Halifax Clarity Credit Card for Travelling

adindas

Heng_Leng wrote: »

It's against the T&Cs of the card to preload it.

I do not know wether balance transfer from other creditcard is considered as preloading. I think it will be different as for the balance transfer the money comes directly from the Bank own account not our account.

Heng_Leng wrote: »

They may terminate the card.
You will also get the ATM withdrawals listed on your credit report.

I am not sure about this. Is it only applicable to cashwithdrawal in the UK or abroad as well ??

I wonder if this is the case what about the people who use it to withdraw cash in foreign currency abroad. As I understand people do this all the time ....

Sofar I have not used my claritycard to withdraw cash either here in the UK or Abroad. Could anyone else please confirm wether they have seen any cash withdrawal by creditcard is recorded on the credit file ?

grumbler

adindas wrote: »

I do not know wether balance transfer from other creditcard is considered as preloading.

Sure it is - like any deliberate payment to a CC.

I am not sure about this. Is it only applicable to cashwithdrawal in the UK or abroad as well ??

Is there any difference? Withdrawal is withdrawal, although the effect is believed to be negligibly small: MSE: Overseas Credit Card ATM Withdrawals

PeacefulWaters

ATM withdrawals linked to an increasing balance may well have a negative impact on the ability to get credit.

ATM withdrawals where the balance remains flat or is cleared monthly will be unlikely to worry a potential lender.

adindas

PeacefulWaters wrote: »

ATM withdrawals linked to an increasing balance may well have a negative impact on the ability to get credit.

ATM withdrawals where the balance remains flat or is cleared monthly will be unlikely to worry a potential lender.

If you do Balance from £0, 0% interest on BT to Haliax Clarity it will be done in one go.

There will be in credit balance in the card

When you withdraw this balance from an ATM in the UK on daily basis, taking consideration the daily limit withdrawal, your balance will be steadily decreasing, not increasing.

By the end of the statement month your balance is already zero as the result of the daily withdrawal.

System

Regular cash advances - repaid or not are likely to worry a lender.

PeacefulWaters wrote: »

ATM withdrawals linked to an increasing balance may well have a negative impact on the ability to get credit.

ATM withdrawals where the balance remains flat or is cleared monthly will be unlikely to worry a potential lender.

PeacefulWaters

Heng_Leng wrote: »

Regular cash advances - repaid or not are likely to worry a lender.

Every lender can choose to interpret these things their own way.

Back in the days when I was a mortgage and personal loan underwriter cash advances weren't considered an issue. Cash advances driving up a balance outstanding were a major red flag.

takman

[Deleted User] wrote:

Sounds like you're very responsible You're right in saying the negative effect is very small even negligible however it's still something recorded and something other lenders will pick up on and think about. I can fully understand why your credit score is going up given what you have said and applaud it. Everyone's situation is different, younger people especially will have a harder time getting credit and this is why I strongly encourage people not to do anything to negatively impact their credit rating.

The main point in having a good credit history is to get cheap loans and credit cards etc. So even if withdrawing cash abroad on the Halifax Clarity leaves a negative mark you should still do it because it saves money!. There is no point in spending money and loosing out to have a slightly better history!.

Personally I use my Clarity for all my purchases and withdraw a small amount of cash as and when I need it (which I rarely do). This means I don't end up taking extra money I don't need which is a big waste. I then pay off any cash withdrawals straight away using my mobile phone (Free to use abroad with Three). This is definitely the best way I have found and is the cheapest and also the easiest because I don't have to visit anywhere to change my money.

macalloa

I may have missed this during the chat above - but beware using a Clarity card in an ATM in the USA assuming there will be no commission or fees.

In my (limited) experience American currency dispensers add on a cash withdrawal fee (around $3-$4 per transaction) regardless of what type of plastic is used.

Maybe somebody can confirm this as a universal procedure stateside.

fifeken

macalloa wrote: »

Maybe somebody can confirm this as a universal procedure stateside.

No, there are ATMs with no fee. Sometimes not so easy to find however.

PeacefulWaters

macalloa wrote: »

I may have missed this during the chat above - but beware using a Clarity card in an ATM in the USA assuming there will be no commission or fees.

In my (limited) experience American currency dispensers add on a cash withdrawal fee (around $3-$4 per transaction) regardless of what type of plastic is used.

Maybe somebody can confirm this as a universal procedure stateside.

TD Bank were free when I was in NYC.
I saw $0.99 charging ATMs in a handful of McDonalds.
$1 at the Casino Royale in Vegas.
Seek out credit union ATMs. I believe they are often free.

Or purchase everything. If you do still need cash one large ATM withdrawal to cover the full trip should do it.