Cash withdrawal, advice please

fruitycar

I had to make a cah withdrawal on my cc yesterday, first time ever. I know that this will be at a higher interest rate, How do I clear this specifically off my card? I dont clear the balance every month.

vwman_3

fruitycar wrote:

I had to make a cah withdrawal on my cc yesterday, first time ever. I know that this will be at a higher interest rate, How do I clear this specifically off my card? I dont clear the balance every month.

I think your cash withdrawal will go to the bottom of the list, and attract the highest interest, until the card is clear and balance is down to zero your stuck.

Everyone on here will tell you to avoid taking cash on a cc like the plague.

fruitycar

vwman wrote:

I think your cash withdrawal will go to the bottom of the list, and attract the highest interest, until the card is clear and balance is down to zero your stuck.

Everyone on here will tell you to avoid taking cash on a cc like the plague.

I know but I was really stuck
I suspected that it would go to the bottom, lesson learned the hard way.

vwman_3

fruitycar wrote:

I know but I was really stuck
I suspected that it would go to the bottom, lesson learned the hard way.

We've all been there, myself included, good luck........

fruitycar

so no point me going in and paying the cash back into my cc account today?

Love your sig line.

vwman_3

fruitycar wrote:

so no point me going in and paying the cash back into my cc account today?

Love your sig line.

Anything you pay off today will come off the balance that already exists, if you can clear the whole debt then yes you will only have the interest owing for the day(s) that you took the cash withdrawal.
Other than that then the cash will be the last to be paid off the account.

Do you have any other cards that you could do a B/T too.

fruitycar

vwman wrote:

Anything you pay off today will come off the balance that already exists, if you can clear the whole debt then yes you will only have the interest owing for the day(s) that you took the cash withdrawal.
Other than that then the cash will be the last to be paid off the account.

Do you have any other cards that you could do a B/T too.

no chance paying off balance unless the lottery fairy strikes, or that wealthy distant relative I didnt know about passes away!
Only card with space on it is 21.7% horror that I'm trying clear...fast!

vwman_3

fruitycar wrote:

no chance paying off balance unless the lottery fairy strikes, or that wealthy distant relative I didnt know about passes away!
Only card with space on it is 21.7% horror that I'm trying clear...fast!

Looks very much like your stuck then.........unless someone else has any idea's.

LondonCanuck

I'd look at getting a 0% credit card with free balance transfers and put all your cc debt on it and tear those other cards up ASAP!

fruitycar

LondonCanuck wrote:

I'd look at getting a 0% credit card with free balance transfers and put all your cc debt on it and tear those other cards up ASAP!

I've tried a couple, but no luck, even appealed one showing that I was trying to be responsible by reducing my monthly outgoings, not wanting more credit, but still turned down.
Not using the 21.9% one atall just trying to clear it.

kenshaz

fruitycar wrote:

I had to make a cah withdrawal on my cc yesterday, first time ever. I know that this will be at a higher interest rate, How do I clear this specifically off my card? I dont clear the balance every month.

you could try to go for a life of balance transfer ,at a low rate ,or you could go for a low interest loan ,look at Martins articles,no other options.Not much point talking to them ,you have learnt a hard lesson and will probably pay for it,just keep logging onto this site for options ,they will come.How do you rate your credit score Need to pay more than Min payment now to cover the extra interest because of the cash at the ATM,perhaps this is light bulb time,throw as much money at it each month as you can,it will come off lower interest but it will be the best option