Withdrawing cash on credit card

JCR1987

Hi all,

Just a quick question about withdrawing cash on a credit card.

If I withdraw £500 on my card but repaid it the next day, would i only be charged the interest for that one day?

Cheers,
JR

[Deleted User]

Yes, if there were no other transactions on your card. If there were, and your card still operates negative payment hierarchy, then the £500 you pay off would go to the lower rate transactions first, leaving at least some of the £500 withdrawal sitting there.

But otherwise yes (or as soon as the payment is credited, which may not be same day). And from 1 Jan, definitely yes. Though remember you will also pay the cash advance fee (something like 3%).

lisyloo

It may take up to 4 working days for payment to be credited depending on how you pay.
You would also have to pay for any non-working days in between.
So you could be looking at up to a week.

andyt8

Question: if your credit card was in positive credit balance (like the old EGG card used to work) then would they be allowed to charge a cash advance fee when withdrawing cash, if at the end of the transaction your account was still in credit?

twist-and-shout

If you were in a positive balance then they wouldn't charge interest but the cash advance fee would still apply.

Tixy

Yes they would still charge a fee.

What is is that you want to do? there may be other ways round it.
What credit card do you have?

lisyloo

Question: if your credit card was in positive credit balance (like the old EGG card used to work) then would they be allowed to charge a cash advance fee when withdrawing cash, if at the end of the transaction your account was still in credit?

You are not allowed to put most credit cards in credit.
The money may be sent back.

If you withdraw cash whilst in credit then they can't charge you interest but a fee for doing so can be charged and is quite logical.
You are paying for the service, not for borrowing the cash.

YorkshireBoy

JCR1987 wrote: »

...on my card

Impossible to answer without knowing what 'your card' is.

Some will charge interest and a fee
Some will charge interest, but no fee
Some will charge a fee but no interest

zeanieboppa

I was wondering if anyone could help me?

I know I shouldn't do this and have been warned about the awful rates of interest when withdrawing money from a credit card, but I needed cash and only had my credit card on me, so tried to use it at an ATM and despite knowing I have enough money on my card it refused to let me withdraw any cash and spat my card back out at me...

I was wondering why this is? As I have previously withdrawn £20 from the card a week ago, so I know it does allow me to withdraw cash.. but when I pay with my card I have no problem.

Tixy

Zeanie

Some cards have a cash withdrawal credit limit much lower than the full credit limit - it may well be that you have reached that limit for your card (depending on how much you have done this before).

Or maybe the cash machine just didn't have any cash in it?

jon_boy75

JCR1987 wrote: »

Hi all,

Just a quick question about withdrawing cash on a credit card.

If I withdraw £500 on my card but repaid it the next day, would i only be charged the interest for that one day?

Cheers,
JR

I know i seem to say this a lot lately, but ask your card provider