123 Charge for foreign currency

username

WillPS said:

Brie said:

M&S did in the past not charge interest on foreign currency purchases as they classed them as a purchase rather than cash advance.

From M&S Bank Bureaus only, right?

I remember years ago M&S BDC used to have a separate chip and pin machine for M&S cardholders. I can't remember what the purpose was but I suspect it gave M&S cardholders better rates/free free something like that.

NoodleDoodleMan

username said:

WillPS said:

Brie said:

M&S did in the past not charge interest on foreign currency purchases as they classed them as a purchase rather than cash advance.

From M&S Bank Bureaus only, right?

I remember years ago M&S BDC used to have a separate chip and pin machine for M&S cardholders. I can't remember what the purpose was but I suspect it gave M&S cardholders better rates/free free something like that.

At an instore bureau M&S credit card holders can get a slightly better rate buying foreign currency than settling with cash or other card - and it was not classed as a cash advance.

Don't recall having to use a separate card machine though - but I wasn't paying much attention.

WillPS

username said:

WillPS said:

Brie said:

M&S did in the past not charge interest on foreign currency purchases as they classed them as a purchase rather than cash advance.

From M&S Bank Bureaus only, right?

I remember years ago M&S BDC used to have a separate chip and pin machine for M&S cardholders. I can't remember what the purpose was but I suspect it gave M&S cardholders better rates/free free something like that.

Probably a hacky way of getting it to go through with a different MCC.

TheBanker

WillPS said:

username said:

WillPS said:

Brie said:

M&S did in the past not charge interest on foreign currency purchases as they classed them as a purchase rather than cash advance.

From M&S Bank Bureaus only, right?

I remember years ago M&S BDC used to have a separate chip and pin machine for M&S cardholders. I can't remember what the purpose was but I suspect it gave M&S cardholders better rates/free free something like that.

Probably a hacky way of getting it to go through with a different MCC.

More likely a way of bypassing Mastercard completely. 

Marchitiello

Gerry1 said:

grumbler said:

NoodleDoodleMan said:

Years ago I had a Sainsbury's Gold credit card - no fees on withdrawing currency, including the UK, which I suspect would be unique ?

HX Clarity doesn't charge fees for cash. It does charge interest.

Barclaycard Rewards doesn't charge fees. Not sure about the interest. I remember there was some Barclaycard that didn't charge interest on cash abroad.

Yup, Barclaycard Rewards is the one to have.  No fee and no interest on overseas cash withdrawals so you can use it for everything and just let the DD take care of it all.

But worth always remembering that withdrawing at an ATM (home or abroad) with a Credit Card gets reported to the Credit Reference agencies and as we now have so many Travel Debit Cards (Chase, Monzo, Starling, HSBC Global money etc), I would strongly advice against ATM withdrawing using a credit card. Use the DC for ATM and A CC for purchases

pridehappy

Wow, that’s interesting. I’ve got a Virgin Atlantic Reward credit card and when I exchanged pounds into euros at John Lewis Travel Money in the UK and also topping up my Post Office Travel Card, they didn’t charge me anything.

Gerry1

Marchitiello said:

Gerry1 said: is

grumbler said:

NoodleDoodleMan said:

Years ago I had a Sainsbury's Gold credit card - no fees on withdrawing currency, including the UK, which I suspect would be unique ?

HX Clarity doesn't charge fees for cash. It does charge interest.

Barclaycard Rewards doesn't charge fees. Not sure about the interest. I remember there was some Barclaycard that didn't charge interest on cash abroad.

Yup, Barclaycard Rewards is the one to have.  No fee and no interest on overseas cash withdrawals so you can use it for everything and just let the DD take care of it all.

But worth always remembering that withdrawing at an ATM (home or abroad) with a Credit Card gets reported to the Credit Reference agencies and as we now have so many Travel Debit Cards (Chase, Monzo, Starling, HSBC Global money etc), I would strongly advice against ATM withdrawing using a credit card. Use the DC for ATM and A CC for purchases.

@Marchitiello   Fortunately I shan't be taking out a mortgage or loan so it doesn't bother me, (although I do have a Chase debit card to avoid local ATM fees in the USA).

However, it's quite an indictment of the credit rating system if they can't distinguish between occasional cash withdrawals at overseas airports, stations and ferry terminals as opposed to 'payday loan' UK cash advances towards the end of every month.

Marchitiello

Gerry1 said:

Marchitiello said:

Gerry1 said: is

grumbler said:

NoodleDoodleMan said:

Years ago I had a Sainsbury's Gold credit card - no fees on withdrawing currency, including the UK, which I suspect would be unique ?

HX Clarity doesn't charge fees for cash. It does charge interest.

Barclaycard Rewards doesn't charge fees. Not sure about the interest. I remember there was some Barclaycard that didn't charge interest on cash abroad.

Yup, Barclaycard Rewards is the one to have.  No fee and no interest on overseas cash withdrawals so you can use it for everything and just let the DD take care of it all.

But worth always remembering that withdrawing at an ATM (home or abroad) with a Credit Card gets reported to the Credit Reference agencies and as we now have so many Travel Debit Cards (Chase, Monzo, Starling, HSBC Global money etc), I would strongly advice against ATM withdrawing using a credit card. Use the DC for ATM and A CC for purchases.

@Marchitiello   Fortunately I shan't be taking out a mortgage or loan so it doesn't bother me, (although I do have a Chase debit card to avoid local ATM fees in the USA).

However, it's quite an indictment of the credit rating system if they can't distinguish between occasional cash withdrawals at overseas airports, stations and ferry terminals as opposed to 'payday loan' UK cash advances towards the end of every month.

Credit cards were never meant to be used to withdraws cash outside of emergencies, and the credit system is set up to look into that (how many emergency does this person have and how often?). It is irrelevant if this is done at home or away. 

if you have a Chase card already, I simply see no point of using a credit card at an ATM abroad, in US or otherwise 

Gerry1

I've only recently joined Chase, so Clarity will probably just be used occasionally to keep it available as a backup.

But Barclaycard Rewards will still useful  because all overseas use can go on one card and there's no need to have to keep checking the balance.  (My BCC credit limit is much higher than the 'float' I keep with Chase.)

Chase will be useful in the USA because their ATMs are notorious for charging non-customers, sometimes even for balance enquiries, and not making it clear whether the fees apply to non-US cardholders.

I object to CRAs drawing adverse wrong conclusions about my credit worthiness when they have no valid evidence to do so.

WillPS

Gerry1 said:

I object to CRAs drawing adverse wrong conclusions about my credit worthiness when they have no valid evidence to do so.

CRAs do no such thing, they provide the metric, which is amount/number of 'cash advances'. The lender you are seeking credit from is free to judge that as a positive or negative, or simply ignore it; it is the lender who determines your credit worthiness, not CRAs.