Halifax clarity V fairFX cards

bloodytickedoff

Have I got it right,.
Halifax clarity charges 1 GBP per 100 GBP per withdrawal abroad for cash.
FairFX charges e1.50 per withdrawal abroad for cash.
No other fees involved and if you purchase a FairFX card over 500 GBP no fees to them either.
So which is best for travelling 6 months around Europe!

(Or an alternative if you know of one)

1jim

I don't think so, with the clarity card there is no fee or charge for cash withdrawals but you do pay daily interest on the amount withdrawn until you pay this off (ie no interest free period) this interest depends on the Apr you are offered and how long it takes you to pay. In reality this is one of the cheapest ways of getting holiday cash. Have you had a read of the guide on this site?

bloodytickedoff

1jim wrote: »

I don't think so, with the clarity card there is no fee or charge for cash withdrawals but you do pay daily interest on the amount withdrawn until you pay this off (ie no interest free period) this interest depends on the Apr you are offered and how long it takes you to pay. In reality this is one of the cheapest ways of getting holiday cash. Have you had a read of the guide on this site?

YES have you.

Quote...There's no fee for cash withdrawals, though you'll be charged interest at a fairly low 12.9% representative APR, even if repaid in full. This works out at around £1/month per £100 withdrawn. Some poorer credit scorers will get higher APRs, of up to 21.9%

Which bit did I get wrong?

grumbler

bloodytickedoff wrote: »

Which bit did I get wrong?

The interest can be avoided while the fee cannot.

1jim

bloodytickedoff wrote: »

YES have you.

Quote...There's no fee for cash withdrawals, though you'll be charged interest at a fairly low 12.9% representative APR, even if repaid in full. This works out at around £1/month per £100 withdrawn. Some poorer credit scorers will get higher APRs, of up to 21.9%

Which bit did I get wrong?

I have done better than read it, I have the card!

How's this for a quote, this one taking from halifax clarity card product page.

How much will I be charged for withdrawing cash abroad?

You will not be charged a fee by us for withdrawing cash from an ATM (cashpoint) anywhere in the world. Some ATM providers charge a fee, but this should be made clear to you at the time of withdrawal and is unfortunately outside of our control. You will still be charged interest from the date that the withdrawal is made, but unlike some credit cards which charge a higher rate of cash, you will be charged the same competitive rate as if you had made a purchase.

The £1 you refer to is interest that would accrue if you didn't pay what you had withdrawn quickly. This is easy to do, you transfer money using internet banking as soon as you withdraw cash in the credit card when you are away. This the £1 you point to would be substantially less.

It appeared to me that you had confused a charge/fee with interest payable. Halifax does not chart you a fee, however there is interest payable if you choose to leave paying the cash back until the statement date.

bloodytickedoff

Well that case this website has got it wrong then. They clearly say "even if you pay it off in full".

bloodytickedoff

Halifax states.
"
How much will I be charged for withdrawing cash abroad?

You will not be charged a fee by us for withdrawing cash from an ATM (cashpoint) anywhere in the world. Some ATM providers charge a fee, but this should be made clear to you at the time of withdrawal and is unfortunately outside of our control. You will still be charged interest from the date that the withdrawal is made, but unlike some credit cards which charge a higher rate of cash, you will be charged the same competitive rate as if you had made a purchase."

So to avoid paying interest at 12.9% for the month, (when its usually paid off) you have to transfer funds and pay it off that day! EVERY TIME YOU USE THE CARD.

1jim

Yes, now you have it!

bigadaj

bloodytickedoff wrote: »

Halifax states.
"
How much will I be charged for withdrawing cash abroad?

You will not be charged a fee by us for withdrawing cash from an ATM (cashpoint) anywhere in the world. Some ATM providers charge a fee, but this should be made clear to you at the time of withdrawal and is unfortunately outside of our control. You will still be charged interest from the date that the withdrawal is made, but unlike some credit cards which charge a higher rate of cash, you will be charged the same competitive rate as if you had made a purchase."

So to avoid paying interest at 12.9% for the month, (when its usually paid off) you have to transfer funds and pay it off that day! EVERY TIME YOU USE THE CARD.

Yes but to be clear you only pay interest for the days between withdrawing and paying it off. So if you pay off after a week then at the above rate you'd be paying around 0.25%, so 25p per £100.

grumbler

bloodytickedoff wrote: »

So to avoid paying interest at 12.9% for the month, (when its usually paid off) you have to transfer funds and pay it off that day! EVERY TIME YOU USE THE CARD.

Not necessarily "that day" and not necessarily "EVERY TIME".
The daily interest rate is just about 0.03%, i.e. 3p per £100 withdrawn.

lisyloo

The interest starts from the next working day. So if you withdraw on a Sunday it has to be paid on Monday.

I would say EVERY time you withdraw cash - yes.
If you only have purchases then they are interest free if usual (but it gets more complicated if you mix cash and purchases - depends if they are statemented or not).

£1 per month is still a lot less than you'd get anywhere else.