HSBC global money account debit card versus Halifax clarity card

1socrates1

I am curious what the difference is between the  HSBC global money account debit card versus Halifax clarity card In terms of exchange rate. The hsbc option seems to be a debit card where for instance you preload it with money and choose euros. 

WillPS

One is a credit card, the other is a debit card - they're quite different in many ways.

Normally ability to access actual cash is a consideration as most credit cards will charge significant amounts for cash withdrawals. Interestingly the Halifax Clarity card doesn't when abroad but, they'll still interest from day 1 (which it's possible to avoid by manually paying the card immediately, but that's a bit of a faff). The cash withdrawals will also show up on your credit report, which may or may not be viewed as a sign of distress when considered by other lenders.

If you're looking to get cash, you're much better off with the HSBC Global Money account IMHO. If you're wanting to charge a card for purchases, and particularly if you need to allow a large deposit to be held against a card, then Halifax clarity might be the better option (so long as you spend only what you can afford). If the answer is somewhere between then probably both.

In terms of exchange rate, the Halifax card will use the Mastercard rate; HSBC claim their Global Money account uses "our competitive live exchange rates" - my expectation is that the difference will probably be negligible between them.

1socrates1

thank you so much for your reply

gt94sss2

You also don't need to preload your HSBC GMA account with Euros. You can leave the balance in GBP and it will convert it automatically to EUR when you spend

premierfella

WillPS said:

In terms of exchange rate, the Halifax card will use the Mastercard rate; HSBC claim their Global Money account uses "our competitive live exchange rates" - my expectation is that the difference will probably be negligible between them.

I'm pretty sure the HSBC Global Money rate has a conversion cost built into the rate, which means it's more likely that the Halifax Clarity rate is a little better on the exchange rate, but I wouldn't dispute that the HSBC GM card is a perfectly sound choice for most practical uses.