Cheap Travel Money Discussion Area

KTF

mm78 wrote: »

how does the pre-loading works exactly?

what fees are avoided?

Never done anything like that...

Thanks!

You make a payment to the card so that it has a positive balance. Then when you withdraw money there is no interest as you are just reducing the positive balance.

Note this is against the t&c but they dont seem to enforce it. Some branch advisors actually suggest can do this when you apply for the card.

ManAtHome

mm78 wrote: »

@ Manathome

so can I pay the balance as early as I want with the Clarity Card?

I mean, can I for example spend today and pay tomorrow? (assuming that tomorrow the spending is showing up in the online account? In this case the interest would be close to zero..

Thanks!

Short answer is yes. Longer answer is Clarity doesn't do faster payments so you're always likely to be 'hit' for a few pence.

I rarely bother as I don't generally draw thousands in cash (using it to pay in shops, restaurants etc is interest-free anyway).

John_Pierpoint

ManAtHome wrote: »

The Clarity card charges 12.9% per year (around 1% per month). You can reduce this by making early payments, but even if you left it the full month, your £1000 would only cost £1010.

Metro account is better if you're a 'local'

Some people get charged roughly twice that rate of interest.

mm78

John_Pierpoint wrote: »

Some people get charged roughly twice that rate of interest.

You mean with Clarity Card? I think it depends on how you score as a customer, they say 51% of applicants should be able to get the 12.9%...not sure it's true though!

TakeThis

mm78 wrote: »

You mean with Clarity Card? I think it depends on how you score as a customer, they say 51% of applicants should be able to get the 12.9%...not sure it's true though!

At the moment I have been rejected by Saisburys/Halifax due to credit score (they both use creditexpert.co.uk to check the credit rating), I guess because I haven't been long in the UK and then I score low.

Are you expecting them to change their minds??

mark060457

Hi Everyone

This is my first post so be gentle Please.

We are planning a six week round the world trip in December and like everyone we do not really want to carry a lot of cash,I have been reading through the forums abut cards that you can pre-load and re-load from your bank account when low with pounds sterling and use abroad in any country in ATMS, can anyone recommend one that they have used,I have looked at the FairFX one is this any good

Look forward to your replies

ericonabike

Can't help on the pre-load cards, but thought I'd give some feedback on the Halifax Clarity credit card, which to my knowledge will be accepted around the world?

I appleid for and receivedf the card a few days before a week's holiday in Corfu. Painless process and received the advertised 12.9% rate and a £10k limit. I withdrew cash at the airport on arrival to add to my small float of Euros. Over the holiday I put aroun £800 through the card, in a misxture of cash and purchases. On return to the UK I transferred to the card my rough estimate of the total sterling equvalent, rounding up to be on the safe side. When my statement came through, I'd been charged a total of £1.27 in interest!

This must be the cheapest way of getting money abroad at present - no loading on the exchange rate, no cash advance fee and a relatively low interest rate. For the amount of money I took out in Corfu I might have paid up to £30 if I'd been hit by loading and fees. Not a fortune, but I hate paying to use my own money! I'm now a Clarity convert.

sixtyplus

Just read your very helpful reply to previous thread. I already have a Clarity card, but the limit is £1300. Like previous thread, I am away for almost 7 weeks and feel I need a higher limit. However, the bank have turned an increase down (boo hoo). I suppose if I manage the account online I will be able to pay balances off more quickly, but it seems complicated.

TakeThis

sixtyplus wrote: »

Just read your very helpful reply to previous thread. I already have a Clarity card, but the limit is £1300. Like previous thread, I am away for almost 7 weeks and feel I need a higher limit. However, the bank have turned an increase down (boo hoo). I suppose if I manage the account online I will be able to pay balances off more quickly, but it seems complicated.

Only complicated if you don't have on-line access. If you don't, then set up a standing order/single payment to pay off a lump sum whilst you are away.
Effectively the same as a credit limit hike.

Estimate your spending and time your payments accordingly.

For instance, if you think that you will spend £500 per week, then set up a standing order for £500 to go in the following week.

Of course, if you have Internet access whilst abroad then it is much easier to clear balances closer to real time.

TakeThis

mark060457 wrote: »

Hi Everyone

This is my first post so be gentle Please.

We are planning a six week round the world trip in December and like everyone we do not really want to carry a lot of cash,I have been reading through the forums abut cards that you can pre-load and re-load from your bank account when low with pounds sterling and use abroad in any country in ATMS, can anyone recommend one that they have used,I have looked at the FairFX one is this any good

Look forward to your replies

Travelex Cash Passport Globe ordered via TopCashBack or Quidco (if you have an existing Quidco account) is better.

Cashback website > Travelex > Globe card.

Do not load the Prepaid card with any of these bank cards, as they may levy a 'cash withdrawal charge: Barclays, Lloyds TSB, Natwest, Santander or RBS. Co-op may charge too, but may refund if pressed(Simply because there is nothing in their T&Cs about this charge).