Credit card withdrawal

Bramblekins

If I am in credit on my credit card, can I withdraw money without charge?

[Deleted User]

No. You would still pay any cash withdrawal fee.

stephenadarglas

I have a Halifax Clarity Card and have never been charged whilst in credit by Halifax.

george4064

stephenadarglas wrote: »

I have a Halifax Clarity Card and have never been charged whilst in credit by Halifax.

Did you withdraw cash at a cash machine with your credit card and not incur any charges?

GiddyInvestor

I have withdrawn money overseas with my Clarity card and don't believe there was any charge apart from the tiny spread on the exchange rate (I think about 0.2%). They are supposed to deduct interest charging sums from the balance first so there should be no interest. Most other cards you will get hit with a withdrawal fee and a 3% exchange spread.

Reaper

You will find many credit cards forbid positive balances in the T&C for fear of money laundering. There is also a question mark over whether section 75 covers you when spending.

This article is very old but I think it all still applies
https://www.lovemoney.com/news/820/dont-let-this-happen-to-your-credit-card

Bramblekins

I think I will just withdraw some money and see what happens. Worst case scenario it will cost me £3

juststuff123

If you give the credit card company a call, they can transfer the excess for you. I had to do that a couple of weeks ago.

GiddyInvestor

Reaper - noted but my credit time was when they changed their T&C last year to take all the direct debit without taking into account extra payments. An effective double payment one month meant I was in credit for another couple of months. They seemed OK with it and nowadays the part payments I make are sized to just take the balance close to zero.

Fingerbobs

stephenadarglas wrote: »

I have a Halifax Clarity Card and have never been charged whilst in credit by Halifax.

Yes, but Halifax Clarity is one of the exceptions to the rule, because it doesn't charge a fee for Cash Advances. The only other such card that I know of is Santander Zero.


Pretty much every other card on the market will charge a fee for a Cash transaction.