Cash withdrawals on a credit card

TommyBoy

Hi all,

I foolishly withdrew some money from a cashpoint on a GEMoney credit card as I don't yet have the new PIN for my debit card. Two questions as I shredded all of my smallprint and can't find this info on the web:

1. How much am I likely to get charged for cash withdrawals?
2. I have already made some interest free payments on this credit card. A friend told me that even though these are interest free I will have to pay interest on the cash withdrawal until I pay off all of the interest free stuff. It seems to work as a "you pay off what was already there first" situation. Does this sound right?

thanks

thumshie

From the web site http://www.gemoney.co.uk/en/credit_card/ge_credit_card/summary_box_mastercard.html :
1.

website wrote:

Other interest rates Intro Monthly Rate Simple Annual Rate
Cash Transactions N/A 1.912% 22.949%

and

website wrote:

Charges
Cash transactions - 2.5% with a minimum of £2.50

2.

website wrote:

Allocation of payments
We will apply payments we receive to your account in the following order:

Insurance Premiums
Interest
Charges or fees
Balance Transfers and Promotional Transactions (those with the lower interest rates first)
Retail Purchases
Cash Transactions

So yes, you'll be charged interest and 2.5%(minimum £2.50) on the cash withdrawal at the above rate, and the cash is the last thing to be paid off..

CLAPTON

charges is 2.5% and minimum of £2.5

interest accrues from day of transaction at 1.91% per month

because the order in which payments are applied is:

insurance
interest
BTs and promotional (low ) rates
retail purchase
cash


this means that until the first lot are fully cleared nothing gets paid off the cash advance so yes you pay that each month until the total balance is zero.

but if you have withdrawn a small amount then interest on a this will also be small.

TommyBoy

oh cack. That was a waste of money!