overseas cash withdrawals

G_M

Considering applying for Halifax Clarity cc as it's recommended for overseas spending.


Downside is it charges 18% for cash withdrawals abroad till payment is made.


Am I right in assuming though, that by making a payment onto the account before trvelling to cover the estimated cash withdrawals, there would then not be any interest charges?

mchale

G_M wrote: »

making a payment onto the account before trvelling to cover the estimated cash withdrawals, there would then not be any interest charges?

Strictly speaking its against the T&C's, the interest is ridiculously low anyway, I never bother just pay it off when you get home.

[Deleted User]

Yes, it you get away with it.

But if they block your account for putting it into credit, you won't get the chance to use it.

Just pay it off once it's posted on your account if your balance is otherwise zero, or when you get the statement if you're carrying a balance.

jonesMUFCforever

How much cash will you need to withdraw?
I use mine to pay for things so not much actual cash needed.

eskbanker

This question comes up reasonably often and almost always results in two parallel sets of replies, one saying "it's against the Ts & Cs to preload" and another saying "well I've always done it without a problem", take your pick of which stance to adopt!

A couple of examples:
https://forums.moneysavingexpert.com/showthread.php?t=5782485
https://forums.moneysavingexpert.com/showthread.php?t=5834976

dj1471

FWIW the Creation Everyday card has a lower interest rate (12.9% representative) and is likewise fee-free.

As noted the interest will be very little, you can pay off the balance when you get back (or sooner if you're so inclined).

chattychappy

G_M wrote: »

Downside is it charges 18% for cash withdrawals abroad till payment is made.

You do realise that this is an annual rate? - you'd only pay 18% if you made a withdrawal and took a year to pay it back. The monthly (standard) rate is 1.456% and interest is calculated daily. So roughly you will pay 5p a day for each £100 withdrawn. So take out £100 and pay a week later - is 35p such a problem?

eskbanker wrote: »

This question comes up reasonably often and almost always results in two parallel sets of replies, one saying "it's against the Ts & Cs to preload" and another saying "well I've always done it without a problem", take your pick of which stance to adopt!

A couple of examples:
https://forums.moneysavingexpert.com/showthread.php?t=5782485
https://forums.moneysavingexpert.com/showthread.php?t=5834976

Indeed I started my own thread on this very topic to see what people's experience was. Didn't get many replies:

https://forums.moneysavingexpert.com/showthread.php?t=5794129

virgo17

dj1471 wrote: »

FWIW the Creation Everyday card has a lower interest rate (12.9% representative) and is likewise fee-free.

As noted the interest will be very little, you can pay off the balance when you get back (or sooner if you're so inclined).

The interest rate on my Halifax Clarity is 12.9%. I think the OP is a little unfortunate to have been issued a card at the slightly higher rate.

However, as chattychappy points out, the actual daily rate until payment is made is still quite low. Paying money into the account as soon after the withdrawal is posted would keep it as low as possible.

chattychappy

virgo17 wrote: »

The interest rate on my Halifax Clarity is 12.9%. I think the OP is a little unfortunate to have been issued a card at the slightly higher rate.

I also have 12.9%. But when I checked their website, it seems 18.95% is now the standard for most, with 25.95% for others.

https://www.halifax.co.uk/creditcards/clarity-card/

My Santander Zero was progressively increased to 34.9% APR. But still no problem - because I pay it off in a few days.

DCFC79

Use the clarity for spends and open up a Stirling account and transfer x amount of money for atm withdrawals.

virgo17

chattychappy wrote: »

I also have 12.9%. But when I checked their website, it seems 18.95% is now the standard for most, with 25.95% for others.

Interesting. Thanks for the info.