oh !!!!!!, bit of advice needed please

rockrat

stoozing quite nicely on my Halifax 15 month CC for purchases.
i decided to use the card to fund a once a year punt on the grand national (i used a spreadbet company), but.... thought i could be clever and see if there was a way to put extra cash into the betting account and then withdraw the balance a few days later back into my bank account and therefore increase my stooze pot.
I thought i would start small and put £1k into the spreadbet account and then noted that i had been charged a cash withdrawal fee by the Halifax. (aaaaarggh).

So, i cocked that up, the cash withdrawl fee was 3%, And am i correct in thinking that i will also be charged interest on that part of the current balance?

So, in order to ensure that i do not suffer anymore fee's i am therefore forced to pay off the WHOLE balance now before i start using the card again for purchases, otherwise any smaller amount paid in will pay off the other spend before the cash withdrawal amount wont it? is this right?

Also, if i do pay the whole amount, do i have to wait until the balance shows as zero on my statement before i start using the card again, i.e do i have to wait for the next statement after payment is made?

thanks, heres a great example of checking the paperwork before trying to be clever. In all honesty, i knew i would be charged a fee but simply forgot this time....idiot.lol.

thanks for the advice

CannyJock

Yup you got it.

What you could do is get a new card (Virgin Money, 0% 5 month, 2.98% fee) and transfer the balance plus an estimate of interest to your Halifax card, and the rest to a high interest savings account via your current account.

You're right on the nil balance statement too.

For betting you need a debit card and personally I'd say not one from your main current account.

YorkshireBoy

You now have £1,030 accruing around 23.9% APR interest! Gulp...get it paid off.

I thought i would start small and put £1k into the spreadbet account

Good job you took a cautious approach then. :eek:

rockrat

thanks guys, i appreciate the help.

just for clarification, if i pay the full balance now and the ONLINE platform shows as zero in a few days or so, do you suggest i still wait until i get a paper statement showing the zero balance before i spend again, or should i be ok?

YorkshireBoy

rockrat wrote: »

just for clarification, if i pay the full balance now and the ONLINE platform shows as zero in a few days or so, do you suggest i still wait until i get a paper statement showing the zero balance before i spend again, or should i be ok?

I concur with CannyJock in post #2. Wait for a nil (or small positive) balance statement before resuming your slow-stooz.