Halifax Clarity Card - How Much Interest

atlantis187

Am goin to pakistan in a few months for about a month. The limit on the card is £3600 if I was to withdraw the whole amount out of the cash machine over the and paid this back when I returned after 4 weeks roughly how much interest would I be charged?

The rate on the card is 12.9%

Thanks

ses6jwg

£270 approx by my calcs

Degenerate

ses6jwg wrote: »

£270 approx by my calcs

Miles off. A simple 3600x0.129/12 reveals it's going to be under £40.

Atlantis187, first you need to double check your credit limit, some cards have a "cash limit" set lower, often around half the overall limit. Secondly, you won't be able to withdraw that amount all at once due to ATM withdrawal limits. How much interest you pay depends a lot on how much and the exact dates of each withdrawal. if you want a more accurate idea of the interest you'll have to make a spreadsheet with all that in to calculate the interest day by day.

If you spread it out evenly and pay it off the moment you get back, it should be under £20.

scottishblondie

If you withdraw it in one go and pay it back 4 weeks later I calculate roughly £39 interest.

exel1966

atlantis187 wrote: »

Am goin to pakistan in a few months for about a month. The limit on the card is £3600 if I was to withdraw the whole amount out of the cash machine over the and paid this back when I returned after 4 weeks roughly how much interest would I be charged?

The rate on the card is 12.9%

Thanks

Many cards will put a limit on withdrawls so you'll probably only be able to withdraw around 50% of your limit as cash, but you'll need to check that out in your individual terms which will be on the paperwork which the card was attached to when you received it or call them.
Surely you wouldn't need the full limit as cash, just use the card as normal where you can. The max cash withdrawl per day is £500, therefore at that rate interest will be approx £38 provided it was paid in full.

Also you would need to advise them prior to the trip of your intentions as regular cash withdrawls overseas would trigger alarms and they'd be highly likely to block the card.