Switching credit cards

Sncjw

Says abkve abkht fees 

[Deleted User]

Sncjw said:

Says abkve abkht fees 

Indeed.  

Fighter1986

Ebe_Scrooge said:

Sncjw said:

I dont understand that first sentence 

All credit cards charge interest on cash withdrawals, from the date of withdrawal until it's repaid.  This applies even if you pay the full...

The 118118 Money credit card does not charge cash withdrawal interest, even from transaction date to payment date, when paid in full each month.

This is true both for domestic and foreign cash transactions.

There is no monthly fee for the card either.

I have confirmed this is the case with their customer service team. 

It is the only card I am aware of which offers this feature. 

Sncjw

The varclay card doesnt indicate interest on the cash withdrawal 

cymruchris

I've just come back from Germany - and although I was carrying some Euros - I needed a few more. I decided to try withdrawing on my BC rewards card as it mentioned fee free withdrawals. I took out 150 Euros - and then the day after once the transaction was cleared and in my account - paid off my balance in full. No charge has been made. No interest to be seen. It's only if you carry your balance beyond your 'pay-by date' on your statement will you incur interest. 

400ixl

Always good to have at least 2 methods of payment when abroad.

If you already have a Halifax Clarity card then that gives you zero fees and the best exchange rate you are going to get. If you then have a debit card with a bank such as Starling, Chase etc then you also get the same that way.

You could then use the bank account for cash and the Clarity card for other purchases, and visa versa if required due to any issues with either.

Ebe_Scrooge

cymruchris said:

I've just come back from Germany - and although I was carrying some Euros - I needed a few more. I decided to try withdrawing on my BC rewards card as it mentioned fee free withdrawals. I took out 150 Euros - and then the day after once the transaction was cleared and in my account - paid off my balance in full. No charge has been made. No interest to be seen. It's only if you carry your balance beyond your 'pay-by date' on your statement will you incur interest. 

That sounds correct.  On most cards (with the exception, it seems, of the 118118 card, thanks to @Fighter1986 for highlighting that) interest will be charged on withdrawals from withdrawal until repayment.  Since you repaid the withdrawal as soon as it hit your statement (as mentioned in my first post on this thread), then you were charged no interest.  Usually, if you waited until the statement arrived then paid in full, you'd be charged a few days of interest (unlike the process for standard purchases, where interest is waived if you pay in full).

I will emphasis that this is the procedure for most cards.  It's quite possible that the BC card works in a similar way to the 118118 card and waives interest on withdrawals even if you wait until the statement arrives - it would be prudent to check the T&Cs carefully.  Although, for most people withdrawing a relatively small amount and repaying relatively soon after withdrawal, the amount of interest will not be massive.