Ask Andy #59: Your money questions answered

My regular round-up of your personal finance questions.

I love hearing from you, whether it’s on the blog, social media, YouTube or email. Often you’re asking me questions about your finances, and I’m always glad to help if I have the time.

But I realised that my answers could also be useful to other followers. So I’ll be putting my responses to the best questions into regular articles here on the blog.

Keep reading for some of the questions I’ve been asked, plus the video live from this week with even more!

Watch the latest live Q&A

Every couple of weeks (usually on a Sunday or Tuesday evening at 7pm) you’ll find me live on YouTube and Instagram answering your questions. It’s probably the best place to ask!

Here’s the latest video:

This week’s extra questions

If you’ve asked me a question elsewhere, you might find the answer below!

Can I double Amex points?

Does American Expess usually do a double up on points during winter? I heard when you convert Amex points to avois or nectar they do a double up promotion which is usually in the winter months?

Joseph, via the Facebook community

This was an offer that Sainsbury’s used to run, where you’d double Nectar points to use in some departments in store. Sadly it ended a few years ago.

Can I open an account and then refer my wife?

Is it possible for me to open a new current account now with the Coop and then once I am a customer for my wife to then open an account following a referral by me. Or is there a cut off date somewhere in the very small print which would exclude this from the incentive?

Michael, via email

Yes absolutely – as long as the offer is still running when you’ve got your account open. Sadly there’s no published end date for this deal. Here’s more on the Co-op £125 switch deal.

Will I lose my Lifestyle Benefits if I switch?

Hi Andy hope you don’t mind me asking. I did a switch about 2 months ago for Lloyds and I’m now tempted to go for the HSBC cash. Would Lloyds take back the switch offer they paid me and the cinema tickets?

J, via email

Your switching money is fine. But, yes I think they will cancel the cinema tickets. So you’ll need to use them up before switching! Here’s more on the Club Lloyds account.

Will I get charged for ATM withdrawals abroad?

I was wondering, I am from the UK, travelling to France next year for a ski trip. I want to use my Chase debit card to avoid abroad fee’s – I saw they don’t charge for ATM use, but will the ATM charge a fee for using a foreign debit card with £ load onto it and not euros?

Owen, via email

So you’re right, the Chase card is a great one to use as you won’t be charged by Chase to withdraw Euros, even though it’s Pounds in your account. However, there is a chance the local cash machine will add an extra charge which is often hard to avoid. So it’s often better to pay with the card as much as possible – and make sure you pay in the local currency when you do. Here’s more on my top tips for spending abroad.

What’s the best way to buy a car?

We have been gifted £15,000 from a family member to buy a car (super lucky and very grateful). This money is in my bank and due to be used to purchase a car this weekend. My credit rating is good. However, my income is low.

I was hoping to make my purchase on Saturday using a credit card which offers cashback/rewards. The full amount could then be paid off via direct debit. Any tips?

Catherine, via email

So the bad news is you’re unlikely to get cashback on a car purchase. First up, you’d need to apply for the card, get accepted and receive the car in the next few days. Then if you manage that you’ll find the credit limit on the card is unlikely to cover the full price of the car – and that’s if the dealership even accepts credit cards.

Sadly, the other main cashback card – a debit card from Chase Bank – excludes cashback on car purchases.

Saying that, if you already have a credit card you can use, or think you’ll get one in time, then you could try the Stoozing approach for as much of the car value as your credit limit allows. I’ve detailed how that works in this article. Good luck!

How to ask me questions

The best way to get in touch is in the Andy Clever Cash Facebook community

Just post your question any time, or ask me in my live fortnightly Q&A every other Tuesday (which is on Instagram and YouTube).

I can’t promise I’ll be able to answer all questions but I’ll do my best.

If you want to contact me via other channels I tend to look once a week at all the messages, but it can take longer – so you might have to bear with me for a reply.

You can also comment on individual blogposts and videos or ask me questions via these channels:

• Twitter @AndyCleverCash
• Instagram @AndyCleverCash