Cash withdrawals with CC

tryin

Hi everyone

I am abroad for long periods of time, so I use the clarity credit card to withdraw cash (paid back the same day so no cost). However, I saw here http://www.moneysavingexpert.com/travel/withdrawing-cash-abroad-credit-record that its not good for your credit report to withdraw cash with a credit card. Does that apply even if I got no charge at all for the withdrawal?

And more important, how long does a record of cash withdrawals stay on my credit report? (Because I am not getting a mortgage for some time still, so I'm interested in knowing until when I can do it without the lender seeing it).

Thanks in advance!

[Deleted User]

Occasional cash withdrawals, especially forex, on a well managed account will have no particular impact.

tryin

Its not really occasional. I am abroad for months at a time, and regularly use it for cash withdrawals.

As I said, the main thing I want to know is how long does a record of these transactions stay in my credit report?

sourcrates

tryin wrote: »

Its not really occasional. I am abroad for months at a time, and regularly use it for cash withdrawals.

As I said, the main thing I want to know is how long does a record of these transactions stay in my credit report?

Individual transactions on a credit or debt card, are subject to the data protection act, and are not public knowledge, can i ask, have you ever seen your credit reports ?

The only recorded information is if your payment was on time, late, and how late, credit reports actually show very little information, and certainly do not show individual transactions.


Your confusing statements with credit files i think.

redux

Besides that point, if you're also spending on the same card, cash withdrawals might not be nearly free of interest, as your payment the same or next day goes first towards items already appeared on a statement.

Full balance repayment after each cash withdrawal would reduce interest, but most people wouldn't worry too much about a quid or so.

tryin

sourcrates wrote: »

Individual transactions on a credit or debt card, are subject to the data protection act, and are not public knowledge, can i ask, have you ever seen your credit reports ?

The only recorded information is if your payment was on time, late, and how late, credit reports actually show very little information, and certainly do not show individual transactions.


Your confusing statements with credit files i think.

In the MSE guide it says that an occasional withdrawal is ok, but if you use it a lot it looks bad. Your saying the whole thing is rubbish, and they have no way of seeing if you used it for cash transactions at all. Who should I believe? And BTW, where can I see my credit report?

tryin

redux wrote: »

Besides that point, if you're also spending on the same card, cash withdrawals might not be nearly free of interest, as your payment the same or next day goes first towards items already appeared on a statement.

Full balance repayment after each cash withdrawal would reduce interest, but most people wouldn't worry too much about a quid or so.

I do full balance payment. I don't really use it as a credit card, but as a debit card with free cash withdrawal abroad...

Takmon

tryin wrote: »

I do full balance payment. I don't really use it as a credit card, but as a debit card with free cash withdrawal abroad...

Why don't you get a Starling account for example which has no limit on cash withdrawals abroad and is just a normal debit card so you don't have to worry about interest, credit file markers etc.

tryin wrote: »

In the MSE guide it says that an occasional withdrawal is ok, but if you use it a lot it looks bad. Your saying the whole thing is rubbish, and they have no way of seeing if you used it for cash transactions at all. Who should I believe? And BTW, where can I see my credit report?

If you have never checked your credit reports it's quite important that you do just to make sure it's all correct and there are no mistakes.

You can request a copy directly from each of the Credit Reporting Agencies for free. The main ones to check are Experian, Equifax and TransUnion UK.

tryin

Takmon wrote: »

Why don't you get a Starling account for example which has no limit on cash withdrawals abroad and is just a normal debit card so you don't have to worry about interest, credit file markers etc.

The starling card has no fees and doesn't charge a percentage? And is it Visa or MasterCard?

Takmon

tryin wrote: »

The starling card has no fees and doesn't charge a percentage? And is it Visa or MasterCard?

It's a MasterCard so uses the MasterCard exchange rate just like the Halifax Clarity does. They also don't charge any extra fees during the currency conversion.

But i would still recommend taking both card (or more) just in case one doesn't work.

tryin

Thanks for that. And can I check my credit report free however many times I like?