oops, taking cash from ATM in Spain

Discussion in 'Continental Touring' started by Welsh girl, Mar 1, 2014.

  1. Welsh girl

    Welsh girl Funster Life Member

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    I withdrew cash from an ATM here in Spain from my credit card instead of my caxtonfx which is free to withdraw cash.
    The fee for withdrawing cash is 29%.
    I immediately realised and transferred the €100 back into the credit card account from my current account.
    Will they charge for just 2 hours loan.?
    Does anyone know how that works? I've never done something so daft before.
    I know it costs money to get very cash from a credit card account but how much?
    Must be a senior moment.
     
  2. ShiftZZ

    ShiftZZ Funster Life Member

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    I would say yes.
     
  3. emmitdb

    emmitdb Funster

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    Greetings,

    Where does the 29% come in.
    Is that the Annual Interest charge for withdrawing cash using the card.
    If it's 29% of the sum withdrawn that would make the money lenders on TV seem like Saints
     
  4. Welsh girl

    Welsh girl Funster Life Member

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    I read It on the terms and conditions
    is a yearly charge I think.
     
    Last edited: Mar 1, 2014
  5. emmitdb

    emmitdb Funster

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    For the benefit of all who wish to avoid this card.

    Who is the issuer?
     
  6. Welsh girl

    Welsh girl Funster Life Member

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    It's Santander zero. Free to use to buy goods(as long as paid off every month) with but I think all credit cards charge for cash withdrawal.
     
    Last edited: Mar 1, 2014
  7. ShiftZZ

    ShiftZZ Funster Life Member

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  8. emmitdb

    emmitdb Funster

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    Greetings Trez1997,

    I've just been on the 'net and Santander Zero cards charge 27.9% ANNUAL INTERST for withdrawing cash.

    If you withdrew €100 from a machine using that, regardless of when you put it back in they will charge you that rate (or approx 2.25% of the amount withdrawn for every month you fail to repay it.

    I should imagine that it won't matter that you have put the money back immediately. They will charge you approx. €2.25 in about a months time plus, if you have used the card to pay for goods and do not repay the whole bill at the end of the month, the interest on the cash withdrawal will continue.
    Hopefully this will set your mind at rest. We have, in the past had a Santander Card and it's very good for purchases.

    Here is a Summary of the card taken from their site.T
    Summary Box
    Santander Zero Credit Card
    The information contained in this table summarises key product features and is not intended to replace any Terms and Conditions.
    Features: Summary:
    APR Typical 18.9% APR (variable)
    Other interest rates
    Introductory/Promotional rate Monthly rate Annual rate
    Purchases
    0% for 3 months from account opening 1.435% 18.9%
    Cash Transactions
    N/A 2.045% 27.9%
    Balance Transfers
    0% for 12 months from date of account opening 1.435% 18.9%
    Interest free period Maximum of 56 days for Purchases if you pay your balance in full and on time.

    There is no interest free period on Cash Transactions, Balance Transfers and Cheques.
    Interest charging information If you pay the balance in full, any interest charge for the period from the previous statement to the date of the full repayment will be debited the following month.
    *Interest is calculated daily.
    From Until
    Purchases Date debited to your Account Repaid in full*
    Cash Transactions Date debited to your Account Repaid in full*
    Balance Transfers Date debited to your Account Repaid in full*
    Allocation of payments If you do not pay the full amount owed on the Account in any month, we will apply your part payment in the following order:
    interest
    payment protection premiums
    fees added to your Account, other than those set out below
    fees payable under clause 6.2 on Balance Transfers, Cash Transactions, Credit Card Cheques and Transactions in a foreign currency
    Balance Transfers
    Purchases
    payments by Credit Card Cheque
    Cash Transactions
    Where more than one rate applies to any of the above categories of Transaction, the Transaction with the lowest interest rate will be paid off before your other Transactions in the same category.
    For full information on allocation of payments see section 5.6 of the Credit Card Agreement.
    Minimum repayment Each month you must pay at least the minimum payment set out in your statement. The minimum payment will be the greater of:
    2.25% of the balance shown in your statement (minimum £5, or the full balance if less than £5); or
    The total of payment protection premiums plus interest and fees charged on the statement, plus £5.
    Credit Limit
    Minimum Credit Limit £250
    Maximum Credit Limit Subject to status
    Annual fee No Annual fee.
    Charges
    Balance Transfers If you have a Santander UK plc or Alliance and Leicester plc current account or mortgage the balance transfer fee will be 0% (minimum £0)
    Cash Transactions 0% (minimum £0)
    Credit Card Cheques 0% (minimum £0)
    Foreign Exchange Fee 0% of the amount of any transaction in a foreign currency
    Copy Statement £5 for each copy of a statement
    Copy Voucher £5 for each copy voucher
    Dormancy Fee £10
    Extended Balance Transfer Fee A fee will be charged for Extended Balance Transfers
    Default charges
    Overlimit fee £12
    Late payment fee £12
    Payment returned fee £12
    Trace fee £25 if you do not inform us of a change of your details and we have to trace you
    You can avoid paying additional charges by staying within your credit limit and ensuring that payments are received on time.
    Close the summary box

    Regards
    Emmitdb
     
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