Using a credit card to pay for foreign currency

piggybank80

Unavoidably i have to pay for currency using a credit card... not ideal i know so any advice would be welcome. I aim to get about £200 worth of euros i have opened a new credit card to ensure that the only thing on the balance will be the foreign currency so i can pay it off within 2 weeks of drawing it (after i have been paid at the end of the month). The big question should i pay for the currency using the credit card, or draw cash using the credit card then exchange this cash for euros?

Thanks in advance for any advice.

YorkshireBoy

If you absolutely must use a credit card then, because the rate is more favourable, you'll probably be best withdrawing the money from a foreign cash point when you arrive at your destination.

Perhaps a better option would have been to apply for a M&S &more card, since it gives 0% (and no cash advance fee) on foreign currency (purchased from M&S) until March 2008.


EDIT: When you repay, be sure to overpay the balance slightly to stop the interest.

piggybank80

thanks for that will check the M and S website out.

rsykes2000

Most places eg the Post Office won't let you use a CC to buy currency, I ound this last year when I tried to do this.
Either way above you choose (if you can find somewhere to use a CC to get currency) you will be charged a cash advance fee and interest from the day you take it out - as YB says, overpay slightly.