Cash advance question

Rover84

I am wondering, if I ever needed to get a cash advance off my cc in an emergency, how would the interest be calculated if I had 0% on purchases ? I obviously know the 0% wouldnt apply to the cash advance, but I'm wondering how the two different rates of interest would be calculated ?

Ie £500 purchases at 0%
£200 cash advance At 30%

Sorry if I'm being dumb!

falcon434

Rover84 wrote: »

I am wondering, if I ever needed to get a cash advance off my cc in an emergency, how would the interest be calculated if I had 0% on purchases ? I obviously know the 0% wouldnt apply to the cash advance, but I'm wondering how the two different rates of interest would be calculated ?

Ie £500 purchases at 0%
£200 cash advance At 30%

Sorry if I'm being dumb!

Your APR = 30% / 12 Months = 2.5%

You would also be charged for the cash advance, this amount will vary accordingly to your credit card.

The cash advance charge is normally around £3 or a certain percentage of the amount you are withdrawing.

So if you take out a cash advance of £200 and you pay back within a month you will be paying £5 in interest and what ever the charge was for the cash advance.

You would not have to pay a single penny of interest on your normal purchases if you pay the full amount when your statement comes you will not be charged interest.

Hope this answers your question.