Cash withdrawal

Loosepockets

Hi all

Hope someone can help me

I paid my cc off in full last month and have now received a £1,000 refund

I have spoken to tesco cc who have said they can send me a cheque for the £1,000 but that it will take over 2 weeks!! The lady suggested that I withdraw it as cash from a cashpoint

Would I get charged for this?

Or do you only get charged for using the credit facility re cash withdrawal so I won't get charged as I am actually just reducing the positive balance on my account (as long as I don't take out more than is on there of course!)

balmk

Unless you can get agreement from them, you will likely be charged a cash withdrawal fee, and be subject to the daily cash withdrawal limits.

chattychappy

If you withdraw cash from the ATM it will undoubtedly go through as a cash advance and a fee applied accordingly, despite their being a positive balance.

You might not incur interest, though.

lisyloo

You shouldn't incurr interest, but if there is a cash advance fee then you will have to pay this.
If you think of this as a fee for using the ATM service then it doesn't matter whether it's positive or negative, you are still using the service.

Bravehearted_2

Also, a cc withdrawal may not look good on your credit file.

Loosepockets

Ok thanks guys

Guess I just have to be patient and wait the two weeks then

Ah well

jonesMUFCforever

You won't get £1K from a single atm transaction.
It will go through as a cash advance - you will be be charged a fee - there is no mechanism to change this although you may claim a refund later.
Have you not thought of spending the balance on your normal day to day shopping / petrol etc?

GLA-LHR

It seems disingenuous to say the least that a withdrawal from a position of credit is treated as a cash advance - that is to say a loan.

Gromitt

Whats more, the number of cash advances that you took, and the amount in total withdrawn, is stated on your credit report regardless of whether your account was in credit or debit at the time.

If you spend £1,000 a month, then you may as well leave it on the card, as even in a decent savings account, it'll only be £2-£3 worth of interest.

YorkshireBoy

Loosepockets wrote: »

Guess I just have to be patient and wait the two weeks then

A BACS transfer (possibly even an FP these days) may be an option if you have an RBS (or NatWest?) current account.