Creation Credit Card

saikou999

Hello,

I am currently looking for a travel card with no fees spending abroad, preferably no ATM withdrawal fees and also low exchange rate.

I did a bit of research online and found thatCreation Everyday Credit Card card suits all my needs. But I am a bit worried about the ATM withdrawals abroad. It is stated on their site that there will be no fee on ATM withdrawal abroad but the interest will be calculated daily. Does this mean if I repay the full balance on the next repayment date I will still be charged the interest from the date I withdraw the money from an ATM?

For example, I withdraw £300 in Tokyo on 20th April the repayment date is 10th May. If I pay in full n 10th May, will I be charged an an interest during these 20 days? Or I only simply need to repay in full on 10th May and there is no interest?

Sorry for such a stupid questions. Thank you for your time and help.

Ebe_Scrooge

In a nutshell, yes you will be charged interest from the date of withdrawal until you pay the balance off. It won't be a massive amount, and a lot of people like the convenience ( the Halifax Clarity card is another one that is often touted as being good for spending abroad, similar terms and conditions ).

If you want to avoid interest, as long as you can get online when you're over there - simply make a payment to the card online as soon as you've withdrawn the money.

Also, just be aware - the card themselves may not make a charge for ATM withdrawals, but the ATM operator might - the card company have no control over this.

bigadaj

You also don't have to wait to teh statement date to make a payment if you're accruing interest, so if you don't have access to a secure connection whilst abroad you can make a payment as soon as you return and this will limit the interest to two weeks or whatever time before you can make the payment.

dresdendave

saikou999 wrote: »

Hello,



For example, I withdraw £300 in Tokyo on 20th April the repayment date is 10th May. If I pay in full n 10th May, will I be charged an an interest during these 20 days? Or I only simply need to repay in full on 10th May and there is no interest?

Sorry for such a stupid questions. Thank you for your time and help.

If you are going to Japan, as per your example, most ATM's will not accept non Japanese CC's. Uses the ones in 7-11 stores, you'll never be more a mile from one in a big city. There will be no ATM fee. I believe Post Office ATM's also accept foreign CC's although I haven't used one myself.

Andrew.2112

Just to take this one stage further. Can any boffins out there see anything wrong with 'preloading' your creation credit card with Eg. £500 before you go on holiday, knowing roughly that is what you want to spend for the time you are away? If any surplus left when you get back just spend on shopping or fuel to use it up. More importantly, especially if no internet access, you haven't got to keep logging on every night and transferring funds while away. Sounds good, but does anyone know for any flaws or small print that says this isn't a good idea. Thanks

Yawn

Andrew.2112 wrote: »

Just to take this one stage further. Can any boffins out there see anything wrong with 'preloading' your creation credit card with Eg. £500 before you go on holiday, knowing roughly that is what you want to spend for the time you are away? If any surplus left when you get back just spend on shopping or fuel to use it up. More importantly, especially if no internet access, you haven't got to keep logging on every night and transferring funds while away. Sounds good, but does anyone know for any flaws or small print that says this isn't a good idea. Thanks

Risky. The payment could be rejected or just not credited to your account. Credit card accounts are not meant to be in credit. It will probably be against T&Cs but haven't checked this.

Ben8282

Before you start worrying too much, remember that the interest on a typical APR card would be about £1.60 per-£100 for a whole month.
So the interest on the £300 withdrawal even if left unpaid for a whole month would be around £5 at the most.
So stop worrying and enjoy your holiday. If you can afford a holiday in Japan I'm sure you can afford £5 interest over a month.
Also pre-loading the card is NOT a good idea. It is against the terms and conditions of the card and not worth taking the risk to save such a small amount.
However, if you have access to internet banking during the holiday, you could always make a payment (assuming the previous months statement has already been paid in full) as soon as the transaction appears which will reduce the amount of interest payable to next to nothing.