Capital One Cash Advance

IloveToShop_3

Hi, really stupid, didnt think at time, but used £10 on william hill vegas, for the £50 cashback with quidco
Silly and used my credit card instead of my debit card, got charged the £3 fee from 13th, paid the £13 back today, will I owe any interest on that at all? Or should it be fine? Not sure how it works as havent ever paid interest on anything before

Thanks

Buzby

Yes - depending on terms, you get hit with a 2.5% cash advance fee from the day of debit, and interest every day until the entire amount is cleared. it is often better to overpay to ensure the account is in credt so the charges stop.

IloveToShop_3

Buzby wrote: »

Yes - depending on terms, you get hit with a 2.5% cash advance fee from the day of debit, and interest every day until the entire amount is cleared. it is often better to overpay to ensure the account is in credt so the charges stop.

Oh dear. Does this count on my other things Ive bought? So I need to basically pay everything that's owed on my card? Then it should be fine?

Eydon

Reality check time.

You spent £10 as a cash advance. Even at a stupidly high interest rate (let's say 40% APR) the amount of interest you will be charged will be pennies (about 35p a month).

So, firstly, don't worry about it overly. And secondly, once your statement is produced the cash advance will be the highest interest item on there so any payment you make should clear that first.

You say that you have already paid the £13 back, but you may find that the payment has not gone towards the cash advance if it doesn't show on your official monthly statement yet as some card companies only apply payments to balances shown on your statement and not to transactions that have occurred since your last statement.

You will probably also see a small amount of interest on next months statement as well - it's called trailing interest and is perfectly normal. It's the interest that is charged between when the statement is produced and the card company receiving your payment.

IloveToShop_3

Eydon wrote: »

Reality check time.

You spent £10 as a cash advance. Even at a stupidly high interest rate (let's say 40% APR) the amount of interest you will be charged will be pennies (about 35p a month).

So, firstly, don't worry about it overly. And secondly, once your statement is produced the cash advance will be the highest interest item on there so any payment you make should clear that first.

You say that you have already paid the £13 back, but you may find that the payment has not gone towards the cash advance if it doesn't show on your official monthly statement yet as some card companies only apply payments to balances shown on your statement and not to transactions that have occurred since your last statement.

You will probably also see a small amount of interest on next months statement as well - it's called trailing interest and is perfectly normal. It's the interest that is charged between when the statement is produced and the card company receiving your payment.

Ah thank you, put my mind at ease, just was a silly moment. I'm one of them people who hate paying interest as I always pay off before I even get a statement. Was going to pay off my full owed balance Fri anyway. Then it will be clear to spend again then and wont be worrying

Thank You :money: