Cash taken out by mistake

Any

Hi,
I have taken cash out of my credit card completely by mistake last night. I was talking to someone and just grabbed the wrong card..

It is a card I use for every day spending. It gets paid off in full every month. But obviously cash interest is calculated daily... can I pay off now (a week before the statement is issued) the amount I took out and a bit extra to cover charge and interest, or do I need to pay off the full amount on the credit card immediately to avoid any interest being accrued?

I've never done this before.. Stupid me!!:eek:

It's Amazon card by the way

Thanks

opinions4u

I'd send a faster payment for the whole balance plus a bit more now.

Don't use the card again until you can see the credit to the account, probably tomorrow.

InsideInsurance

As you say, cash advances accrue interest from the day they are taken so the sooner you pay it the less interest you'll be charged.

Payments will go off of the highest interest rate balance first which normally is the cash advance so you only need to repay it rather than the whole balance (though there is no harm in doing the whole balance if you want).

I assume you are like most people and have the same pin for all your cards? You may want to try the strategy of at least having a different pin for Credit and Debit cards to avoid the mistake in the future

CLAPTON

well, before panic sets in how much are we talking about?

lets say £100 at 25% APR

so a month will be 100 x 25%/12 = about £2
whilst there is no point is wasting £2 nevertheless keep the cost in proportion

Any

It was £50.

What is right then? Will I be O.K. to transfer in £60 now and then pay off the balance on it's normal due date?

Thank you all. It has never happened to me before.. It obviously just wasn't my day yesterday!

Any

And do I need to wait until it shows online to pay it off, to make sure it applies the payment to the right (ie highest interest) item?

InsideInsurance

Any wrote: »

And do I need to wait until it shows online to pay it off, to make sure it applies the payment to the right (ie highest interest) item?

It would certainly be safest to

YorkshireBoy

Any wrote: »

And do I need to wait until it shows online to pay it off, to make sure it applies the payment to the right (ie highest interest) item?

IIRC your card is run by MBNA?

If so, you're fortunate as many card providers apply your payments to statemented transactions before unstatemented transactions.

MBNA are one of those who don't make you wait for a statement, so as soon as you see the transaction listed in your online area send them an FP (NOT a debit card payment online/by phone) and add on a quid or so just in case you're a day or two late.

Here's the relevant MBNA condition on allocation of payments...

4 Payment allocation




4.1 We will allocate your payment towards paying off amounts that are charged at higher interest rates before those that are charged at lower interest rates (including amounts added to your account after your statement date up to the date your payment is credited to your account).

guesswho2000

YorkshireBoy wrote: »

IIRC your card is run by MBNA?

If so, you're fortunate as many card providers apply your payments to statemented transactions before unstatemented transactions.

MBNA are one of those who don't make you wait for a statement, so as soon as you see the transaction listed in your online area send them an FP (NOT a debit card payment online/by phone) and add on a quid or so just in case you're a day or two late.

Here's the relevant MBNA condition on allocation of payments...

Unfortunately MBNA have one of the highest cash withdrawal fees around, min £5 or 5% unless I'm wrong? Not the end of the world, but still.

YorkshireBoy

InsideInsurance wrote: »

You may want to try the strategy of at least having a different pin for Credit and Debit cards to avoid the mistake in the future

I've always done that...just one for each type (even when I had as many as 12 credit cards, and still now with my 18 current accounts!...not advice, but it works for me).

Other strategies include debit cards down one side of the wallet/purse and credit cards down the other, or keeping credit cards behind debit cards so you have to 'fish' for them when needed...which should make you think about what you're doing!

YorkshireBoy

guesswho2000 wrote: »

Unfortunately MBNA have one of the highest cash withdrawal fees around, min £5 or 5% unless I'm wrong? Not the end of the world, but still.

Makes their 4% money transfers seem a good deal then!