Halifax clarity card

Maggieatcorrour

I have just been accepted for one of these. I applied for it because it does not charge when using it abroad, apart from interest on cash withdrawals. However, it does not have 0% balance transfers or an interest free period for purchases, so my original intention was just to use it abroad. I have another card which gives me interest free credit on purchases, and I put the money I spend on the card into savings, so I get interest on it until I pay it off when the interest free period ends. However as I have a Halifax current account into which I already pay £1000 a month I qualify for the £5 monthly reward offered if I spend at least £300 pounds a month on the credit card. This works out at 3.1% per annum tax free. I calculated this by comparing it with regular savings of £300 for 12 months at compound interest. It would therefore be very cost effective to use the card for purchases, so long as you spend at least £300, but not much more as the reward does not increase.

macalloa

I now have a Halifax Clarity card as well.

Can somebody please advise on the question of withdrawing foreign currency from an ATM ?

I understand there is no cash withdrawal fee, no user fee and no foreign exchange "loading" fee.

However interest on cash withdrawals is still applicable is it not ?

So, for example, if I were to take £300 (or nearest equivalent in foreign exchange) but settle my account in full at the end of the month - would I be charged interest as an extra in addition to the exchange transaction amount ?

Could I "pre-load" the card with cash in the UK prior and then withdraw abroad up to that credited balance amount without interest being charged ?

This "free" from fees offer sounds to good to be true !!!

Also, is there a daily withdrawal limit, like the £300 on my trusty Nationwide debit card ?

Biggles

macalloa wrote: »

Could I "pre-load" the card with cash in the UK prior and then withdraw abroad up to that credited balance amount without interest being charged?

Their T&Cs preclude pre-loading, they say if you do they will send the money straight back to you.

td_007

macalloa wrote: »

However interest on cash withdrawals is still applicable is it not ?

So, for example, if I were to take £300 (or nearest equivalent in foreign exchange) but settle my account in full at the end of the month - would I be charged interest as an extra in addition to the exchange transaction amount ?

Yes you pay interest calculated on a daily basis.

macalloa wrote: »

Could I "pre-load" the card with cash in the UK prior and then withdraw abroad up to that credited balance amount without interest being charged ?

You will breaking the t&c in that you have knowing allowed your card to go into credit

jackieblack

According to Martin - http://www.moneysavingexpert.com/travel/cheap-travel-money - European Load: 0%. Worldwide Load: 0%. Cash withdrawal fee: 0%. APR: 12.9% Interest charged on cash withdrawals even if paid off in full: Yes. Cash withdrawal interest: 12.9%

EarthBoy

Maggieatcorrour wrote: »

However, it does not have ... an interest free period for purchases, .

Yes it does. "No interest will be charged on purchases if every statement balance is paid in full by the payment date". Same as most other cards.

lisyloo

I wouldn't pre-load.
It's in breach of Ts and Cs.
Also money is not insured against fraud.
They could potentially stop your card whilst abroad if you are in breach.

Pay when you get back or if you have cheap/free internet access then you could pay along the way.
At 1% per month it's still your cheapest option.
Most people go away for less than a month.

<sebb>

I have a halifax account and just had a call offering me one of these cards. I asked if they would send me full terms and conditions before accepting and they said they could only do this if they sent me a guaranteed application which would mean them credit checking me. My credit is perfect but I don't want unnecessary searches on my file if I'm not going to get the card.

I spent in excess of £300 per month on a credit card which currently has no rewards. I always pay the balance in full and I never use it withdraw cash. As far as I can see, I might aswell go for this and get the £5 reward. Are there any other hidden catches I need to watch out for?

td_007

<sebb> wrote: »

Are there any other hidden catches I need to watch out for?

This card basically ticks all boxes if you pay off the statement balance each month- fee free foreign transactions, single interest rate for purchases and BT (if you want to use it), reasonable credit limits and £5 reward...nothing beats it at this point in time.

opinions4u

<sebb> wrote: »

I have a halifax account and just had a call offering me one of these cards. I asked if they would send me full terms and conditions before accepting and they said they could only do this if they sent me a guaranteed application which would mean them credit checking me.

Silly people should have referred you to their web site.

My credit is perfect but I don't want unnecessary searches on my file if I'm not going to get the card.

If your application is guaranteed, I don't think they carry out a credit check. (They didn't used to. I wouldn't stake my house on it though - so worth asking).

I spent in excess of £300 per month on a credit card which currently has no rewards. I always pay the balance in full and I never use it withdraw cash. As far as I can see, I might aswell go for this and get the £5 reward. Are there any other hidden catches I need to watch out for?

I can't see any catches. If you are going to pay no interest and collect a fiver a month, it looks like a good deal to me.

<sebb>

opinions4u wrote: »

Silly people should have referred you to their web site.

If your application is guaranteed, I don't think they carry out a credit check. (They didn't used to. I wouldn't stake my house on it though - so worth asking).

I can't see any catches. If you are going to pay no interest and collect a fiver a month, it looks like a good deal to me.

Thanks for the link. Very useful.

They said they do the credit check BEFORE they send out the guaranteed application. They wouldn't be able to guarantee it otherwise. It's not a big deal, but I have a few searches on there recently because I applied for a mortgage. The sale fell through and I'm not looking again for a few months, so when I get round to it again I want a squeaky clean credit file and don't want any searches on there that I don't need.

I'm always very wary about accepting so called great deals over the phone as I've been caught out with hidden catches before and like to see the T&C.

Sounds like it's a pretty good deal for me, so I'll probably go for it. I'll just carry on as I normally do, but get an extra £5 per month out of it. My current card isn't giving me anything anyway.