Do you think my plan to avoid overseas credit card fees will work?

TheEffect

Attackthebanks wrote: »

Halifax wont charge you atm fees, but almost every single atm in the usa charges $3 for non usa residents/banking customers.
So if your gonna lift $400, better to do it once and get charged $403, rather than $203 + $203 = $406.

I have not found a way round these charges yet imposed by ALL the atms in the states.
Having said that, $3 is approx £1.80, and your still getting the mastercard exchange rate of currently £1 = $1.64.

I was in LA a few weeks ago and used my Barclays debit card to withdraw cash. As long as you use a Bank of America cash machine, you won't be charged the $3 by BoA, or the £1.50 fee from Barclays. Just the simple exchange adjustment fee (2.75% I think).

Ironically, I withdrew some cash using my Nationwide FlexPlus (free withdrawals abroad) and was charged the $3 by BoA.

Barclays and BoA's global alliance partnership can save you a couple of bucks if you're like me and withdraw little and often.

YorkshireBoy

Swesus wrote: »

Halifax cover this in their Common Enquires section:

"Common enquiries" do not govern your account...terms and conditions do.


What you've quoted is classic out of date information, written a long time ago, because section 7 now covers 'charges', not 'payments into your account' (which are now covered in section 16 as I told you earlier).


Here's the current T&Cs for new applicants...


http://www.halifax.co.uk/creditcards/low-rate-no-fee/clarity-card/terms/



Yes it's the same wording, but it might not have been...which is why you should always check T&Cs first and foremost.

chattychappy

One of the problems for CCs is that deposit taking is a separately regulated activity. CC products therefore should not permit deposit taking, either expressly or tacitly. That's not to say it can't happen from time-to-time (especially if because of a refund), but they will run into trouble if they routinely don't enforce the rules. There is also a ML risk.

YorkshireBoy wrote: »

"Common enquiries" do not govern your account...terms and conditions do.
...
Yes it's the same wording, but it might not have been...which is why you should always check T&Cs first and foremost.

You are of course, correct. In the real word, though, people don't check T+Cs. Advertising, very small print/links to PDF files, easy to understand summary boxes etc., all conspire to put people off reading T+Cs. Increasingly the regulator is requiring CCs to treat customers fairly and there are, of course the concepts of misrepresentation/overriding assurances/unfair contract terms etc.

I agree with your advice. But if, after the event, somebody runs into trouble only to have the CC rely on some clause in the T+Cs (or some clever kid here says "that's what you agreed to, it's in the small print"), then my comment would be that it's not necessarily the end of the matter and it's worth looking at all the circumstances.