Pre-paid or credit card when going away??

JED1988
JED1988 Posts: 4 Newbie
in Flights, currency & car hire
I know this is an age old argument "when do I buy my currency" so I'm not after an exact science answer just people's opinions...

I am going away mid April (4 weeks) and looking at currency now. I've been reading all of the blogs, forums and guidelines and have come to the conclusion that I am going to put the majority of my money on to a card to take away with me.

However, I don't know which type of card would be better. From what I gather I have 2 options:-

Option 1
The 'revolut' pre-paid MasterCard.
Lock in an exchange rate, allows me to withdraw £200 if I need to while away. No fees for paying or withdrawing. This could be a good option what with the impending Brexit decision over the next few weeks and the possibility of a falling pound

Option 2
The Halifax credit card
Spend what I need, no worrying about having leftover money to transfer back, unable to take cash out though so will need to factor this in to the cash/card split.
Exchange rate is that on the day of spending. This could be beneficial but could also be risky with the upcoming news.

As I said above, what are people's thoughts an opinions on this.

Comments

  • eDicky
    eDicky Posts: 6,570 Forumite
    First Anniversary Name Dropper First Post
    Take both Revolut and Clarity, don't rely on only one card.

    No reason why cash cannot be withdrawn with Clarity, daily interest is minimal and avoided by paying off early.

    Exchange rates are not significantly affected by events that are certain to occur.
    Evolution, not revolution
  • Biggles
    Biggles Posts: 8,209 Forumite
    Combo Breaker First Post
    Clarity is easily the best bet; no charges, no funding upfront (which would need you to know how much you might want to spend), only a few pence in interest at the end of the month.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    Exchange rate is that on the day of spending. This could be beneficial but could also be risky with the upcoming news.

    As I said above, what are people's thoughts an opinions on this.
    You are a holiday maker not a currency dealer. You're talking about a few hundred quid in bars and restaurants. "Upcoming news" is pretty much priced into the markets anyway if you mean Brexit.

    What I'm trying to say is focus on what you know. Get the best possible exchange rates (Clarity, Creation Everyday, Revolut). Take numerous back up cards. Have a great holiday.
  • takman
    takman Posts: 3,876 Forumite
    Combo Breaker First Post
    edited 21 March 2017 at 5:33PM
    I have the Halifax Clarity Credit Card which i have always used as my primary card for cash withdrawals and spending abroad.


    I wouldn't bother with the Revolut card because you don't get as good an exchange rate. If you want pre-paid then the Monzo card seems to be the best by far. It charges no fees for withdrawing cash or spending abroad and offers a "perfect" exchange rate just like the Halifax Clarity Credit Card and its free.
  • eDicky
    eDicky Posts: 6,570 Forumite
    First Anniversary Name Dropper First Post
    Biggles wrote: »
    Clarity is easily the best bet; no charges, no funding upfront (which would need you to know how much you might want to spend),
    Unlike older style prepaid cards, with Revolut there is no need to predict how much you will spend. You can keep your funds in pounds, or exchange any excess $/€ back to pounds, then spend or withdraw to your bank account without any fees.
    takman wrote: »
    I wouldn't bother with the Revolut card because you don't get as good an exchange rate.
    The straight interbank rate given by Revolut (weekdays) is almost always better than the MasterCard rate of Clarity or Monzo, although the difference is not much.
    Evolution, not revolution
  • takman
    takman Posts: 3,876 Forumite
    Combo Breaker First Post
    eDicky wrote: »
    Unlike older style prepaid cards, with Revolut there is no need to predict how much you will spend. You can keep your funds in pounds, or exchange any excess $/€ back to pounds, then spend or withdraw to your bank account without any fees.
    The straight interbank rate given by Revolut (weekdays) is almost always better than the MasterCard rate of Clarity or Monzo, although the difference is not much.



    It seems i got that wrong. The only downside to Revolut is the £200 a month limit on ATM withdrawals and you have to pay £5 to get the actual card.
  • Biggles
    Biggles Posts: 8,209 Forumite
    Combo Breaker First Post
    takman wrote: »
    The only downside to Revolut is the £200 a month limit on ATM withdrawals and you have to pay £5 to get the actual card.
    Wow, that's a massive downside! It makes it pointless.
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