Capital One cash withdrawl fees?

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Hello everyone

New to the site so sorry if this has been answered before. Ive recently been accepted for a capital one card. I was wanting to take out cash however ive never had a card before and am completely clueless to the charges and things. If i withdrew £150 how much would I be paying back if the withdrawl fee is 3% is this daily?

Many Thanks in advance. :o

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  • zppp
    zppp Posts: 2,476 Forumite
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    cakey_baby wrote: »
    Hello everyone

    New to the site so sorry if this has been answered before. Ive recently been accepted for a capital one card. I was wanting to take out cash however ive never had a card before and am completely clueless to the charges and things. If i withdrew £150 how much would I be paying back if the withdrawl fee is 3% is this daily?

    Many Thanks in advance. :o

    No the 3% is a one off surcharge as a cash advance, normally a minimum of £3/5. You will be charged an astronomical amount of interest though - it will not fall under any interest free period, and is at a higher rate. Thus if you can, you are better making a purchase where possible.
    Best Regards

    zppp :)

  • cakey_baby
    cakey_baby Posts: 17 Forumite
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    Thanks for your reply, when you say astronomical will i be paying say £100 interest on top of it? Its just an emergency i know i shouldnt be relying on it for cash but its either that or probably a payday loan :(

    Thanks again.
  • clairbear1000
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    What APR are you paying? 34.9?

    You will pay from when you withdraw it until you pay back the money plus charges including rolling interest.

    When are you planning to pay it back?
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    Combo Breaker First Post
    edited 29 June 2010 at 6:09PM
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    on 150 you will pay a one off fee of 3% i.e. £4.50 plus if the apr is 35% then a monthly interest charge of 150 x 35%/12 = £4.38

    CORRECTED >>> as I wrote £45 where is should have been £4.50.... a big difference<<<<<<<<<<<<
  • PNPSUKNET
    PNPSUKNET Posts: 4,265 Forumite
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    payday loan would be cheaper
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    Combo Breaker First Post
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    PNPSUKNET wrote: »
    payday loan would be cheaper


    no it certainly would not be so (maybe reread my corrected post above)
  • TFD_2
    TFD_2 Posts: 907 Forumite
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    PNPSUKNET wrote: »
    payday loan would be cheaper

    Not even close. Have you seen the APR's on them?
  • PNPSUKNET
    PNPSUKNET Posts: 4,265 Forumite
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    CLAPTON wrote: »
    no it certainly would not be so (maybe reread my corrected post above)

    I read your £45,didnt go to work it out
  • cakey_baby
    cakey_baby Posts: 17 Forumite
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    Thank you for all your replies, i would be paying full balance of it wanting to draw it out around the 10th july then pay back sometime after 25th, so would the fee be about £45? sorry for all the questions! is it best just doing purchases on them?
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