home
in

Which credit cards are free to use abroad?

Last post Tue, Apr 03 2012, 2:59 PM by Bob Atkinson. 4 replies.
Sort Posts: Previous Next
  •  Tue, Apr 03 2012, 2:59 PM

    Re: Which credit cards are free to use abroad?

    Hi Phillips-2

    Most credit cards are NOT free to use abroad. Most have either a service fee or transaction fee for spending in a shop, hotel, restaurant etc and/or something called currency loading where they take the VISA/MASTERCARD rate for the day and apply a percentage to that to effectively make your transaction more expensive. Typically this is up to a couple of per cent.

    I would recommend that if you already have a credit card you check with your issuer what their fees and charges are for oeverseas usage. If they have any and you intend to use a credit card overseas then I would consider applying for a card that is specifically for designed for overseas usage. This will be far cheaper and make your money go further. The link here takes you to some of the cards that will have no transaction fees and no currency loading fees. They may also have no ATM fees for withdrawing cash, however interest on credit card cash advances kicks in from the day you take the money out, with the exception of the Sainsburys Gold card who only apply it if yu don't pay your balance off in full each month.

    http://www.moneysupermarket.com/credit-cards/overseas-spending/

    Hope that this helps you.

    Bob

    • Post Points: 5
  •  Tue, Mar 27 2012, 6:41 PM

    Re: Which credit cards are free to use abroad?

    Hi, thanks for your reply but I'm not so clued up with this. What do you mean by fee and wholesale rate. Do you also get charged on the exchange rates too, when withdrawing cash from ATMs abroad?
    • Post Points: 20
  •  Tue, Mar 27 2012, 12:38 PM

    Re: Which credit cards are free to use abroad?


    Think carefully about "free"
    You need to be careful about the exchange rate being used. Fee + a wholesale rate may be better than free with a special rate ::)
    • Post Points: 20
  •  Mon, Mar 26 2012, 11:32 PM

    Re: Which credit cards are free to use abroad?

    • Post Points: 20
  •  Mon, Mar 26 2012, 5:59 PM

    Which credit cards are free to use abroad?

    Hi I would like to know which credit cards are free to use abroad?

    Thanks.
    • Post Points: 20