Credit Card Cash??

Question

I have just got a credit card. to build up a good credit rating. I bought some things off the internet and took some cash out. It says cash transactions are charged intrest daily. i have got my statment and sent a bank transfer for the full amount that i owe.
But it takes five days to reach the credit card company. So does this mean that i have not payed my full balance as there will be an extra 5 days intrest for the cash? If this is so how do you ever pay it off, because it will be always take 5days for money to reach them? ARRRRRR MY HEAD HURTS>> HELP.

No i have not run the card up. i'm just using it to pay for the things i want. i have the money to use my bank debit card but using the card for building a history, i have payed pack the full amount.

Answer 1

On your next statement there will be interest for the cash advance from the last statement closing date to the date the payment was received. This will be more than the five days. But once you pay this amount that will be the end of it.

It was not wise to use the credit card for a cash advance instead of using your debit card. It really cost you quite a bit in fees and interest. If you want to build your credit, charge stuff on the card and pay it in full and on time every month. That will give you a good on time payment history.

Answer 2

Taking cash out was not a very good credit building action. What was the fee on the cash transaction? In addition to the interest you are usually charged a transaction fee. I hope you did not run the card up to close to the limit or you will see an over the limit fee.

When and IF there is still a balance pay it immediately upon receipt of the bill.

Answer 3

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Answer 4

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Answer 5

You could send a bank transfer for more than the full amount that you owe, preferably the sum of the amount you owe plus the interest that will be charged during the 5 days.

Answer 6

INSTANTACCESSCREDIT.COM has a few reasonable offers that are designed for the sole purpose of establishing credit.