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cash advance and purchase interest
A_T
Posts: 975 Forumite
in Credit cards
Something I've been wondering about. Say I withdraw £50 from an ATM with my credit card. The same day I make a purchase with it also of £50. The next day I make a payment to my card of £60. My card has interest on ATM advances from day one and the usual interest-free period if you pay off your statement when it's due.
Does that £60 payment first pay off the cash advance so minimising interest I have to pay? Is it split between the ATM withdrawal and the purchase? How do CC companies work these things out?
Does that £60 payment first pay off the cash advance so minimising interest I have to pay? Is it split between the ATM withdrawal and the purchase? How do CC companies work these things out?
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Comments
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It will pay off the items according to the order of payments as listed in your particular card T&Cs. Usually the cash withdrawal but you need to read your terms to confirm.
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