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MSE News: Nationwide hikes overseas card charges
Former_MSE_Guy
Posts: 1,650 Forumite
Comments
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The article recommends the Santander Zero card, but when I asked about this in April I was told that it had been withdrawn.
An increase of 16 pence in the cost of obtaining a hundred pounds. Not really big news.0 -
It's not really a 'hike', is it?From Poland...with love.
They are (they're) sitting on the floor.
Their books are lying on the floor.
The books are sitting just there on the floor.0 -
No - the Title is misleadingNationwide says it is passing on the fee Visa, the payment vehicle behind most Nationwide cards, charges it for processing transactions in certain currencies.
So should the title should read Visa hikes overseas card charges for Nationwide customers0 -
mystic_trev wrote: »No - the Title is misleading
So should the title should read Visa hikes overseas card charges
As I understood things, Nationwide have absorbed the charge till now. So really Visa haven't hiked. NW have stopped absorbing. But that make poor headlines.This is an open forum, anyone can post and I just did !0 -
It's a typical dramatic headline by MSE with no substance. I'm starting to think MSE is the online equivalent of the Sun.
N/W have not "hiked" the rate, Visa have put it up slightly and N/W have passed it on rather than absorbing it.
If 16p per £100 is going to affect someone's holiday or trip then perhaps they can't afford to go abroad.
The additional 1% (or 0.16%) is barely noticeable as the rate fluctuates so much.
The N/W cards are still the cheapest method of getting cash and buying goods abroad.0 -
When they started charging 0.84% I'm sure they said at the time it would go up to 1%. Even with the fee the rate I've had while in Tanzania and Hong Kong have been significantly better than bureaux de change.0
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0.84% up to 1%. Hike? No. As pointed out above, Nationwide announced this increase a good while back, and explained their reasons behind it. Nationwide is still one of (if not the) best ways to draw cash abroad.
Yet another sensationalist gutter-press headline from a site I used to respect.0 -
This change was originally planned for July. Visa then changed its mind and decided to leave it at 0.84% - now it seems to have changed its mind again.
As others have said, it is Visa that is behind this change - some time ago Nationwide changed its policy from absorbing the Visa charge (and therefore charging nothing to the customer) to passing the charge on directly. The reason Nationwide gets blamed for this is because it is (AFAIK) the only bank/BS that passes the Visa charge on directly to customers - most banks add an extra cut of their own, so will now be 0.16% worse off.
I agree with others about the sensationalist headline - what's up with MSE these days?Voyager2002 wrote: »The article recommends the Santander Zero card, but when I asked about this in April I was told that it had been withdrawn.
It was re-introduced earlier this year - I obtained one a couple of months ago. However, being a credit card there are issues with being charged interest if you use it to withdraw cash (unless you pay it off immediately) - so it has a higher hassle-factor than the Nationwide debit card.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0
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