting charged lots of interest?

deemy2004

Nope

Depending on your cards terms, you will be charged a flat 2% on the withdrawl and then an higher % APR until the TOTAL balance is cleared on your account, as the companies tend to allocate repayments to the lowest interest rate debt first.

You really have no excuse for not reading the terms and conditions BEFORE withdrawing cash on the credit card.

lisyloo

You will probably get charged a few days interest - the time it takes for your payment to reach the account.

Do you have any balance transfers on this account?

You have to be a little bit careful about the way they allocate your money.
Some of the nasty companies will use your payment to pay off something else and still charge you interest on the cash.
If I were you I would look up your companies terms and conditions and see in which order they allocate the payment.
You might be able to find the information on line, but if not then call them.

Hopefully it will pay off the cash, but it depends on the terms and conditions.

juno

deemy2004 wrote:

You really have no excuse for not reading the terms and conditions BEFORE withdrawing cash on the credit card.

I was in Manchester (I live in York) and it was quite late at night. I'd intended to take my debit card, but must've got them mixed up. I only got my credit card for internet purchases and pay them off as soon as I get the statement. I didn't want to withdraw money on my credit card, but I had no choice as I needed the money to get home.

lisyloo wrote:

You will probably get charged a few days interest - the time it takes for your payment to reach the account.

Do you have any balance transfers on this account?

You have to be a little bit careful about the way they allocate your money.
Some of the nasty companies will use your payment to pay off something else and still charge you interest on the cash.
If I were you I would look up your companies terms and conditions and see in which order they allocate the payment.
You might be able to find the information on line, but if not then call them.

Hopefully it will pay off the cash, but it depends on the terms and conditions.

I only use my card for internet purchases, so I don't have anything else on it ATM. It should be fairly quick, as they're both HSBC and it has been in the past. I'm only 19, so I'm new to all this credit card stuff, and as I'm a student I don't have any income and probably can't get a better card (and don't want to try incase I get turned down).

Thanks for your help!