Interest applied in the same month with cash withdrawal

ihatebanks_3

I've got a M&S card and due to an emergency I had to withdraw cash from the ATM thinking that when the next statement arrives I'll pay it all back by the due date. I was aware of the cash advance fees but not of anything else.

Checking my statement online today I see that I've been charged interest in the same month (because of the cash withdrawal), is this the standard for all cards?

Firsttimebuyer_4

Most Credit Cards will now attract interest straight away if you withdraw cash on it.

The interest free period of up to 56 days is only for purchases.

You will probably find that they charged you a cash advance fee as well of 2% or thereabouts.

CLAPTON

you get charged a cash fee
and interest from the day you withdraw to the day you actually pay...
so if you pay the statement when it arrives you will also get charged interest the following month for the time between the statement date and the date you actually paid.

ihatebanks_3

Ah right! I wasn't aware that the interest free period of 56 days was only for purchases, eeeek.

Thank you for that guys!