Halifax Clarity - Cash Machines Fees

amc1

How much will I be charged for withdrawing £300 from a cash machine with the above in England. If I pay it back almost immediately, so say a few days.

The details say Monthly rate 1.017% so would it be :-

£300 * 1.017 / 31 (month days) * 3 (days to repay) so around 31p ?

Thanks.

[Deleted User]

You'll also pay your fee - so another £9 or so. And you'll only pay off the cash if there's nothing on your statement, as statemented items are paid before non-statemented.

amc1

The terms for this card say "You will not be charged a fee by us for withdrawing cash from an ATM (cashpoint) anywhere in the world." so will the fee apply if I'm in England.

[Deleted User]

Good spot. I'd overlooked it was Clarity. So no. So just the point around the timing of paying off the cash. Worst case is that you wait a month before paying it off. Which would still only be around £3.

m00m00

Do clarity transactions like this show as cash advances on a credit report ?

lisyloo

Yes (I've seen it on mine inthe extended information).
Whether this has any effect on how a lender interprets your data?
I suspect in the context of a healthy credit report, then a few cash advances per year will not raise eyebrows especially as the payment history will be shown.

YorkshireBoy

amc1 wrote: »

so around 31p ?

Plus a little trailing, or residual, interest the following month.

However, if Halifax have a 'minimum interest charge' (do they?), you could see both these figures rounded up to 50p or a pound.

chattychappy

Deleted_User wrote: »

And you'll only pay off the cash if there's nothing on your statement, as statemented items are paid before non-statemented.

Just quoting this for emphasis. It is very important to understand if you are also using the card in the normal way for purchases.

lisyloo wrote: »

Yes (I've seen it on mine inthe extended information).
Whether this has any effect on how a lender interprets your data?
I suspect in the context of a healthy credit report, then a few cash advances per year will not raise eyebrows especially as the payment history will be shown.

I've often wondered about this. I use cards to draw cash overseas typically weekly. Probably about 40 times a year in total. I don't seem to have any problem getting credit.

If it is a factor, the weighting must be pretty low. Certainly not on the scale of missed payments or being up to the neck.

YorkshireBoy

chattychappy wrote: »

If it is a factor, the weighting must be pretty low.

Unless there's a minimum payment marker accompanying the entry, in which case I suspect they'd take a different view.

lisyloo

Unless there's a minimum payment marker accompanying the entry, in which case I suspect they'd take a different view.

I agree it totally depends on the context.
The lender will intepret the information in the context of the entire report.
I don't think people taking cash temporarily for holidays infrequently and paying it back have any need to worry.