Rules help barclaycard

murphydavid

I did what for me is a no-no and got cash out of an ATM on the wrong card my Barclay mastercard so I start paying interest on it from day one. I pay my card off in full each month thus not incurring any interest on my shop spending. My question is. If I pay off now just the amount I took out in cash will they take this as payment for the ATM withdrawal that is being charged interest or will they take it as a payment for some of my shopping and still carry on taking interest for the ATM withdraw. ie in what order is money paid in accreted? To my advantage? To their advantage? or chronologically.

Thanks

Paully232000

I am sure that they take payments for the money that is being charged at the higher interest rate (ie the cash withdrawal) first and then take the money for the rest of the balance if any.
If it was me I would pay off the amount of the cash withdrawal plus a bit extra to cover interest on the cash withdrawal immediately if you can.

[Deleted User]

Agree, but wait for it to appear on the statement first, as most providers allocated payments to statement transactions before unstatemented. Check your terms to be sure.

YorkshireBoy

Deleted_User wrote: »

Agree, but wait for it to appear on the statement first, as most providers allocated payments to statement transactions before unstatemented.

I don't think that applies here though, being as OP always pays in full.

In such a case, I believe Barclaycard apply payments to higher interest transactions (as they have to)...but in chronological order.

So best to wait until the withdrawal appears in the 'recent transactions list' online, and then pay an amount equal to the value plus the fee plus, say, 3 days interest plus a fiver for good measure.

OP, change your PIN (it must be the same as your debit card otherwise alarm bells would have rung?) and/or put the credit card BEHIND the debit card in your wallet.

CLAPTON

You don't say how much you withdrew but let's say £100 at 28% APR

then fee will be £2.99 and interest £2.40 for about a month

so an unfortunate mistake but not major.

murphydavid

Thanks very much.

planteria

Paully232000 wrote: »

If it was me I would pay off the amount of the cash withdrawal plus a bit extra to cover interest on the cash withdrawal immediately if you can.

me too. and then call them to ask them.

Herbalus

The alternative is to pay it all off. Don't know if you can/want to, but that would erase any element of doubt.

This is one of those situations where chucking money at it can actually help.