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Charged interest early?

avgjoe
Posts: 73 Forumite


in Credit cards
Hi,
I recently got a new credit card and used it for a few cash advances (free). I started doing those from the 1st of July and started paying back by the 18th. However, on the 23rd of July I was charged interest on the full amount (including the part already paid back) with the money having come out less than a month ago.
Is that proper or should I phone the bank to reclaim those charges?
Its a NatWest Platinum card.
Thanks for any help you can offer.
I recently got a new credit card and used it for a few cash advances (free). I started doing those from the 1st of July and started paying back by the 18th. However, on the 23rd of July I was charged interest on the full amount (including the part already paid back) with the money having come out less than a month ago.
Is that proper or should I phone the bank to reclaim those charges?
Its a NatWest Platinum card.
Thanks for any help you can offer.
0
Comments
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For cash advances, there are no introductory rates, or grace periods. Even on "fee free" cards (which I saw natwest isn't) calculate daily interest on cash balances. Even if you pay pack the full statement balance, you will still need to pay the trailing balance. Pay as early as you can (occasionally overpaying helps, but it can be against the terms).
Can you check your t&c's again?
Credit cards are not really meant for cash advances, unless you want to pay them more of your money...Enjoy the silence...0 -
Thanks for your reply.
I thought that I would not be charged for at least a month in any case - its been less than 22 days since the first advance and fewer than 7 from the last.
Don't they usually charge interest at the start of each month rather than in the middle?0 -
Almost certainly the interest will be charged from the day you withdraw the cash.0
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Thanks for your reply.
I thought that I would not be charged for at least a month in any case - its been less than 22 days since the first advance and fewer than 7 from the last.
Don't they usually charge interest at the start of each month rather than in the middle?
Right, you need to read up on credit cards and your own T&C.
You can get UP TO 58 days no interest on PURCHASES-if you off the BALANCE IN FULL by the statement due date. If you don't pay off in full by the due date you get charged the full interest on the full balance it was at the statement date.
Interest on cash advances is charged from the date the cash was withdrawn. This interest is charged at extraordinary high rate because credit cards are not really supposed to be used for cash advances.0 -
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