Cash withdraw and interest?

PLuKE1986

Hi

I would like some clarity. I have an HSBC credit card £7000 limit interest free for 22months, which currently has £1000 on it, I made a cash withdrawal, as I lost my debit card.

Now I know you pay a fee, so I withdrew £100, and the fee is around £3. Now, you pay interest on the £100, but could I ring my CC company, and tell them I would like to pay £120 which is for the £100 cash withdraw? So I pay no interest, or does it not work that way?

I was told to pay no interest, then I would need to clear £1000 and the £100 withdrawal plus the fee and some interest.

Thanks!

eskbanker

You'll be charged interest on the whole balance unless you clear it in full, see this current thread for more explanations: https://forums.moneysavingexpert.com/discussion/5729900

Edit: ignore this, I misunderstood!

[Deleted User]

You'll need to wait for the cash to statement before you can pay it off (without clearing the whole balance).

PLuKE1986

Ouch! So that means that my £1000 o purchases I have made, are now not 0%. So effectively I have wiped the 0% off my CC?

Thanks

pcman1985

No, the £1000 part will still be interest free.
You will only pay interest on the £100 withdrawal.
Wait till it shows on your account, then pay it off.
The interest should be no more than a few pounds.

[Deleted User]

PLuKE1986 wrote: »

.So effectively I have wiped the 0% off my CC?

No. .

PLuKE1986

Ok. So this is my first CC so it’s all new to me.

Once it shows, then pay the £100 off plus my Direct Debit amount. Then I am back at 0%? With my purchases?

I just like to get clarity, and understand how it works for future..

Thanks
Luke

[Deleted User]

There will be some trailing interest next month, but after that, you will be left with the balance at 0%.

Don't make further non promotional transactions transactions with the card.

daveyjp

We used ours zero card to withdraw €50 in August. It has taken 3 months for the interest to be cleared as it rolls over each month. Last bill was for 1p of interest.

PLuKE1986

I won’t be making the mistake of using it again!

When I make my payment, could I ring and ask them to pay £150 off my £100 cash withdrawal,

or would it be the same if I did a bank transfer that I usually do to pay it, then my direct debit?

Thank you for clearing this up for me!

[Deleted User]

It will be paid automatically against the higher rate balance but ONLY if it has statements.

You don't get to choose.