Purchasing currency on credit card...

Johnny5_2

Ok, heres the thing. I need to use my credit card to buy my currency for holiday. I have the BOS charity card thats 0% for purchases and balance transfers.

Is there anyway I could buy the currency and it count as a purchase?

Or would it even be possible for me to purchase the currency on an old card, and do a balance transfer? (even though ive already done one balance transfer from my old card onto my new BOS charity card)...

Help would be greatly appreciated, thanks!

jonesMUFCforever

No. Currency and travellers cheques are clased as cash advances.
Whichever CREDIT card you use to buy the currency you will incur these charges and possible balance transfer fees on top.

YorkshireBoy

Johnny5 wrote:

Is there anyway I could buy the currency and it count as a purchase?

Or would it even be possible for me to purchase the currency on an old card, and do a balance transfer? (even though ive already done one balance transfer from my old card onto my new BOS charity card)...

You'll incur a cash advance fee of around 2.5%, and the transaction will start to incur interest from the date it's debited to your account.

It may be possible to time a BT to your BoS charity card so that the interest is minimised (although you should overpay slightly to eliminate any roll-over interest).

There is a different way though...Why not ask your bank for an overdraft? Then, when you return from holiday, put all your spend on the BoS card (to take advantage of the 0% intro rate) thereby leaving your wages to repay the overdraft.

Just out of interest, which other card(s) do you have?

grumbler

Johnny5 wrote:

Is there anyway I could buy the currency and it count as a purchase?

Although you can be lucky, I wouldn't risk: Terms & Conditions

6 Words with special meanings...Cash advance - cash, traveller's cheques or foreign currency obtained by using the card.

Or would it even be possible for me to purchase the currency on an old card, and do a balance transfer? (even though ive already done one balance transfer from my old card onto my new BOS charity card)...

IMHO this is a better idea, however you still cannot avoid 2.5% (min. £2) cash advance fee. Also it is probably better just to use your new card for purchases abroad (2.75% fee).

YorkshireBoy

ejones999 wrote:

No. Currency and travellers cheques are clased as cash advances.
Whichever CREDIT card you use to buy the currency you will incur these charges.

The M&S credit card classes travel money as a 'purchase', but read the small print.

...and possible balance transfer fees on top.

As it's a BoS charity card, it's likely there may not be a BT fee.

Johnny5_2

YorkshireBoy wrote:

You'll incur a cash advance fee of around 2.5%, and the transaction will start to incur interest from the date it's debited to your account.

It may be possible to time a BT to your BoS charity card so that the interest is minimised (although you should overpay slightly to eliminate any roll-over interest).

There is a different way though...Why not ask your bank for an overdraft? Then, when you return from holiday, put all your spend on the BoS card (to take advantage of the 0% intro rate) thereby leaving your wages to repay the overdraft.

Just out of interest, which other card(s) do you have?

I did think of the overdraft idea, but because I'm new to my bank and havn't had my wages being paid in for 6 months, I can't upgrade my account to a current account yet - which is a bit of a pain. :mad:

I need £1000 in currency, If I take the money out on my Sainsburys card, and incur the 2.5% CA fee, thats £25 then i'm going to incur a £20 balance transfer fee with Bos.. so taking into account any interest which I may pick up whilst im waiting for the BT... I'm lookin at around £50 to borrow the needed amount.

This seems the cheapest way so far.

In the mean time all the cash purchases that can be made with my Credit Card will be done to reduce the amount needed. I think i've explained that clearly

Any other ideas are really appreciated!

YorkshireBoy

Johnny5 wrote:

If I take the money out on my Sainsburys card, and incur the 2.5% CA fee, thats £25 then i'm going to incur a £20 balance transfer fee with Bos.. so taking into account any interest which I may pick up whilst im waiting for the BT... I'm lookin at around £50 to borrow the needed amount.

This seems the cheapest way so far.

Your plan is fundamentally flawed because, since HBoS card services manage both cards, you won't be able to BT between them.

Any other ideas are really appreciated!

1. Bank loan.

2. Egg Money Middle Route.

Johnny5_2

YorkshireBoy wrote:

Your plan is fundamentally flawed because, since HBoS card services manage both cards, you won't be able to BT between them.

I've already done one Balance transfer from my Sainsburys card to my Hbos Charity card......

If I'm able to do it again, I shall go ahead with my plan. Otherwise i'll have to apply for a new card and use that! This is all quite a pain! But thanks for your help!

YorkshireBoy

Johnny5 wrote:

I've already done one Balance transfer from my Sainsburys card to my Hbos Charity card......

I apologise...I didn't think that was possible.

King_Of_Fools

Johnny5 wrote:

I've already done one Balance transfer from my Sainsburys card to my Hbos Charity card......

Are you sure it was applied at 0%? Banks will do transfers from their own cards but normally apply their standard interest rate rather than the 0%.

Staffs_Flyer

If it's Euros you're buying, and you have a Co-Op nearby, you can buy packs of Euros from them and it goes through the till as a normal purchase. No extra charges on a Credit Card. I did it last month, no fees.

SF