Halifax has issued a warning to customers about the potential for high fees when using credit cards to withdraw cash. The bank clarified that sending money to another person using a credit card is not possible, as it involves withdrawing cash and physically handing it over. Halifax emphasized that this method of borrowing can be expensive due to transaction fees and interest charges, recommending it only for emergencies.
Halifax has issued a warning about potentially 'expensive' fees that customers could incur with certain transactions. This comes following a customer inquiry on social media. A customer asked: 'I want to send £50 to my wife by credit card.' The bank initially responded that transferring funds from a credit card to another person is 'not possible'.
The savings giant went on to explain that giving someone money using a credit card involves withdrawing cash at an ATM and physically handing it over. The Halifax website explains that while it is possible to take out money at a cash machine with a credit card, much like using a debit card, this type of cash transaction can come with extra costs. Halifax warned the customer: 'Please note however, this will incur a cash fee and interest being applied to your credit card.' The bank's guidelines describe such transactions as an 'expensive way to borrow', recommending only to use them for emergency situations. Customers may face a transaction fee up to 5% for cash withdrawals made with their credit cards and are encouraged to review their account terms before proceeding with such withdrawals. You can't make such withdrawals using a credit card at Halifax branches. More information on credit card cash withdrawals can be found here. These are the eight types of credit card transactions that Halifax deems to be cash transactions
Halifax Credit Cards Cash Withdrawals Fees Interest Charges
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Fuming voter brands Yvette Cooper 'two-faced' as she hands out mince pies at Christmas 'rather than...Home Secretary Yvette Cooper visited Halifax Police to thank officers for their hard work over Christmas, meeting the Neighbourhood Policing Team and joining a patrol in Halifax town centre.
Read more »
Fuming voter brands Yvette Cooper 'two-faced' as she hands out mince pies at Christmas 'rather than...Home Secretary Yvette Cooper visited Halifax Police to thank officers for their hard work over Christmas, meeting the Neighbourhood Policing Team and joining a patrol in Halifax town centre.
Read more »
Halifax Fixed Saver Account: Early Closure Penalties ExplainedA Halifax customer encountered a potential penalty charge when attempting to close a Fixed Saver account shortly after opening it. The bank clarified the penalty rules and reassured customers about their 14-day cancellation period.
Read more »
Avon and Somerset Police issues winter fuel fraud warningCriminals are using fake payment schemes to steal personal data, a force warns.
Read more »
Lloyds, Halifax and Bank of Scotland makes HUGE change in bank branches...Inside the hubs restoring high street banking and reversing the tide of mass branch closures
Read more »
Major bank change to affect Halifax, Lloyds, and Bank of ScotlandBanking customers up and down the country will soon see a signifanct change at their local bank branch
Read more »