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Halifax Clarity Card - Cash Withdrawals

Daft Doctor

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Hi, just thought I'd pass on some info after my first experience of withdrawing cash with my Halifax Clarity Card. For those who don't already know this is a credit card which doesn't charge cash withdrawal fees and uses market exchange rates with no loading. It does however charge interest on cash withdrawals, and the quoted AER is 12.9% (unless you have a dodgy credit rating).

Well, I withdrew 300 euros in Austria in February and the exchage rate used was about 1.19 euros/£ which was about interbank rate on the day. As soon as I got back to the UK I made a direct transfer from Lloyds by BACS to clear the balance. When I got my statement through today, I have only been charged £0.68 interest for the transaction, which equates to approximately 0.25%. With no other charges for the withdrawal it represents fantastic value.

Being a credit card you cannot maintain a positive balance, but it seems that if you pay off the withdrawals directly and as soon as possible (instead of waiting til the statement says so or the direct debit kicks in) the interest charged is minimal. Good news!
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