Best Credit Card

[Jim]

With more and more places on the continent refusing to accept credit cards and pointing you toward the cash machine they have thoughtfully installed. Mindful as i am that we do not want to carry too much cash. What is the best credit card/bank account to use so that your cash withdrawals are not costing the earth

 

[GeorgeTelford]

Hi Jim

The type of machines that are installed in garages, shops etc make their money by charging a few euro, this is regardless of which bank you use....

But if its just to avoid foriegn use fee's...

The Average charge for foreign use by many credit card providers is 2.75% on the transaction amount. So, if you spend the equivalent of £100 abroad you will incur a charge of £2.75

There are a few credit cards on the market that don’t charge for foreign transactions, Nationwide are the most famous, but other providers who don’t charge a fee are Saga and Liverpool Victoria.

 

[Brisey]

We use Nationwide debit for cash withdrawalls and a Sainsburys Bank credit card

 

[Imala615]

We use Nationwide debit for cash withdrawalls

We also use nationwide find it is accepted in most 24h stations when we have been in France and free for cash withdrawal
Rob

 

[Ralph]

I use a Nationwide credit card and Nationwide flex account.
Both free to use abroad at the moment

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[Rapide561]

Credit cards

Hi

As George correctly says, there is a fee - of about 2.75% added to card transax when the crd is used overseas. This fee is applied by the account owning bank - such as NatWest, Halifax etc.

Furthermore, if the card is used in a cash machine rather than a shop/petrol station etc, then a further fee of 1.5% is added by the card operating network - ie - Visa, Mastercard etc. The total "extra" paid therefore is 4.25% - and some cards charge more.

You can however fight back - with the Nationwide for instance.

There are other ways to make money out of the card frims too.

For example, take out a MBNA credit card and as a new cunstomer you can have 90% of your new credit limit paid direct to your current account for a 2% fee. The balance is interest free until December 2008. Look at the maths.

You transfer £10,000 to your bank account and incur a 2% fee, your total debit is therefore £10,200. Invest the £10,000 in a one year bond, the best one is paying 6.9% at present, and your profit is therefore 4.9% - ie £490 over a 12 month period (gross rates.)

Alternatively, as the card is also interest free for purchases, it is worth paying for your net new car with the card - even if you have to pay the retailer an extra 1 or 2% - as you have effectively got an interest free loan.

The ASDA credit card will give you 2 pence off every litre of fuel purchased at ASDA and paid for with the card.

Tesco's credit card will earn you points - nothing more to say :thumb:

The list of "best" cards simply gets better. And what is more, apply for some of them via sites such as www.quidco.com and you even get paid to apply for the card.

If you do however use your new credit card to pay funds to your current account, and then earn interest on on the funds, you need to be disciplined. The card issuers would like you to spend the money and then after the 0% period, charge you handsomely - be careful. The practice of making money out of credit cards is known as "stooging". Read all about it - and a lot more - at www.moneysavingexpert.com

Sorry to have wondered slightly off topic!

Russell

 

[pappajohn]

If travelling in spain then an ABBEY debit card is the best. as its parent company is now SANTANDER any cashpoint transation fees at their cashpoints are refunded.
dont know about credit cards though.

john.