Using Credit Card to buy foreign currency - is there a charge?

maggie21

Hi,

This is the first time I have posted a thread, so I hope I have the right board - theres so much choice!!

I have always withdrawn the cash to buy my currency thinking I would be charged interest as though it was a cash withdrawl. But it's not really and I'm missing out on cashback! I have an Egg Money card and I can't see in the terms if interest would be charged from the transaction date or just if it wasn't paid by the date on the statement.

Does anyone know?

Thanks in advance, and happy christmas :beer:

luci

I'm almost 100% sure that it would be treated as a cash advance and interes would be charged from the date of the transaction.

McKneff

yes, i am sure Luci is correct, it would be treated as cash by the CC company

maggie21

Oh well, I'll just withdraw the cash. Thanks for your replies.

dzug1

Most cards charge 2.75 or 3% exchange fee for foreign currency withdrawals in addition to the cash advance fee and interest

realaledrinker

Get a M&S Credit Card. Forex purchased from their in store currency exchange IS treated as a purchase. No interest payable as long as you pay off in full & you get up to 56 days' (I think) credit.

What's even better is that you get 0% interest on purchases (incl Forex!!!!) for 10 MONTHS when you take out a new card. :j

stephb34

Hi thomas cook have their own credit card which you can apply for in any tc shop, online or through the post.In the shop is best as the travel agent gets paid for these and they will be very grateful for your business. When you have this card you can but foreign exchange in tc shops no commission, no exchange fees, 3 months interest free credit and 2% in points which you can even exchange for currency, no restrictions at all. Also if you purchase items abroad there is no conversion fee which is normally 2.75%. What a lot of people dont realise is that a lot of visa DEBIT card providers charge a 2.75% cash advance fee and thats for your own money in the bank not even credit.
At the moment thomas cook have a variety of rates which they offer always ask for the vip rate or get a price match for the best rate you can find on the high street, after the new year you wont have to do this as new things are happening at tc.

maggie21

Thanks Steph, I always find Thomas Cook to be the cheapest anyway, if not the kind lady in there always matches what else I find! I'll need to ask her about this card.

Thanks for all your replies.