Using credit card at atm overseas

Doshwaster

carmex123 said:

I understand that if I use my credit card overseas at an atm, interest is payable immediately on the amount. How can I pay off that amount immediately. I mean if my cc bill is 2,000 and I take 100 cash at an ATM, how do I pay off the 100, but not the 2000? 🤷

Usually can be done either through your credit card website or banking app. You can normally make payments at any time.

J_B

flaneurs_lobster said:

As I understand it, the overseas ATM withdrawal is treated as if it were any other "purchase" and the balance on the card would reflect this, so there is no imperative to settle this amount since it forms part of the same "normal" balance with the same terms.

So no, you can't just pay off a specific chunk of the card balance relating to a specific transaction but why would you want to?

Have to say though, that trying to verify this by trawling through the various Barclaycard variant  terms/conditions/summaries has been less than conclusive. 

We have a BC Rewards card - we always use it for cash withdrawals at a bank of Cyprus ATM and, as above, it's just treated like a normal purchase and we have never been charged any 'extra' fees

MyRealNameToo

p00hsticks said:

FYI it's not just overseas - using a CC to withdraw cash, in the UK or abroad,  at any ATM is classed as a cash advance and will start to incur interest immediately.  

It simply is a cash advance, not just classed as one... can understand why people get caught out that paying a fine or buying gift cards are treated as a cash like transaction but taking cash out of an ATM isnt cash like its cash. 

Doshwaster said:

carmex123 said:

I understand that if I use my credit card overseas at an atm, interest is payable immediately on the amount. How can I pay off that amount immediately. I mean if my cc bill is 2,000 and I take 100 cash at an ATM, how do I pay off the 100, but not the 2000? 🤷

Usually can be done either through your credit card website or banking app. You can normally make payments at any time.

But payments are applied to the statemented balance incurring the highest interest so yes they can pay £100 at any time but the £100 will be put towards the outstanding £2k balance not the £100 ATM withdrawal as that hasn't been statemented yet. 

Doshwaster

MyRealNameToo said:

p00hsticks said:

FYI it's not just overseas - using a CC to withdraw cash, in the UK or abroad,  at any ATM is classed as a cash advance and will start to incur interest immediately.  

It simply is a cash advance, not just classed as one... can understand why people get caught out that paying a fine or buying gift cards are treated as a cash like transaction but taking cash out of an ATM isnt cash like its cash. 

Doshwaster said:

carmex123 said:

I understand that if I use my credit card overseas at an atm, interest is payable immediately on the amount. How can I pay off that amount immediately. I mean if my cc bill is 2,000 and I take 100 cash at an ATM, how do I pay off the 100, but not the 2000? 🤷

Usually can be done either through your credit card website or banking app. You can normally make payments at any time.

But payments are applied to the statemented balance incurring the highest interest so yes they can pay £100 at any time but the £100 will be put towards the outstanding £2k balance not the £100 ATM withdrawal as that hasn't been statemented yet. 

In which case have separate cards for spending and ATM withdrawals so that any payment towards the "cash card" will always to the withdrawal.

. 

NoodleDoodleMan

Doshwaster said:

carmex123 said:

I understand that if I use my credit card overseas at an atm, interest is payable immediately on the amount. How can I pay off that amount immediately. I mean if my cc bill is 2,000 and I take 100 cash at an ATM, how do I pay off the 100, but not the 2000? 🤷

Usually can be done either through your credit card website or banking app. You can normally make payments at any time.

I don't think the OP is asking how to  make electronic payments - rather than if he could pay off the €100 separately from the €2000 in order to avoid interest on the cash advance.

Archergirl

I always use a credit card for spending and a debit card for ATM's.
I have a Nationwide Flexplus account and a Halifax one and I don't get charged on either one and I try to find a 'fee free' ATM, also decline their offer to do the conversion.

NoodleDoodleMan

Not many fee free ATMs nowadays going by anecdotal reports.

flaneurs_lobster

NoodleDoodleMan said:

Not many fee free ATMs nowadays going by anecdotal reports.

True that, seem to be using a (say) UK Chase card in a US Chase ATM or a UK Santander in a Spanish Santander etc.

cantbelieveit23

I realise that the OP has a specific, personal reason, but it's only £100 and I don't get why they don't use a debit card if they have the cash to repay the CC.  
General rule is never draw cash on a CC.  In this case of course, OP would continue to pay interest on the £100 until the rest of the balance is paid off. The theories about when a payment can be made are interesting but I wouldn't want to rely on it working. 

eskbanker

cantbelieveit23 said:

I realise that the OP has a specific, personal reason, but it's only £100 and I don't get why they don't use a debit card if they have the cash to repay the CC.  
General rule is never draw cash on a CC.  In this case of course, OP would continue to pay interest on the £100 until the rest of the balance is paid off. The theories about when a payment can be made are interesting but I wouldn't want to rely on it working. 

Interest would be payable on the £100 only until that £100 (plus interest on it) is paid off.