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  • FIRST POST
    • tonythetank
    • By tonythetank 14th Feb 18, 11:52 AM
    • 8Posts
    • 0Thanks
    tonythetank
    Halifax Clarity
    • #1
    • 14th Feb 18, 11:52 AM
    Halifax Clarity 14th Feb 18 at 11:52 AM
    Hi two questions, if you draw cash on the Halifax Clarity card does it affect your credit file.
    also is it better to draw money out from an ATM in Tenerife or get Euros before going as we need some cash to pay for accommodation when we arrive,
    Thanks
    Tony
Page 1
    • PeacefulWaters
    • By PeacefulWaters 14th Feb 18, 12:07 PM
    • 8,205 Posts
    • 10,447 Thanks
    PeacefulWaters
    • #2
    • 14th Feb 18, 12:07 PM
    • #2
    • 14th Feb 18, 12:07 PM
    Hi two questions, if you draw cash on the Halifax Clarity card does it affect your credit file.
    Originally posted by tonythetank
    If it's part of a rising balance then possibly. If it's paid in full as part of the normal payment cycle, probably not.

    also is it better to draw money out from an ATM in Tenerife or get Euros before going as we need some cash to pay for accommodation when we arrive,
    Thanks
    Tony
    Assuming you can get the dash you need from an ATM (there are limits, so careful) that would most likely be best. But more Spanish ATMs are now charging fees to UK card users.

    While I'm quite comfortable taking no foreign currency anywhere with me, I'm not sure I'd want to risk no accommodation if the ATM retained my credit card. Make sure you have several back up choices.
    • nickw56
    • By nickw56 14th Feb 18, 1:51 PM
    • 5 Posts
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    nickw56
    • #3
    • 14th Feb 18, 1:51 PM
    • #3
    • 14th Feb 18, 1:51 PM
    If you use your Halifax Clarity card to withdraw cash you should be aware that there is no interest free period. I used mine last year to withdraw cash while in Greece and ended up paying around 11 interest. This card is still a great deal but I now get whatever cash I think I will need using the best deal I can find using the MSE TravelMoney finder tool. Alternatively you could put cash on a prepaid card ( I use Moneycorp!!!8217;s Explorer) but then you may get hit with ATM fees
    • 18cc
    • By 18cc 14th Feb 18, 2:08 PM
    • 376 Posts
    • 228 Thanks
    18cc
    • #4
    • 14th Feb 18, 2:08 PM
    • #4
    • 14th Feb 18, 2:08 PM
    No, withdrawing cash up to your credit limit won't affect your credit file. Not paying it off when required will! Credit card interest rates are very high and interest starts from the date of the cash withdrawal.
    • zagfles
    • By zagfles 14th Feb 18, 2:13 PM
    • 12,890 Posts
    • 10,961 Thanks
    zagfles
    • #5
    • 14th Feb 18, 2:13 PM
    • #5
    • 14th Feb 18, 2:13 PM
    If you use your Halifax Clarity card to withdraw cash you should be aware that there is no interest free period. I used mine last year to withdraw cash while in Greece and ended up paying around 11 interest. This card is still a great deal but I now get whatever cash I think I will need using the best deal I can find using the MSE TravelMoney finder tool. Alternatively you could put cash on a prepaid card ( I use Moneycorp!!!8217;s Explorer) but then you may get hit with ATM fees
    Originally posted by nickw56
    You can avoid most of the interest by paying it off asap. I never pay more than a few , usually pence. Don't wait for the statement, don't use a DD. Changing cash or using a pre-paid card which has charges or markups the rate will likely cost you far more.
    • Gary_Dexter
    • By Gary_Dexter 14th Feb 18, 2:17 PM
    • 887 Posts
    • 491 Thanks
    Gary_Dexter
    • #6
    • 14th Feb 18, 2:17 PM
    • #6
    • 14th Feb 18, 2:17 PM
    Affect your credit file in what way?
    • lisyloo
    • By lisyloo 14th Feb 18, 2:27 PM
    • 21,708 Posts
    • 10,492 Thanks
    lisyloo
    • #7
    • 14th Feb 18, 2:27 PM
    • #7
    • 14th Feb 18, 2:27 PM
    if you draw cash on the Halifax Clarity card does it affect your credit file.
    If you mean using it for holidays a few times of year then anecdotally no, but of course it's situation dependent. If you have defaults and CCJs then it's probably a negative, but on a well managed account then travel money should not be an issue.

