Barclaycard help: Cash withdrawals, charges, interest rates

u03kjm0

I'm a student in need of cash quickly, so I was hoping that signing up for a credit card would solve these issues. After managing to finally be accepted for a Barclaycard, I'm having problems understanding how much borrowing is going to cost me. I read up on interest rates, made calculations, and it seemed fine, but now as soon as it's all up and running it all seems a bit messy.

I have the lowest credit limit imaginable (£400) with a cash limit of £100. Firstly, does the cash limit mean I can only withdraw £100 completely? Not just daily? If so, then this was a complete waste of time!

Secondly, in layman's terms, how much do Barclaycard charge for UK cash withdrawals? And are there any hidden costs or interest rates that i should know about, as i have a feeling that this is a lot more complicate than Barclaycard make out.

Also, please, the use of credit card is my only option left. I've borrowed money from my boyfriend, my brother, my overdraft is maxed out, and it's summer so I don't get a student loan. Options are limited, and I'm desperate.

-- Also, In September I can pay back any credit card bills comfortably, as long as the charges and rates aren't sky high, so it would be a very short term loan.

YorkshireBoy

u03kjm0 wrote: »

then this was a complete waste of time!

Quite possibly, yes.

However, to turn the £400 into cash simply find friends and family who intend to make purchases on their debit cards and then you make them for them on your credit card and have them give you the cash!

If you don't pay the first bill on time (due some 50 days or so after receiving the card) you'll incur interest...backdated to day one...but this will be at your purchase rate, not your cash advance rate. And of course there will be no cash advance fee.

Secondly, in layman's terms, how much do Barclaycard charge for UK cash withdrawals? And are there any hidden costs or interest rates that i should know about, as i have a feeling that this is a lot more complicate than Barclaycard make out..

All the "layman's terms" you need are in your Barclaycard summary box (if you don't do T&Cs). There will be a circa 3% fee for cash withdrawals (possibly a minimum £3 so don't take out less than £100), and interest at circa 2%+ per month.

u03kjm0

YorkshireBoy wrote: »

However, to turn the £400 into cash simply find friends and family who intend to make purchases on their debit cards and then you make them for them on your credit card and have them give you the cash!

That is a good idea that I would never have thought of... It's not as easy as it sounds though I'm thinking!

Thanks for the numbers, I'll just have to think over it I guess.. I really don't have many other options.

YorkshireBoy

u03kjm0 wrote: »

I really don't have many other options.

How about getting a job!?

[Deleted User]

YorkshireBoy wrote: »

How about getting a job!?

/spits tea over keyboard/

u03kjm0

YorkshireBoy wrote: »

How about getting a job!?

I have a job... But unfortunately that's paying my rent. I need the money for a deposit and 2 months rent on my next home.