Hi all, hope you are well.
I just wanted to ask some advice please, as recently taken out a credit card with 12 months 0% interest in purchases and 19.9% interest in cash withdrawals……
I know I shouldn’t do it, but ive taken out approximately £1000 in cash over a 3 month period, so was thinking when I got paid, to pay off say £1000 of the balance.
What i need to ask is, if i do this will this flush out all of my cash interest in one go?
Ive been informed that because i have 0% in purchases then any money i pay towards my balance will always go on the highest rate of APR first (i.e cash withdrawals) so firstly is this true?
I was thinking of paying off a huge balance with my wages and then surviving that month using my credit card and that way i would get rid of all of my cash interest and not pick up any interest.
Can i ask does this work and is this the right way to do it?
Never done it this way before, so kind of doubting myself for some reason, so just wanted some advice really. Thank you.