    also is it better to draw money out from an ATM in Tenerife or get Euros before going
    With a few caveats ATM is cheaper but be aware
    1) take a back up card just in case clarity doesn't work.
    2) be aware of daily limits especially if you have to pay your accom up front.
    3) Be aware that ATMs at the airport don't always work, so you might want to take a little cash so that at least you can get a drink of water and have a backup plan, especially if where you are staying is remote. Taking sterling is one BACKUP PLAN.
    4) IMPORTANT - Make sure you do NOT accept conversion. Take it in foreign curreny (this usually means declining conversion by the ATM bank so it's usually a NO) and let halifax convert at 0%. Converting at the ATM can cost as much as 10% !!!! (Also make sure you don't get converted bills in restaurants and shops as it's ALWAYS more expensive than Halifax - insist on LOCAL currency).

    Affect your credit file in what way?
    Garry - mine (call credit) shows number of cash advances and value of cash advances so the information is recorded. In theory a lender could interpret cash as being deperate but clearly it needs to be taken in context with other information. Anecdotally people with generally good credit files don't have an issue with taking travel money from ATMs, but it COULD be a sign of distress on a bad credit file.
    Last edited by lisyloo; 14-02-2018 at 2:32 PM.
    • chattychappy
    • By chattychappy 14th Feb 18, 10:50 PM
    • 6,717 Posts
    • 3,626 Thanks
    chattychappy
    • #8
    • 14th Feb 18, 10:50 PM
    • #8
    • 14th Feb 18, 10:50 PM
    If flying from Gatwick, try the Moneycorp machines. If you use Clarity you can choose "without conversion" and you will get pretty much the interbank rate with no fees. Do not use other branded ATMs (if you can find them), do not use other cards (except Santander Zero), do not use Moneycorp desks.

    As for interest, just pay off a few days later. Even if you wait a month, the cost would still be less than for other methods.
    • nickw56
    • By nickw56 15th Feb 18, 9:17 PM
    • 5 Posts
    • 0 Thanks
    nickw56
    • #9
    • 15th Feb 18, 9:17 PM
    • #9
    • 15th Feb 18, 9:17 PM
    I agree you can pay off the cash withdrawal immediately but that's an extra bit of hassle I could do without when I am on holiday. If travelling in a country where cash is frequently required the interest charges quickly mount up.

    I wanted to point this out because although the Clarity card is a great deal the fact that there is no interest free period on cash withdrawals is something that I suspect most users may have missed. Another issue is that there is no way to see what the actual conversation rate is until the statement is available. It's just not quite as perfect as MSE seems to suggest.
    • No_6
    • By No_6 15th Feb 18, 10:08 PM
    • 594 Posts
    • 121 Thanks
    No_6
    Just use mine to pay for anything but not to get cash.
    Always a good transfer rate and a few weeks to pay it off.

    Also you get 20, it you have a existing card and use it abroad
    b4 end of March 2018
    • adindas
    • By adindas 15th Feb 18, 10:23 PM
    • 3,507 Posts
    • 2,182 Thanks
    adindas
    I agree you can pay off the cash withdrawal immediately but that's an extra bit of hassle I could do without when I am on holiday. If travelling in a country where cash is frequently required the interest charges quickly mount up.

    I wanted to point this out because although the Clarity card is a great deal the fact that there is no interest free period on cash withdrawals is something that I suspect most users may have missed. Another issue is that there is no way to see what the actual conversation rate is until the statement is available. It's just not quite as perfect as MSE seems to suggest.
    Originally posted by nickw56

    So are you expecting to get interest free period on cash withdrawal with creditcard ??
    Have you ever seen a credit card works like that ? They might do that just during promotional activity but not for regular use.

    Let say you have 10 credit card (say) so you will have the opportunity to take 3000 with minimum one month interest free period ??

