Cash from credit cards

BusinessStudent

Hello All,

I got my Halifax One card today with a credit limit of £1,500. I need £2,400 for a holiday tour So i need about £900 more.

I currently also have the M&S card with a much higher limit.

I know you should not withdraw cash from the credit card from atm but remembered reading about buying travelers cheques / foreign currency from the post office online then exchanging it back to £'s - of which I would intend to pay off my other M&S card so i would be able to book the holiday on there due to the increased limit. Would this work? Are there any charges with I would have to pay for using my Halifax One to buy foreign currency and then exchanging it back to £'s ?

Thanks

YorkshireBoy

M&S travel money bought on your M&S card is classed as a purchase and gives you up to 56 days interest free. See the M&S website.

There's a 1% charge for Sterling TC's, which you could then pay into your bank account (I've paid them into both LTSB and Nationwide, but check your own bank accepts them first before buying them).

You'll also probably incur a 2% fee for using the Halifax card to book your holiday.

So, 2% of £1,500 + 1% of £900 + interest on £900 at M&S(?) = the mark up. Have to ask the question then...can you really afford the holiday if you're having to get into debt to pay for it?