accepted for halifax cc at 21.9% rate

evosy1978

Hello

Ive been accepted today for the halifax clarity but at the higher rate gutted.

So its usefull for purchases abroad as long as paid of in full, but what about ATM withdraws,...

1) Is it now only as good as other CC ATM withdraws?

When speaking to the rep on the phone, he said if I withdraw from an ATM, even if i have my balance paid in full "set up", BUT paid it off as soon as i got home from my one weeks holiday, I would in effect pay less interest than if the balance was paid in full at the end of the month.

2) My question is this ok to do? and if so whys it never mentioned as a way to lower the amount of interest one would get chraged,.

3) In your opinion as im on the 21.9% rate would you still use this card above others for ATM`s abroad.? (im thinking yes because of the no fees advantage?)


thanks

ferf1223

evosy1978 wrote: »

2) My question is this ok to do? and if so whys it never mentioned as a way to lower the amount of interest one would get chraged,.

Paying off your balance as soon as you get home is mentioned here regularly as a way to lower the amount of interest one would get charged.

Also must remember that (unless this card is different from the average CC) that cash advances are the last things to be paid off...so if you charge $200 in shops and restaurants, and withdraw $100 from an ATM...if you pay $200 when you get home, that will clear the $200 shop/restaurants and leave the $100 cash advance unpaid and subject to interest charges.

I personally have a thing against using a CC for cash withdrawals...have been lucky enough never to do it and hopefully never will.

Even if we didn't have a no fees debit card to use, I would quite possibly not use a CC for cash advances...for whatever reason, that seems a very slippery slope (and therefore dangerous) slope to me to cash advance a CC. I remember years ago when the only reason you had a PIN for a CC was for cash advances, I always tore it up...did not want to know what it was.

luci

ferf1223 wrote: »

Also must remember that (unless this card is different from the average CC) that cash advances are the last things to be paid off...so if you charge $200 in shops and restaurants, and withdraw $100 from an ATM...if you pay $200 when you get home, that will clear the $200 shop/restaurants and leave the $100 cash advance unpaid and subject to interest charges.

This is changing from January by law. Now the transactions with the highest interest rate will be paid off first. Most CC companies have been introducing this over the past few months.

At 21.9% that will be roughly 1.8% a month, or 0.9% after 2 weeks, and still less than most other cards if you pay it off as soon as you return from holiday.

evosy1978

thanks very much