    Also if they are doing that it is just matter before they are going into administration as they will not make money at all. They even make a loss. If it is for purchase they get at least a tiny percentage from the merchant.

    If you do not want to pay interest or you do not want hassle to pay it asap to avoid interest then get specialist debit card. You could also try Starling, Monzo, revolut, loot.
    Last edited by adindas; 15-02-2018 at 10:43 PM.
    • YorkshireBoy
    • By YorkshireBoy 15th Feb 18, 10:42 PM
    • 30,122 Posts
    • 17,978 Thanks
    YorkshireBoy
    So are you expecting interest free on cash withdrawal with creditcard ??
    Have you ever seen a creditcard works like that.

    I do not think any credit will ever give you interest free period on cash withdrawal for obvious reason.
    Originally posted by adindas
    Doesn't one of the Barclaycards offer up to 56 days interest free on non-sterling forex cash withdrawals? Yes there's a fee of course, but it is "interest free".

    Saga offers up to 55 days "interest free" on cash advances, with a smaller fee.

    Others have also offered it in the past.
    • bspm
    • By bspm 15th Feb 18, 10:54 PM
    • 488 Posts
    • 726 Thanks
    bspm
    Just use mine to pay for anything but not to get cash.
    Always a good transfer rate and a few weeks to pay it off.

    Also you get 20, it you have a existing card and use it abroad
    b4 end of March 2018
    Originally posted by No_6

    I thought this 20 incentive was only for new accounts not existing ones?
    • eDicky
    • By eDicky 16th Feb 18, 4:43 AM
    • 3,315 Posts
    • 1,558 Thanks
    eDicky
    Another issue is that there is no way to see what the actual conversation rate is until the statement is available.
    Originally posted by nickw56
    Not true - the provisional rate is given immediately after the transaction when it appears as pending on the Halifax app, and the actual rate when it settles a day or two later. There's also the knowledge that you're getting the MasterCard rate without markup, as published by MasterCard (the following day).
    • eDicky
    • By eDicky 16th Feb 18, 5:01 AM
    • 3,315 Posts
    • 1,558 Thanks
    eDicky
    If flying from Gatwick, try the Moneycorp machines. If you use Clarity you can choose "without conversion" and you will get pretty much the interbank rate with no fees. Do not use other branded ATMs (if you can find them), do not use other cards (except Santander Zero), do not use Moneycorp desks.
    Originally posted by chattychappy
    MoneyCorp and their multi-currency ATMs are also at Stansted and Southend
    airports.

    The option to select 'Without Conversion' to get the straight MasterCard rate also appears when using the Starling Bank card, Loot prepaid, and Monzo prepaid (probably also Monzo Bank, I have not yet tried).

    Regular bank debit cards don't work, most credit cards probably do but there's no point unless they are fee-free like Clarity, Zero etc.
    Evolution, not revolution
    • Terry98
    • By Terry98 16th Feb 18, 5:54 AM
    • 908 Posts
    • 2,496 Thanks
    Terry98
    I thought this 20 incentive was only for new accounts not existing ones?
    Originally posted by bspm
    Yes, it's only for new customers who apply before 28th February.

    A couple of years ago they gave you 5 a month just for using the card!
    https://www.moneysavingexpert.com/news/cards/2016/07/halifax-ditches-5-monthly-reward-for-clarity-customers--but-new-online-applicants-can-still-get-it
    • chattychappy
    • By chattychappy 16th Feb 18, 9:01 AM
    • 6,717 Posts
    • 3,626 Thanks
    chattychappy
    I agree you can pay off the cash withdrawal immediately but that's an extra bit of hassle I could do without when I am on holiday. If travelling in a country where cash is frequently required the interest charges quickly mount up.
    Originally posted by nickw56
    I travel alot. On the standard rate, interest will "rack up" at the rate of 1.456%/month. So let's say you have a 4 week holiday, and make withdrawals throughout the trip and pay off on return. Your cash would have cost you just 0.8% on average.

    Most people don't have holidays as long as 4 weeks, and couldn't bear to do it without internet anyway!

