Accidently Withdrew Cash!

Terrysdelight

Hiya

Not me, I'm well aware to avoid withdrawing cash. My OH used his card in a cashpoint to withdraw some Euros when we were abroad. Typically that transaction is attracting interest.

We were using the card for 18 months interest free credit to cover a large purchase.

Is there anyway to get rid of this transaction - I remember years ago you could write to the lenders and specifically saying requesting the payment to be allocated to the specific cash transaction? It's a Tesco Credit Card.

Many thanks
Terrysdelight

BugsyBrowne

Depending on what card you used using it to withdraw overseas most incur a cash handling fee, a foreign exchange fee and a higher interest rate with no interest-free period so best to pay your bill off ASAP.

Wyndham

Ring them up, admit it was a mistake,and they may be generous if it's the first time you've done this. Worth a try at least?

CG19a

Payments should get allocated to the cash payment first, so you'll probably pay a bit of interest on the cash for the next couple of statements then be back to your interest free part on its own.

JuicyJesus

Just pay it back ASAP. Most if not all cards now operate a positive payment heirarchy so paying the cash back will stop it accruing interest, leaving the interest free deal intact.

simongregson

All cards now operate that the cash gets paid off first, so don't worry about it, just make a payment and it will be paid off.

planteria

Wyndham wrote: »

Ring them up, admit it was a mistake,and they may be generous if it's the first time you've done this. Worth a try at least?

yes, that is all you can do. and perhaps pay the withdrawal amount back asap.

HariboLector

Payment allocation rules for most credit cards used to allocate payments in the following order;

Balances at a promotional rate of interest.
Retail transactions that have appeared on your statement.
Cash transactions that have appeared on your statement.
Retail that have not yet appeared on your statement.
Cash that have appeared on your statement.

Is this no longer the case?

YorkshireBoy

HariboLector wrote: »

Payment allocation rules for most credit cards used to allocate payments in the following order;

Balances at a promotional rate of interest.
Retail transactions that have appeared on your statement.
Cash transactions that have appeared on your statement.
Retail that have not yet appeared on your statement.
Cash that have appeared on your statement.

Is this no longer the case?

Not since early 2011, so nearly 3 years!