Warning! Zopa cash withdrawals

Emerald_Gemini

I, unfortunately, had to make a cash withdrawal from my Zopa card. Ever since then, between 1p and 2p has been disappearing from my account everyday. I have waited 5 days to give them a chance to rectify this. I will contact them today, but I am concerned that, if they don't know about this glitch, it could be happening to everyone who makes a cash withdrawal! And with it only being a couple of pence a day, could go unnoticed. 

CliveOfIndia

What is showing on your statement?  There must be a transaction showing where the money has gone?  Also, what do you mean by "disappearing from your account" - do you mean the balance owing on your credit card is increasing, or money is being taken from your current account?  If it's the latter then this would not be directly related to a cash withdrawal on the credit card.  Obviously you'll need to pay off the credit card (including fees and interest), but that in itself wouldn't explain a daily debit from a current account.

Yes, you'll be charged interest on a cash withdrawal, as well as a fee - but this would usually be summarised on your monthly statement, rather than a few pennies being charged every day.

DullGreyGuy

There is no interest free period on cash withdrawals... would be odd but maybe its just showing the interest you are being charged?

Mr.Generous

DullGreyGuy said:

There is no interest free period on cash withdrawals... would be odd but maybe its just showing the interest you are being charged?

Maybe thats a better way of doing it, wonder if that's the way forward? See the true daily cost rather than find out later what you have to pay. Great idea if it is.

lr1277

Not quite the same situation as the OP, except in one respect.

I use software to keep track of my credit card balance to the penny. I went through a period where I couldn't afford to pay off my card in full, so only made the minimum payments. So as well as my spending, interest was being added to my account.

During that time, my credit card balance (according to the card's website) was always higher than the value I had calculated. No daily or monthly transactions showing. So I had no nothing meaningful to point to on the webste saying that increased my card balance.

This situation only resolved when I paid off the full oustanding balance as shown on the card's website (as opposed to my calculation). After that time, when I kept up my payments, then the card balance matched my calculated balance.

Edited to add: I did not add the daily interest to my calculation as I didn't quite know how it was being calculated. If I had done, then my card's website balance might have matched my calculated balance. But the point stands that there was no indication on the website of the interest being added. It just appeared.

NoodleDoodleMan

Taking cash with a credit card attracts interest immediately - with one exception AFAIK - Barclaycard Reward allows the holder to pay without a fee when the next statement is due to be settled and the balance is paid off in full.