Halifax Clarity Card - Questions :)

jumperabv3

I got the card today, as I'm abroad (traveling) and got my post from the UK today with the card and the PIN.

I got a few questions

1) I went, today, to the ATM to withdraw foreign currency (1,000 Israeli Shekels) and my limit is £1,800 on this card, so after that ATM withdrawal it showed £1636.87 on my available balance to spend, so I figure the charge is £163.13 which is extremely good rate, because actually the GBP-ILS is being traded right now at 6.11 ILS for 1 GBP, and I got 6.13 ILS exchange rate, is it not weird that I get a better exchange rate than what is on the market? :think:

2) I paid from Halifax current account £163.13 into the Credit Card account and now it's showing the available balance to spend is £1,800 again - but the transactions are not posted as of yet - does that mean I already paid for my ATM cash withdrawal as of today so no interest would occur?

Thanks for your replies in advance.

jumperabv3

Anyone ? ?

guesswho2000

I have a Clarity card too, basically the exchange rate is better than you'll get from any forex seller, reason being you get the MasterCard rate, which is pretty much interbank. Forex traders give a lower rate in order to make a profit and seem like a good deal by being "commission free".

Your interest will be minimal based on your payment. Generally even faster payments affect the available instantly (or near as damn it) but as with all credit cards the actual transactions take a day or so to reconcile.

jumperabv3

guesswho2000 wrote: »

I have a Clarity card too, basically the exchange rate is better than you'll get from any forex seller, reason being you get the MasterCard rate, which is pretty much interbank. Forex traders give a lower rate in order to make a profit and seem like a good deal by being "commission free".

Your interest will be minimal based on your payment. Generally even faster payments affect the available instantly (or near as damn it) but as with all credit cards the actual transactions take a day or so to reconcile.

Thank you GW.
:T

grumbler

https://www.mastercard.com/global/currencyconversion/index.html

Today's rate is 6.113 apparently

lisyloo

is it not weird that I get a better exchange rate than what is on the market

No it's not weird.
Halifax is 0% commission. The "market" usually include commission.

does that mean I already paid for my ATM cash withdrawal as of today so no interest would occur?

Depends on exactly when both transactions get posted, but potentially yes no interest. For 1 day it would be really minimal (6p).

jumperabv3

Thank you guys ...

I have taken these screenshots from my Halifax page:



So it shows the credit I posted in the account as of yesterday but the ATM withdrawal has not been posted yet (I'm sure it would take at least 1 more day), so maybe once it's posted it would settle as is, or maybe like £0.40 more (6.113 as you mentioned), I don't know lol :rotfl: but wtvr it is, it's a very good card if the charges would be close to this one, no other bank / service can get me 1,000 ILS @ a rate of 6.113, it's just impossible.