help please forum

bar_t1

Today I had to withdraw (ATM) on my Santander 123 credit card!!
withdrew £10 as was emergency
Called Santander to ask where I stand following this withdrawl.
They said I would be charged £3 fee plus 1 months interest on the £10 totalling something like 30p?
I thought the penalty would be far worse than this??
Is this correct? (I doubt Santander advisor)
also why 1 months interest on the £10, what if I pay off my balance in full next week?
Finally I mentioned to Santander that I thought I was charged on a daily basis which increased in amount each day (for withdrawl from CC at ATM) and they said no, its a one off fee plus the 29.9% (I think) interest on the £10 for 1 month.
I am confused and worried, can anyone advice if this is correct?
Thankyou people

R_P_W

What are you worried about? Yes you pay a fee and you will pay interest.....so the costs in comparison to the amount withdrawn is a lot....but at the end of the day you have withdrawn a tenner!

CLAPTON

well there is a 3% fee with a minimum of £3 which explains the £3
plus interest on £10 at 29.9%pa which is about 10 x 29.9%/12 for a month i.e. about 25p


so about correct give or take a few pence

bar_t1

well like I say I thought the penalty was far worse than this? and in my experience with Santander I get conflicting info from 1 advisor to another,

redpete

bar_t1 wrote: »

well like I say I thought the penalty was far worse than this? and in my experience with Santander I get conflicting info from 1 advisor to another,

Seems you're worried about the difference between around 25p (1 month's interest on £10) or 6p (1 week's interest on £10).

If you consider the APR on this loan I reckon you would be paying 4199% APR for a month or 15899% APR for a week; makes payday lenders look like amateurs.

(I should point out that APR is meaningless for these short-term low-value loans.)

bar_t1

ok, well big red face for me.... lol...... thanks for the replies folks.

Wywth

bar_t1 wrote: »

Today I had to withdraw (ATM) on my Santander 123 credit card!!
withdrew £10 as was emergency
Called Santander to ask where I stand following this withdrawl.
They said I would be charged £3 fee plus 1 months interest on the £10 totalling something like 30p?
I thought the penalty would be far worse than this??
Is this correct? (I doubt Santander advisor)
also why 1 months interest on the £10, what if I pay off my balance in full next week?
Finally I mentioned to Santander that I thought I was charged on a daily basis which increased in amount each day (for withdrawl from CC at ATM) and they said no, its a one off fee plus the 29.9% (I think) interest on the £10 for 1 month.
I am confused and worried, can anyone advice if this is correct?
Thankyou people

Are you saying you are not worried about spending £3+ to borrow a tenner for a month? :eek:

Do you think this attitude towards money may be some of the reason that contibuted to you finding yourself in this situation towards the end of the month? :cool:

bar_t1

If you read the original post you will clearly see I was worried about the consequences. You even quoted everything I said but I doubt you read it properly.

Upsidedown_Bear

OP - I found this.

http://www.santander.co.uk/csgs/Satellite?c=Page&canal=CABBEYCOM&cid=1237866878766&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

This is for people applying now but I can't imagine it is much different to the copy you will have been given when you got your card.