Overpaying Halifax Credit Card

Ash_Pole

I'm going to be using my Halifax Clarity credit card for cash advances abroad next week. Interest is charged from the day the cash is withdrawn. If I make a payment in advance to this card will this mean I won't get charged interest?

MorningcoffeeIV

Yes, but could also mean your card is blocked or even closed.

Make a payment when you withdraw the cash, or just wait until you get back. Interest will be pennies.

TheMilkmansDad

you'll get charged interest on the days between the withdrawals and when the bill is settled.

A bigger question is why are you withdrawing on a credit card? Do you not have a Halifax(?) debit card you could use?

MorningcoffeeIV

TheMilkmansDad said:

A bigger question is why are you withdrawing on a credit card? 

Because it's cheaper, as there's no forex fee.

NoodleDoodleMan

MorningcoffeeIV said:

TheMilkmansDad said:

A bigger question is why are you withdrawing on a credit card? 

Because it's cheaper, as there's no forex fee.

There are debit cards with no fees from their issuing bank, for example Starling and Chase.

There is also the Barclaycard Reward credit card which is fee free for currency withdrawals outwith the UK as long as you pay the balance when the next statement is due to be settled.

Also, remember you will incur ATM fees unless the owner bank does not charge such - and such machines are very few and far between nowadays.

Brie

I suggest you plan how much you are going to take out on what day(s) and then set up payments to the cards on those days.  That's what I do.  Mine's a Santander and they only get fussed if you are in credit for a couple of weeks but I try to not antagonise them.  

Remember to take into account if you are also using it for purchases as you don't get to pick and choose how your payment gets applied to what portion of the balance.  So if you purchase things, then make a payment and then take out cash the payment will go against the purchases rather than the cash advance even though the CA is interest bearing.  When you have made the payment the card system won't know you intend to do anything else. 

[Deleted User]

NoodleDoodleMan said:

MorningcoffeeIV said:

TheMilkmansDad said:

A bigger question is why are you withdrawing on a credit card? 

Because it's cheaper, as there's no forex fee.

There are debit cards with no fees from their issuing bank, for example Starling and Chase.

There is also the Barclaycard Reward credit card which is fee free for currency withdrawals outwith the UK as long as you pay the balance when the next statement is due to be settled.

Also, remember you will incur ATM fees unless the owner bank does not charge such - and such machines are very few and far between nowadays.

It depends entirely on the location as some countries it's very common (e.g. Spain) but in others the ATM owners are satisfied with the interchange revenue they get from Visa/Mastercard. 

redux

I reckon you can probably manage without cash

mebu60

redux said:

I reckon you can probably manage without cash

Depends where they are going. Even in Europe. The Netherlands for example outside of the main tourist areas is mainly Maestro and does not accept UK credit or debit card payments. Even some of the large national supermarket chains will not accept UK cards (Albert Heijn, looking at you). 

eastmidsaver

would it not be better to get or chase or a monzo or something of that kind ?