Cash interest repayment

Brie

As stated previously = I would argue that if the T&Cs say that payments go to the highest interest accruing balance first then it doesn't need to wait to be statemented.  There's a law (consumer credit act??) that says that when something is not stated explicitely then it needs to work in the best interest of the consumer.   So if the balance is at zero % and the cash advances are at 24% or whatever then payments MUST be put against those higher interest accruing payments.  Card systems are simple and blunt but not always right.  

grumbler

Brie said:

So if the balance is at zero % and the cash advances are at 24% or whatever then payments MUST be put against those higher interest accruing payments.  Card systems are simple and blunt but not always right.  

So, you make a minimum payment  towards your last statement, but instead it gets allocated to the last cash advance and you lose your 0%. Are you happy?

MattMattMattUK

Brie said:

As stated previously = I would argue that if the T&Cs say that payments go to the highest interest accruing balance first then it doesn't need to wait to be statemented.  There's a law (consumer credit act??) that says that when something is not stated explicitely then it needs to work in the best interest of the consumer.   So if the balance is at zero % and the cash advances are at 24% or whatever then payments MUST be put against those higher interest accruing payments.  Card systems are simple and blunt but not always right.  

The issue is that all (as far as I am aware) card providers make explicitly clear that in a situation where consumers are carrying balances they cannot allocate payments to pending or non-processed transactions. Unfortunately this seems to be a case of the OP not understanding what they were doing. I also cannot fathom why they would take the money out on a credit card then transfer the money to the credit card to pay the amount, it would make far more sense to have just withdrawn the cash using a debit card if they felt they needed cash. 

eskbanker

MattMattMattUK said:
I also cannot fathom why they would take the money out on a credit card then transfer the money to the credit card to pay the amount, it would make far more sense to have just withdrawn the cash using a debit card if they felt they needed cash. 

OP explained that:

Bobbybob55 said:

I lost my debit card in the lead up to Christmas and knew I would need some cash for a few outings and presents, so I withdrew a lot of cash from my credit card (more than I actually needed) and made a repayment to my card to cover the whole amount.

molerat

Brie said:

As stated previously = I would argue that if the T&Cs say that payments go to the highest interest accruing balance first then it doesn't need to wait to be statemented.  There's a law (consumer credit act??) that says that when something is not stated explicitely then it needs to work in the best interest of the consumer.   So if the balance is at zero % and the cash advances are at 24% or whatever then payments MUST be put against those higher interest accruing payments.  Card systems are simple and blunt but not always right.  

Of the 10 cards I currently have or have had 9 clearly state balances that have already appeared on a statement will be paid first.

zagfles

grumbler said:

Brie said:

So if the balance is at zero % and the cash advances are at 24% or whatever then payments MUST be put against those higher interest accruing payments.  Card systems are simple and blunt but not always right.  

So, you make a minimum payment  towards your last statement, but instead it gets allocated to the last cash advance and you lose your 0%. Are you happy?

Yup. Credit cards have to work that way if you think about it for a bit. It's a mistake people often make with cards like the Clarity and ATM withdrawals abroad.