    I wanted to point this out because although the Clarity card is a great deal the fact that there is no interest free period on cash withdrawals is something that I suspect most users may have missed.
    Originally posted by nickw56
    I doubt whether users of this site would have missed it. A discussion about Clarity is always accompanied by talk of "pre-loading" and "paying off of a few days later so you only pay pence in interest".

    Perhaps outside of here, people don't appreciate the interest. Unfortunately they are often stung by DCC too - which is much more costly.

    Another issue is that there is no way to see what the actual conversation rate is until the statement is available. It's just not quite as perfect as MSE seems to suggest.
    Originally posted by nickw56
    Well, of course you can opt for DCC. You will see the rate on the screen and that will be the rate you will get. It might well be loaded by 7%, though. Most solutions where you know the rate up front will be loaded... As for the Clarity rate, it's close the interbank rate, so a quick google will reveal it. Also, most currencies are relatively stable - in the Eurozone, for example, if you look up the Euro rate before you go then you will be within a few % of that during your trip. I have a currency app on my phone.

    Clarity isn't "perfect" - occasionally it gets blocked and you are limited to 500 (and limited by your credit limit). I travel alot in Europe and Asia. I haven't found a better way of doing it. Santander Zero operates in a similar way.
    Last edited by chattychappy; 16-02-2018 at 9:04 AM.
    • lisyloo
    • By lisyloo 16th Feb 18, 9:21 AM
    • 21,708 Posts
    • 10,492 Thanks
    lisyloo
    I agree you can pay off the cash withdrawal immediately but that's an extra bit of hassle I could do without when I am on holiday.
    I too go on holidays where I am remote from internet (last one scuba diving 24 hours from shore) or simply don't want the bother or risk but halifax is still cheaper for interest for a couple of weeks.

    If travelling in a country where cash is frequently required the interest charges quickly mount up.
    Not usually with Clarity over a few weeks.

    Another issue is that there is no way to see what the actual conversation rate is until the statement is available.
    It's the mastercard rate with 0% commission. There is no better rate available.

    It's just not quite as perfect as MSE seems to suggest.
    I don't believe MSE says it's perfect but for a normal holiday even with interest it's LOWER than any other option.

    Most people will have free wifi on their holidays and be on facebook etc. but if that's too much hassle (and I agree somtimes you don't want the hassle) then the cost is still the lowest you can get.
    Last edited by lisyloo; 16-02-2018 at 9:24 AM.
    • PeacefulWaters
    • By PeacefulWaters 16th Feb 18, 9:45 AM
    • 8,205 Posts
    • 10,447 Thanks
    PeacefulWaters
    I agree you can pay off the cash withdrawal immediately but that's an extra bit of hassle I could do without when I am on holiday. If travelling in a country where cash is frequently required the interest charges quickly mount up.
    Originally posted by nickw56
    5p per 100 per day isn't going to kill you. B compared to ordering currency in the UK at poor exchange rates it's still better.

    As for extra hassle, two minutes online every few days, maybe over a pint that costs more than the interest charged, isn't hassle.

    I wanted to point this out because although the Clarity card is a great deal the fact that there is no interest free period on cash withdrawals is something that I suspect most users may have missed.
    Nonsense.

    Another issue is that there is no way to see what the actual conversation rate is until the statement is available.
    There are numerous calculator apps that make it very possible. Plus the insurance of knowing MasterCard rate is best or a whisker away.

    It's just not quite as perfect as MSE seems to suggest.
    I don't think they imply perfection. But it's notably better value than just about every other option out there.
    • lisyloo
    • By lisyloo 16th Feb 18, 9:54 AM
    • 21,708 Posts
    • 10,492 Thanks
    lisyloo
    As for extra hassle, two minutes online every few days, maybe over a pint that costs more than the interest charged, isn't hassle.
    Whilst the majority will not be able to unglue themselves from facebook some of us do have a digital detox whether forced or not.

    I've been on holidays where there internet is non-existent (diving in the ocean) and also where it's extortionate (try satellite from a cruise ship).

    The interest has never been more than the price of a cup of coffee and always cheaper than other options.

    It's the best option out there by a country mile.

    I was recently shocked at ATM conversion rates of 10% (I believe mexico city airport).
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