Credit Card Charges Abroad

royzee28

Just wondered if anyone could help with this query. If I was to pay my holiday spending money to my Santander Zero or indeed any credit card therefore having a credit balance would I still be charged interest on cash withdrawn from ATM whilst abroad? Trying to find the cheapest and safest option. I don't really want to take out a prepaid card and taking a load of cash isn't really practical.
:beer:

p00hsticks

You'd need to check whether the credit cards T&Cs allow you to do this. Many of them don't, and I'm guessing you could then find the card blocked - not something you want to hapepn when abroad.

I've also heard anecdotely, but am not sure if it's true, that you may lose your Section 75 protection on purchases made from a positive balance as you are not actually using the 'credit' facilty of the card.

smj43

Not sure about the Santander card but most don't allow you to be in credit. Your best bet is probably to get one of those travel money cards from somewhere like Travelex.

Fruit_and_Nut_Case

royzee28 wrote: »

Just wondered if anyone could help with this query. If I was to pay my holiday spending money to my Santander Zero or indeed any credit card therefore having a credit balance would I still be charged interest on cash withdrawn from ATM whilst abroad? Trying to find the cheapest and safest option. I don't really want to take out a prepaid card and taking a load of cash isn't really practical.
:beer:

This would be in it if we had a list of FAQs.

http://lmgtfy.com/?q=site%3Aforums.moneysavingexpert.com+preload+credit+card

lisyloo

Why don't you pay it when you get back OR if you have a secure internet connection (NOT a shared computer) then do it whilst you are away.
Interest for 2 weeks is tiny.
So for example halifix clarity is usually 12.9% which is 0.5% for 2 weeks. Usually about the price of a cup of coffee.

You could also set up BACS transfer in advance to reduce interest, althougth you need to careful you don't go into credit. You might not find the ATM at the airport is not working so maybe delay them a day or two from when you expect to withdraw.

Two things you definitely do are
1) Call your provider and inform them you are going abroad, There are no guarantees but this MAY stop them blocking your card and it may save you a £20 phone call from abroad (I speak from personal experience).
2) Take spare cards in case one gets blocked.

JohalaReewi

Even if you can load your credit card upfront, you might still get a transaction charge for using an overseas ATM. Have you looked at the Norwich and Peterborough debit card for getting cash out of overseas ATMs.
http://www.nandp.co.uk/current-account/

lisyloo

I don't know any that allow you to go into credit, so you risk the card being closed.

royzee28

Well thank you all for the advice, I've never used a credit card to draw money abroad before so was worried they would whack me for a big amount in interest. If it's only likely to be a few quid then I'm not too worried.
I take the point about informing the bank beforehand and having some back up cards just in case, I will!
:beer:

lisyloo

The quicker you pay it back the lower the interest bill.
You do not have to wait for your statement.
If you cannot pay via the card companies interface (because the statement hasn't been produced) you can do a BACS transfer from your current account i.e. a "push" from your bank rather than a "pull" from the CC.