From: "Alec" 
Newsgroups: uk.finance
Subject: Re: Slightly OT. Euros for holiday
Date: Fri, 19 Sep 2003 10:51:37 +0100


"Andy Pandy"  wrote in
message news:bkdfij$u9a$2@newsg2.svr.pol.co.uk...
>
> "Jane Tweedynn"  wrote in message
> news:bkcql9$86ju$1@ID-188274.news.uni-berlin.de...
> > I have finally got off my arse and got myself a Nationwide credit card
which
> > has no charge for ATM withdrawals abroad. (no doubt they will change
this
> > now) I am still within my 0% offer but after that i intend to use this
card
> > whenever abroad.
>
> Err... Nationwide have always charged for credit card ATM withdrawals. It
used
> to be 0.5% with no interest (if you paid in full), it's now 1% plus
interest.
>
Are you sure? I knew about 1% cash handling fee from 1 June this year, but I
don't think they charge daily interest, unlike other cards. I've just
scrutinised their website, and there's no mention of daily interest on cash
advance. Can you quote the chapter and verse?

Alec
>
> > What the credit card companies do though is charge interest on the
withdrawn
> > balance immediately.  The most i have withdrawn in local currency during
a
> > holiday is £600 and was charged not much more than £2 in interest.  I do
> > however pay my balance off each month.
>
> Nationwide have a payment allocation that, unlike most cards, works to the
> customer's benefit. Payments go towards cash advances before purchases, so
to
> avoid too much interest you can pay off the amount of any cash advances
you made
> as soon as you get back off holiday (even if it's before your statement
date)
> and the interest charging should stop there and then - and you still get
the
> interest free period on all your purchases. At least that's the theory, I
have
> to wait till my next month's statement to see if it works.
>
> --
> Andy
>
>
>