Cash advance on credit card

emsywoo123

Hi all,
Due to some unexpected news, I need to withdraw some cash from from credit card. I know this is TERRIBLE but it is unexpected and will be for approx 4 weeks at most before I pay it back in full.

I need to take £400 and my cash rate is 30.34%.

If I were to borrow the same amount from Wonga (I know, I know, bad to worse!) then the interest charge would be £96.00

Please can someone confirm the interest I would have to pay on the card - google is yielding far too many ways of working it out for me to be confident!

I have done this:

(Interest rate / 365 x number of days) x 400

So £9.96 for 30 days. Which is clearly a million miles away from Wonga's so I am not sure it can be right...........

Help VERY much appreciated.

redux

That sounds about right. 30% annually is close to 2.5% a month, and that's roughly £10 interest. There may also be a cash advance fee though, so check that.

Bear in mind too that if you also have purchases on the card, and if you normally pay off in full and avoid interest, for this month you might also incur interest on the purchases, depending on the timings relative to statement dates. Even so that would probably still be a lot less than going to payday loans.

Zenboor

emsywoo123 wrote: »

Hi all,
Due to some unexpected news, I need to withdraw some cash from from credit card. I know this is TERRIBLE but it is unexpected and will be for approx 4 weeks at most before I pay it back in full.

I need to take £400 and my cash rate is 30.34%.

If I were to borrow the same amount from Wonga (I know, I know, bad to worse!) then the interest charge would be £96.00

Please can someone confirm the interest I would have to pay on the card - google is yielding far too many ways of working it out for me to be confident!

I have done this:

(Interest rate / 365 x number of days) x 400

So £9.96 for 30 days. Which is clearly a million miles away from Wonga's so I am not sure it can be right...........

Help VERY much appreciated.

Avoid PayDay loans at all costs!

If you MUST then use your credit card but as has been said, you will have to pay a withdrawal fee plus any interest. But still a better choice than PDLs IMHO!