Credit card for ATM withdrawal?

Ozzysmate

Not too sure where to post this:

In the 'Banking and Saving' \ 'Top Cards for Travelling Abroad' Barclaycard Rewards Credit Card is compared with Chase Debit Card and First Direct Credit Card. Further down the chart is the Row heading 'Fee free ATM cash' where it's stated that '£500/day can be withdrawn on the Barclaycard.'

I understand, from years of studying Martin's sage advice, that withdrawing cash on a credit card will destroy someone's credit rating?

Nasqueron

Generally speaking it's not a good idea to take cash out on a credit card due to the fees and interest but a specialist card for use in emergency is no bad thing. I don't think Martin/MSE are encouraging you to do it

Brie

Well a credit score is meaningless so that's not an issue.  And I've never seen a credit report that pointed out that a CC was used at an ATM.  Which is not to say that Martin is wrong.  The reason not to use a CC at an ATM is that it's a cash advance and starts racking up the interest immediately.  

CliveOfIndia

As above, you should generally avoid using a credit card for cash withdrawals.  The majority of cards will charge a fee as well as interest, and regularly withdrawing cash can begin to tarnish your credit history.

The exception is where you're withdrawing cash whilst abroad.  As long as you use the "correct" credit card (BarclayCard Rewards is the current favourite, due to no fees and no interest if you clear the statement in full), then it can actually be cheaper than using an ordinary debit card.  There are some debit cards that won't charge, but the majority will charge you a fee for foreign currency withdrawals.

So it's fine for occasional use when on holiday - and yes, it'll be recorded on your credit history, but very occasional withdrawals won't be a huge problem.

It's when your doing it regularly, arguably even more so if doing it in the UK, that it becomes an issue.