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Oh dear

April 29th, 2010 at 07:51 am

Got my new credit card the other day - or should I say we got our new credit card? Hubby is the additional cardholder. He went shopping and managed to spend quite a bit, and he withdrew 10 from the ATM. I didn't find out until that night (I was working). I told him that withdrawing money from a cash machine with your credit card is a big NO! Never do it. I told him it affects your credit rating (which I'm sure I read somewhere that it does). He had me really stressed out. I told him we will clear the balance during the interest free period so I am hoping that it will be ok. It was his first time using a credit card so it could have been worse.

I keep on saying this but I am going to apply for tax credits soon. We will save the money since it's money we wouldn't have had anyway.

Eight days till payday. I think I will just make it with the skin of my teeth.

Plan for next month:

-sort out tax credits
-money aside for road tax
- get overtime

There's probably more things I need to do but I'll leave it at that for now.

2 Responses to “Oh dear”

  1. creditcardfree Says:

    Hmm...not sure about cash advances effecting credit rating. However, it can be very expensive to take cash out through a credit card. Especially, when borrowed over a long period of time. Either way...don't do it!!

  2. LittleMsMom Says:

    UMMMMM most Credit Cards do not have a interest free period on cash advances. I would read your fine print to be sure you do.

    Most credit cards charge a flat fee for the cash advance right away and then start charging interest on the cash advance from first day. The sad part is most of the time the payment applies the the cash advance Last so they can get the most interest until Paid In Full.

    Since he just spent the money; If it was MY card I would return as much as possible to the store for a refund then rebuy later once you have the money, so you can pay off the cash advance faster.

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