Pre Loading Halifax Clarity Card

moneysavvy35

Hi All

I read that if I pre load my Halifax Clarity Card with Cash, when I go to withdraw from a cashpoint I won't be charged interest as I will be withdrawing my own cash rather than 'borrowing' from the credit card

Can anyone confirm this is the case please

Thanks

PeacefulWaters

If it works. It's a high risk strategy for minimal gain.

It breaks the terms and conditions and runs the risk of you having your card being stopped when you need it most.

To save around 4p per £100 per day.

moneysavvy35

PeacefulWaters wrote: »

If it works. It's a high risk strategy for minimal gain.

It breaks the terms and conditions and runs the risk of you having your card being stopped when you need it most.

To save around 4p per £100 per day.

Oh I see...OK thank you. Peacefull waters...sorry to sound completed dence but are you saying if I was to draw out say £200 on anygiven day whilst abroad, I would be charged around 8p?

YorkshireBoy

moneysavvy35 wrote: »

Oh I see...OK thank you. Peacefull waters...sorry to sound completed dence but are you saying if I was to draw out say £200 on anygiven day whilst abroad, I would be charged around 8p?

Per day the balance exists, yes.

Typically £500 withdrawn linearly throughout your holiday (ie average cash balance over a fortnight is £250) will cost less than the price of a large beer (or a good bit less than the price of a cocktail if you're female!) in interest if settled immediately on your return to the UK.

As PW said, it's simply not worth the risk.

BTW, the question of pre-loading the card is covered in your account T&Cs. Might be an idea to familiarise yourself with them.

jennifernil

We use our Clarity cards when abroad (we don't need to withdraw cash on them in UK) it costs us about £1 per month per £100 withdrawn.

It is the cheapest way of getting cash abroad.

As it is reasonable, we never bother with repaying, we just let the DD take the full amount on the statement.

We are caravanners so do go abroad for 2-4 months at a time, so not typical. We are spending/withdrawing over a fairly long period.

If you do want to repay soon after, be aware that if you have statemented spending outstanding, your payment will go towards that first.

Best idea is to relax and enjoy your holiday!

SnowTiger

jennifernil wrote: »

We use our Clarity cards when abroad (we don't need to withdraw cash on them in UK) it costs us about £1 per month per £100 withdrawn.

It is the cheapest way of getting cash abroad.

N&P or Supercard (if/when if reopens for new business) would probably be the cheapest.

However, as you say, the cost of a using Clarity for cash withdrawals abroad is very low and isn't worth worrying about when you're on holiday.

andyfromotley

Or just jump on internet banking and pay it the day after you withdraw the cash.

YorkshireBoy

andyfromotley wrote: »

Or just jump on internet banking and pay it the day after you withdraw the cash.

In my experience, although not with Clarity, overseas ATM withdrawals can take 2-3 days to be posted to the account, meaning the account could still be (technically) pre-loaded if its the first transaction on an otherwise 'empty' account.


And don't forget if you do make ATM withdrawals after purchases, you'd need to clear the entire balance, not just the value of the ATM withdrawal (which you'd be guessing anyway until the transaction goes from pre-auth to posted status).

SnowTiger

YorkshireBoy wrote: »

In my experience, although not with Clarity, overseas ATM withdrawals can take 2-3 days to be posted to the account, meaning the account could still be (technically) pre-loaded if its the first transaction on an otherwise 'empty' account.

And don't forget if you do make ATM withdrawals after purchases, you'd need to clear the entire balance, not just the value of the ATM withdrawal (which you'd be guessing anyway until the transaction goes from pre-auth to posted status).

Perhaps surprisingly, Clarity's Allocation Of Payments lists Cash Withdrawls before Purchases.

But, as you say, they have to have been statemented.