Paying Interest on Cash Withdrawl on 0% CC
Comments
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pochisoldi wrote: »To clarify - the advice is to wait until the cash withdrawal transaction is actually applied to the account. This means going online/using your app to verify that the cash transaction is no longer a pending transaction and has been applied to the account.
No, that's not what I meant or said.
I said wait for it to be statemented. Only then can you be sure the money will go to the cash withdrawal.
The BT has been statemented. If the OP pays as you suggest (ie before the cash has been statemented) then the money will go towards the BT, not the ATM withdrawal.
The OP must wait for the cash withdrawal to appear on a statement.
There are two payment application rules:
(1) statemented before unstatemented
(2) highest interest bearing balance first
(1) takes priority over (2).0 -
And by statemented, I mean has appeared on the monthly statement.
In the days of online account access, it's often possible to see transactions from the moment you type in your PIN.
They go through the following phases:
1) "Pending" - not yet applied to the account. This includes situations where an amount is authorised but not taken yet - perhaps car rental deposits.
2) Applied to account. The transaction has gone through. This is often shown in "recent transactions" if you go online.
3) Statemented. A monthly statement* is generated showing all the transactions that have taken place since the previous statement. Interest is applied (if applicable) and the minimum calculated.
*often available as a PDF download in the same format as a paper statement.0 -
The £15 interest sounds about right, if you pay minimum payment.chocolatelover93 wrote: »Balance was £3326 with the £900 cash and next month they are saying I will pay around £15 interest but I am paying £50 off a week so will be less than that. I've paid off £410 since last statement.
x
I know this because I was recently stung by M&S Bank for £17 interest for 3 'cash transactions' totaling £1500. Only became aware they were cash transactions through the statement, when the £17 interest was shown on there.I am paying £50 off a week so will be less than that. I've paid off £410 since last statement.
Have your explored taking out another balance transfer card (and putting the halifax balance on that new card)?
If you join MSE credit club (if not already joined) or clearscore you can view the offers page and see if there are any 0% balance transfer deals. I recently applied for 2 cards with 0% purchases deals offered to me on Clearscore. They both showed 'pre-approved' and i was accepted on both cards.
it seems, if anything, the pre-approved offers are pretty accurate (even if as others have found any deals saying 90% chance of approval can sometimes mean not being accepted).
If you can get another BT (Balance Transfer) card and transfer the halifax balance, you'd be able to keep the Halifax card for emergency cash withdrawals, while slowly paying off the balance transfer on the new card (which would have 0% interest hopefully. it would only cost you the balance transfer fee).0 -
I hope you haven't been clicking on the links appearing on any emails originating from Africa (Nigeria).chattychappy wrote: »And by statemented, I mean has appeared on the monthly statement.
In the days of online account access, it's often possible to see transactions from the moment you type in your PIN.
.......
Most (if not all) online account access ask for a password/passcode/passnumber (different from ATM PIN). Never heard or come across a financial institution asking for your ATM pin number to be entered for online account access.:eek:0 -
I believe the reference to typing in your PIN was with regard to the transaction.
Not online access.:)0 -
I think he meant 'password' not 'PIN', for online account access.Deleted_User wrote: »I believe the reference to typing in your PIN was with regard to the transaction.
Not online access.:)0 -
I'm with zx81 here, it's pretty obvious that what chattychappy means is that from the moment you enter your PIN to authorise a transaction, that transaction is (often) visible within your online banking (to which the authentication of access is an unrelated matter)....OceanSound wrote: »
I think he meant 'password' not 'PIN', for online account access.Deleted_User wrote: »I believe the reference to typing in your PIN was with regard to the transaction.
Not online access.:)0 -
Deleted_User wrote: »I believe the reference to typing in your PIN was with regard to the transaction.
Not online access.:)I'm with zx81 here, it's pretty obvious that what chattychappy means is that from the moment you enter your PIN to authorise a transaction
He did!
Ie when you're in a shop and enter the PIN. But also when you complete an online order, or (in the old days) a shop phones for an authorisation number.0
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