Capital One - Cash Withdrawal

T-G-C

Hi.

I was at the barbers shop and he said that card wasn’t accepted. To avoid causing a scene I went to the cash machine and withdrew £30 off my Capital One 0% purchases card.

My cash interest rate is 30.304%. If I pay £30 to my card tonight and it clears tomorrow evening, will I only be charged one days worth of interest on the cash advance, as I have purchases on my balance too, will they take the £30 off of my cash advance amount or other transactions first?

The transaction on my card is showing as £30, there’s no £3 fee showing at the moment - will this withdrawal fee be added on my next statement or when the transaction is no longer pending?

Is the cash withdrawal fee charged interest as well, so would I need to pay £33 to my card in order to avoid any more days worth of interest? Please remember my other transactions are only purchases which are 0% on my card.

Thanks for your help!

stevenhp1987

Why did you withdraw cash on your credit card rather than debit card? You seem willing to transfer the money in right away so it would have been available...

Pay the £30 now, and the £3 as soon as it hits the account to minimize interest as payments go towards the highest % balance you have (at the moment that is £30).

molerat

You need to read your statement / T&Cs to find out how payments will be allocated, paying before the statement date may not pay off the cash withdrawal.

edit: dug out one of my old Cap1 statements from 2016 and it states that it will pay off items on statement first so you need to wait until the statement date then pay off the cash advance, any interest and the fee.

T-G-C

stevenhp1987 wrote: »

Why did you withdraw cash on your credit card rather than debit card? You seem willing to transfer the money in right away so it would have been available...

Pay the £30 now, and the £3 as soon as it hits the account to minimize interest as payments go towards the highest % balance you have (at the moment that is £30).

I do not have the £30, but borrowing it from a family member and avoiding cash interest would be a better deal.

Most barbers within that area will not accept card and my hair needed a desperate cut so I didn't mind making a one-off cash advance, as I have never used it in the past.

If the second poster is correct, I would need to wait until 12th December (the statement for today's usage) before I make any payments.

T-G-C

molerat wrote: »

You need to read your statement / T&Cs to find out how payments will be allocated, paying before the statement date may not pay off the cash withdrawal.

edit: dug out one of my old Cap1 statements from 2016 and it states that it will pay off items on statement first so you need to wait until the statement date then pay off the cash advance, any interest and the fee.

My next statement is produced on 12th December. Please bear in mind that I paid off the full statement balance from November, therefore my whole balance is actually linked to my next statement, as all items on the last were paid-up on Sunday.

Will the cash fee + daily interest accumulated between now and the 12th December (my statement date) be added? As soon as that statement is issued, I can pay the full £33 plus interest to get rid of and forget about the cash advance on my card, correct?

molerat

If the last statement was paid off in full then anything paid now will be allocated against the cash withdrawal as there is nothing left to pay on the old statement and the cash has the higher interest rate. Interest is only about 2.5p a day but paying off now will keep it down The fee and interest will appear on the next statement and if you pay the cash withdrawal amount now that will be the end of it.

I made a bit of an assumption about your use of a 0% purchase card

Shakin_Steve

You say you don’t have £30 yet you paid £30 for a haircut?
I pay a fiver for mine.

T-G-C

Shakin_Steve wrote: »

You say you don’t have £30 yet you paid £30 for a haircut?
I pay a fiver for mine.

It didn’t cost £30, it’s the amount that I withdrew, as I was expecting it to cost £21, but I was greeted with £14 instead, so I withdrew £10 more than I needed to.

And no, they didn’t tell me the final bill until I’d got back from the cash point.

It was a vintage barbers with professional cutters, so it wasn’t as cheap as subprime street businesses.

Shakin_Steve

I wish I could afford a vintage barbers with professional cutters.

T-G-C

Shakin_Steve wrote: »

I wish I could afford a vintage barbers with professional cutters.

It wasn’t a dig towards you, I agree, a complete waste of money, especially when it’s tabbed on a credit card.

I’ll certainly be better prepared in future as I don’t need cash advance marks on my credit file to look desperate to other lenders.

A4445

One cash withdrawal won't make much difference, there a lots of people take cash out on holiday on travel cards. Creation cards don't even report cash withdrawals on your credit file. You could look at one of their cards for an emergency.