double interest charge?

2 Posts
i owed Barclaycard 1500,00 and normally pay £100-150 a month, i used barclaycard to get euros for holiday, i wanted 1000euros and that cost £978 or something, the following week i paid barclaycard £1150,00 thinking that will clear the cash transaction of euros...
ive just realised barclaycard are charging me still 2 separate interest one for the purchases, one for the cash transaction! the cash transaction interest is over 2% is this right?
it seems im being charged because i still have a purchase balance outstanding!
ive just realised barclaycard are charging me still 2 separate interest one for the purchases, one for the cash transaction! the cash transaction interest is over 2% is this right?
it seems im being charged because i still have a purchase balance outstanding!
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You will (usually) pay a different interest rate for a cash purchase on a credit card. The interest rate for cash transactions also normally commences from the day the withdrawl is made.
You aren't being "penalised" for anything other than not fully reading the T's and C's.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.
My advice (if you travel abroad a lot) would be to get a dedicated foreign transaction card such as the Halifax Clarity.
You then draw cash out of a cash machine in the country of your choice at the mastercard rate (far better than any bureau rate), then log in to the account a day or two later and pay off the withdrawl amount (which will now be shown in £) off your card.
This will stop any further interest charges and you will only pay about 5p per day for each 100 euros withdrawn until you log in and pay it off.
• The poor only have expenses.
• The middle class buy liabilities they think are assets.
I am also guesing that you didn't wait for the cash transaction to appear on a statement before you repaid it and therefore your payment was applied to the balance of the previous statement and not to the cash transaction.
Yes it would have been better. to get the Euros from your bank account as then you would have avoided the credit card cash advance fee if you had paid by debit card.