Confusion about credit card cash withdrawals

LucyGalb

Hi everyone,
I have a Barclaycard Platinum card with a £1,500 credit limit. I am currently in the first month of use and have 6 months interest free on purchases and have used £420 of it for a holiday. Today I need to take £100 out in cash desperately until pay day next Friday. I am usually fine until the end of the month it's just that stuff happened around the house and I had to spend more than usual. My question is, there is 2.99% fee on cash withdrawals with and APR of 18.9% on cash withdrawals but 0% on purchases, so if I was going to pay £150 off on pay day, would that mean I had paid off the cash withdrawal or does the interest continue to accrue on the cash withdrawal until all the balance is paid off?

I don't know if that was well explained or not, but I would really appreciate someone's help.
Thanks in advance!

guesswho2000

Payments go to the balance with the highest APR, the cash withdrawal, but probably not until a statement has been issued.

For example:
If you withdraw £100 today, pay £100 off tomorrow and then the statement is produced on Monday, the £100 repaid will probably come off the interest free balance.


If you withdraw £100 today, statement Monday, pay £100 Tuesday, the payment will be off the cash advance.

thebritishbloke

guesswho2000 wrote: »

Payments go to the balance with the highest APR, the cash withdrawal, but probably not until a statement has been issued.

For example:
If you withdraw £100 today, pay £100 off tomorrow and then the statement is produced on Monday, the £100 repaid will probably come off the interest free balance.


If you withdraw £100 today, statement Monday, pay £100 Tuesday, the payment will be off the cash advance.

Are you sure this is right? Cash withdrawals start to accrue interest from the day you withdraw, regardless of if you pay off your statement in full.

Aquamania

LucyGalb wrote: »

Hi everyone,
I have a Barclaycard Platinum card with a £1,500 credit limit. I am currently in the first month of use and have 6 months interest free on purchases and have used £420 of it for a holiday. Today I need to take £100 out in cash desperately until pay day next Friday. I am usually fine until the end of the month it's just that stuff happened around the house and I had to spend more than usual. My question is, there is 2.99% fee on cash withdrawals with and APR of 18.9% on cash withdrawals but 0% on purchases, so if I was going to pay £150 off on pay day, would that mean I had paid off the cash withdrawal or does the interest continue to accrue on the cash withdrawal until all the balance is paid off?

I don't know if that was well explained or not, but I would really appreciate someone's help.
Thanks in advance!

Why do you need to borrow £100 in cash?
Even if struggling with cash flow, is there no way you could pay whatever needs urgent paying using the credit card?

This is, as you say, only the first month of your use of the credit card, and you are already thinking of taking out a cash advance using it. Sounds like the start of a long & slippery slope...

iAMaLONDONER

LucyGalb wrote: »

Hi everyone,
I have a Barclaycard Platinum card with a £1,500 credit limit. I am currently in the first month of use and have 6 months interest free on purchases and have used £420 of it for a holiday. Today I need to take £100 out in cash desperately until pay day next Friday. I am usually fine until the end of the month it's just that stuff happened around the house and I had to spend more than usual. My question is, there is 2.99% fee on cash withdrawals with and APR of 18.9% on cash withdrawals but 0% on purchases, so if I was going to pay £150 off on pay day, would that mean I had paid off the cash withdrawal or does the interest continue to accrue on the cash withdrawal until all the balance is paid off?

I don't know if that was well explained or not, but I would really appreciate someone's help.
Thanks in advance!

Can't you just use the CC to pay for whatever you need?