Withdrawing Cash Abroad from CC

MK55

Hi all,

I'm going to the states soon for 2 weeks, and I am going to use my Barclaycard to withdraw cash, not comfortable taking all cash. It does cost 3% for withdrawal however it is interest free if paid by next statement in full.

Will withdrawing cash on a credit card show as a negative on my report? I am quite new to credit as young and cannot get the halifax or post office card unfortunately.

However I don't want this to hinder future applications for 6 years :eek::eek:

Thanks!

grumbler

MK55 wrote: »

...It does cost 3% for withdrawal however it is interest free if paid by next statement in full.

I don't know if your Barclaycard is an exception*, but generally it's not the case for CCs. Unlike purchases, cash transactions don't have interest-free period.
Also, don't forget that you'll pay extra about 3% for currency conversion.

Will withdrawing cash on a credit card show as a negative on my report?

It will, but nobody knows yet how negative it is. It is believed that the impact is smallish if any.

I am quite new to credit as young and cannot get the halifax or post office card unfortunately.

Personally, I'd be comfortable to take some cash and save 4-5%.

*ETA: I did forget that Barclaycard is an exception. It does charge interest and 2.99% for conversion, but it doesn't charge for ATM withdrawals when you are abroad. So, it's not that bad after all.

AMG762

MSE Article about this (although a year old)

http://www.moneysavingexpert.com/news/cards/2012/04/boost-for-barclaycard-holders-on-overseas-cash

MK55

Hi,

Thanks for responses not comfortable taking cash for all, as there is 2 of us we are taking just over 2.5k and worried i'll get robbed or more likely in my case lose my bag or something silly.

would rather pay £30 and play it safe than lose my money!

chattychappy

MK55 wrote: »

Will withdrawing cash on a credit card show as a negative on my report?

grumbler wrote: »

It will, but nobody knows yet how negative it is. It is believed that the impact is smallish if any.

Yep, who knows. All I can say is I'm always getting cash on my Santander Zero card and have never had a problem getting credit. I can only assume (ie speculate that) it is only seen as an indicator of distress when combined with other factors - eg paying minimums only or running close to your limit.

As with all these things, I wouldn't let the credit rating tail wag the money saving dog. If Barclaycard works best for you as a means of getting USD cash, then go for it.

Bear in mind CCs have a habit of getting blocked when used overseas regardless of whether you've let them know of your travel plans in advance. So have a backup plan and/or a good way of making cheap phone calls back to the UK to get them unblocked.

grumbler

MK55 wrote: »

..not comfortable taking cash for all, as there is 2 of us we are taking just over 2.5k...

I think you'll be able to pay by card in most places.