Accidentally used credit card in cashpoint

[Deleted User]

Well wife did.... lol

Its a card that I spend on every month - £1000 or so but then pay off in full every month so I never pay any interest.

Appreciate that I'll pay a fee for using as cash but doesn't cash accrue interest from day one anyway?

How best to minimize interest here? It was £50. Can I just pay £50 off the card immediately to pay that off or is it more complicated?
Basically, I don't want to, somehow, be in a situation where I spend £1000 on the card and find out its accruing interest all the time because of this cash thing.

Chrysalis

I dont think you will lose the purchase interest free providing the balance is paid full as normal, but you might accrue some tiny interest on that cash machine usage, depends on the policies for that card, more likely a flat fee though.

Ebe_Scrooge

It happens, we've all done it.  They do say that using a different PIN for your credit and debit cards can help prevent it, but let's be honest - we all use the same PIN for all cards, don't we (I know we shouldn't!)

Anyhow ... If you pay the statement in full when you get it then yes, you'll be charged a fee for the cash withdrawal and interest accrued from the date of withdrawal, but your purchases will still be interest-free.  To minimise interest, the simplest thing is to check your account online now, and make a payment for the full current balance.  There'll be a little bit of trailing interest to pay next month, but it'll be tiny.

born_again

Even if you pay the cash of straight away & had a zero balance, most cards will have 3 months of trailing interest.

You could try ringing CC admit to error & ask if they will waive the charge & interest. Can be done.

RobM99

The cost will be a few quids at most.

wiseonesomeofthetime

Ebe_Scrooge said:

It happens, we've all done it.  They do say that using a different PIN for your credit and debit cards can help prevent it, but let's be honest - we all use the same PIN for all cards, don't we (I know we shouldn't!)

Never!

In 40 years of cards, I have never had same PIN on two cards at the same time, let alone debit and credit cards.

It prevents issues like this unfortunate one.

Like others, I believe cash advances and purchases are treated separately for any charges, at least my cards show two different APR anyway.

If you pay your statement in full, as normal, you should only (I believe) pay residual interest on the cash advance for a statement or two after.

Of course, the only way to know for definite is to read and try and comprehend the card's T&Cs. And that may be an achievement in itself, hence why OP probably asked for advice on here.

cajef

wiseonesomeofthetime said:

Ebe_Scrooge said:

It happens, we've all done it.  They do say that using a different PIN for your credit and debit cards can help prevent it, but let's be honest - we all use the same PIN for all cards, don't we (I know we shouldn't!)

Never!

In 40 years of cards, I have never had same PIN on two cards at the same time, let alone debit and credit cards.

Agreed, I have had three credit cards and a debit card for many years all with different PIN numbers.

Ebe_Scrooge

wiseonesomeofthetime said:

Ebe_Scrooge said:

It happens, we've all done it.  They do say that using a different PIN for your credit and debit cards can help prevent it, but let's be honest - we all use the same PIN for all cards, don't we (I know we shouldn't!)

Like others, I believe cash advances and purchases are treated separately for any charges, at least my cards show two different APR anyway.

If you pay your statement in full, as normal, you should only (I believe) pay residual interest on the cash advance for a statement or two after.

This is correct.  Really, I'd say to the OP not to worry.  Pay the statement in full as usual when it arrives, there'll be no interest on purchases, there'll be a fee for the cash withdrawal (which you can't do anything about), and interest on the withdrawal.  For £50 this will be minimal (I would estimate a pound or two at most).  Then a few pence of trailing interest next month.  I know this is a money-saving site, but there comes a point where the sums involved are really too insignificant to stress over :-)

Brie

why would there be a fee for a cash withdrawal??  None of the cards I have charge a fee for withdrawing cash but they do charge interest from day 1.  Fees only happen if I either use a fee charging ATM (haven't in the last decade) or am outside the UK.

The best thing to do (IMHO) is to simply pay the £50 on to the card asap.  All payments have to be allocated to that part of the balance that has the highest interest rate and that will be the cash withdrawal.   There will still be some trailing interest but you might eliminate some of that by paying £1 more than your balance at the end of the month.  That would also prevent any issues with further purchases next month attracting interest.  

km1500

@brie has it correct - as soon as you realise your mistake pay the amount to the card do.not wait for the statement

Albermarle

why would there be a fee for a cash withdrawal??  None of the cards I have charge a fee for withdrawing cash but they do charge interest from day 1.

If I google ' cash withdrawals by credit card' I can immediately see that many credit card providers, such as HSBC, Barclaycard, Lloyds, Halifax etc do charge a fee for cash withdrawals. Usually 3%, minimum £3. There maybe some exceptions of course, but it seems to be the norm.