Are all zero-fee travel cards equal?

Uberfaker
Uberfaker Posts: 7 Forumite
in Credit cards
I have an old MBNA travel card which has zero fees for foreign currency. It's a Mastercard which I understand gives better exchange rates than Visa. It also gives me a little cashback.

Will the exchange rate on this card be the same as, say, the Halifax Clarity card?

Thanks.
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Comments

  • SnowTiger
    SnowTiger Posts: 4,458 Forumite
    First Anniversary Name Dropper Photogenic First Post
    The best cards use the rates set by Visa and Mastercard.

    Visa: https://www.visaeurope.com/making-payments/exchange-rates

    Mastercard: https://www.mastercard.co.uk/en-gb/consumers/get-support/convert-currency.html

    MSE investigated which payment network offered the best exchange rates. It concluded that Mastercard rates are usually better than those offered by Visa. See the updated article here.
  • chattychappy
    chattychappy Posts: 7,302 Forumite
    I don't know about the MBNA card, but some cards allow fee-free cash withdrawals, some don't. Clarity allows £500/day, but my Santander ZERO only allows £300. My Barclaycard does charge a 2.99% fee/loading for a cash withdrawal, but then gives me up to 56 days credit.

    Some APRs are better than others. My Clarity is 12.9%, Zero 35% (started lower). If you're pulling out cash and paying a few days later, interest is small. But if you wait a couple of weeks, the different is significant.

    Mastercard rates are indeed usually fractionally better than Visa.

    There is a card out there that does cash back (or points or something) on foreign purchases. Can't remember which one - not one that I have. Somebody will enlighten us soon.

    I have heard that some cards are more likely to trigger an offer of DCC, so you are more likely to get stung.

    My answer: take as many cards as you can. All these differences pale into insignificance compared with the hassle of having an only card blocked.
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    UK cards have had to list the scheme (Visa, MasterCard or Amex) charge and any issuer specific charges separately for some time.

    The only forex free MBNA card that I was aware is their now off-sale Everyday Amex. They may have others though, like yours.
  • WillPS
    WillPS Posts: 3,454 Forumite
    Newshound! First Post Name Dropper First Anniversary
    chattychappy wrote: »
    There is a card out there that does cash back (or points or something) on foreign purchases. Can't remember which one - not one that I have. Somebody will enlighten us soon.
    Lloyds Avios Rewards? https://www.lloydsbank.com/credit-cards/avios-rewards.asp

    £24 annual fee

    Sounds like the OP has a legacy card that might be worth keeping hold of!
  • gt94sss2
    gt94sss2 Posts: 5,629 Forumite
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    The Aqua Reward also gives cashback on overseas transaction (and has no annual fee)
  • esuhl
    esuhl Posts: 9,409 Forumite
    Name Dropper First Post First Anniversary
    Credit cards might say that international transactions are free, but they usually offer much poorer rates than you could get from a bureau de change.
  • sausage_time
    sausage_time Posts: 752 Ambassador
    I'm a Volunteer Ambassador First Post First Anniversary Name Dropper
    Credit cards might say that international transactions are free, but they usually offer much poorer rates than you could get from a bureau de change.

    That's definitely not true for specialist travel debit and credit cards (the likes of which are being discussed here).
    I’m a Forum Ambassador and I support the Forum Team on the Credit Cards and Budgeting & Bank Accounts boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • WAYT
    WAYT Posts: 694 Forumite
    esuhl wrote: »
    Credit cards might say that international transactions are free, but they usually offer much poorer rates than you could get from a bureau de change.


    What a strange comment. Do you have any examples?
  • zagfles
    zagfles Posts: 20,321 Forumite
    First Anniversary Name Dropper First Post Chutzpah Haggler
    esuhl wrote: »
    Credit cards might say that international transactions are free, but they usually offer much poorer rates than you could get from a bureau de change.
    Complete rubbish.
  • System
    System Posts: 178,093 Community Admin
    Photogenic Name Dropper First Post
    esuhl wrote: »
    Credit cards might say that international transactions are free, but they usually offer much poorer rates than you could get from a bureau de change.

    Borat, is that the case in Kazakhstan?
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