Fairfx vs. Caxtonfx

Donnie

whatusername wrote: »

Like I mentioned earlier on the thread I cannot find anything stating interest charges for cash advance on clarity, I know clarity do not charge a fee for cash advance which generates interest daily not monthly like purchases therefore if purchases are 1% a month (as a previous poster suggested) then cash advance by assumption may be 1% a day.

What im saying regardless if my figures are right or not is unless you clear a cash advance on a credit card immediately you generate daily interest which could wipe out any saving you make on the interbank rate. If you wait untill your statement comes in you could have 30 days of interest.

I really think that you should stop posting on this subject until you actually obtain some facts.
Other posters have tried to correct your assumptions, but for some reason you insist on republishing them.
Please desist. adindas, in this case, is correct.
Though of course, dependent on your circumstances, your APR can vary. So the interest can be to up to 2% per month. In that case, slightly worse value than the Anywhere card, though possibly more convenient for some.

whatusername

Donnie wrote: »

I really think that you should stop posting on this subject until you actually obtain some facts.
Other posters have tried to correct your assumptions, but for some reason you insist on republishing them.
Please desist. adindas, in this case, is correct.
Though of course, dependent on your circumstances, your APR can vary. So the interest can be to up to 2% per month. In that case, slightly worse value than the Anywhere card, though possibly more convenient for some.

Well thats me told eh.

So in essence cash advance is not the cheapest due to interest charged then as posted by you.

So im not wrong really.

ManAtHome

whatusername wrote: »

So in essence cash advance is not the cheapest due to interest charged then as posted by you.

So im not wrong really.

Huh? cash advance on the Clarity IS THE CHEAPEST for most people - around 67% of applicants will be paying 1%, 20% will pay 1.5%, 13% will pay 2%.

Errrrm - so you are very wrong really!

Donnie

ManAtHome wrote: »

Huh? cash advance on the Clarity IS THE CHEAPEST for most people - around 67% of applicants will be paying 1%, 20% will pay 1.5%, 13% will pay 2%.

Errrrm - so you are very wrong really!

Don't worry, we get one of these every now and again. They think they have it all worked out and argue with everyone....then disappear in shame and turn up under another username.

Fortyfoot

Donnie wrote: »

Don't worry, we get one of these every now and again. They think they have it all worked out and argue with everyone....then disappear in shame and turn up under another username.

I like it!!!!!!!!!!!!!!!!

Fortyfoot

whatusername

ManAtHome wrote: »

Huh? cash advance on the Clarity IS THE CHEAPEST for most people - around 67% of applicants will be paying 1%, 20% will pay 1.5%, 13% will pay 2%.

Errrrm - so you are very wrong really!

I know it is, I have the very card but what Im pointing out which is a point which seems to be missed is that cash advance on credit card generates daily interest therefor it wouldn't make it the cheapest option against using fairfx anywhere card unless you clear your balance immediately.

adindas

If you still do not convince read this. It is written by Martin Lewis:

"The right credit card is the cheapest way to spend abroad"
http://www.moneysavingexpert.com/travel/cheap-travel-money

"The Clarity card from Halifax has no foreign exchange fee anywhere in the world, so you can get the best rate possible. Plus it doesn't charge for cash withdrawals, although you will be charged interest even if you repay in full.
The rate for cash withdrawals is a fairly low 12.9% APR (this rate is 'typical' which means two thirds of those that are accepted will get it, the rest will be charged up to 21.9%). This works out as around £1 per month for every £100 withdrawn.
Cost of £100 Spending: £0 Cash w/ds: £1/mnth

This card is top for spending abroad and can only be beaten by Nationwide debit card for ATM withdrawals within Europe"

In my previous post, we already show why Martin's make the above statement.
Even you do not clear your balance immediately as long as you clear it in your statements month and you get the right card, eg. clarity which pay 12.9%pa (1% per month) you still be better off for cash withdrawal with CC, rather than any Pre_paid currency card. People could easisly see that 1% is smaller than 1.5%.

Also if you want to dig it deeper, we could include "Opportunity Cost". With Prepaid card, you lock your money in those card without earning any interest, the loinger you keep ypur money the higher the opportunity cost is. Keeping the £1500.00 money in The right saving a/c such as ISA could earn you about 3.2% net per annum (e.g. 0.27% per month) in which you lost this opportunity. You will gain more if you see that that with CC until your staement month, you actually borrow those money for 1 Months and you just pay for 1% per month.

Hope this clarify your doubt.


ADINDAS

whatusername wrote: »

I know it is, I have the very card but what Im pointing out which is a point which seems to be missed is that cash advance on credit card generates daily interest therefor it wouldn't make it the cheapest option against using fairfx anywhere card unless you clear your balance immediately.

fxfrancaic

Hi,

Read this thread in order to find relevant info to help me select which of the 2 cards I would choose to replace my Nationwide Flex card (just about to impose a 2% +£1 ATM charge)

Most posts were useful but, unfortunately, I couldn't accept how rude and arrogant Donnie is. He obviously places himself above many of his peers and (perhaps incorrectly) thinks he is an expert in his field.

My definition of an expert is simple - ex = past it and spurt = a drip under pressure.

Back to my original reason for reading this thread - I believe I have my answer BUT still need to research BEST way to get Euros regularly, US dollars at least 3 times a year and Indian rupees once a year FROM ONE CARD

ManAtHome

fxfrancaic wrote: »

My definition of an expert is simple...

Simples... just ignore the ex-spurts and you're bound to pick the right card - not sure why you still need more research?

torrenter

Donnie obviously knows what he's talking about but needs to work on his social skills here. His behaviour has been the most "troll like", using wiki's definition. "No, your very annoying." - No, that is. Very annoying. You go from being helpful to being an absolute ......