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Off To America With My Barclaycard

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Comments

  • asandwhen
    asandwhen Posts: 1,407 Forumite
    Doesnt matter if you pay the balance off in full every month - you WILL have to pay 2.75% - below is copied from the summery box.

    Charges Cash, balance transfers and cheques: 2.5% (min. £2.50)
    Overseas transactions: 2.75%
    Copies of statements: £3.00
    Copies of transactions: £5.00
  • Rafter
    Rafter Posts: 3,850 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    2.75% is the standard charge for most credit cards.

    Part of this is income for the card company and part is the fees the card company has to pay to visa for processing the overseas transaction and for foreign exchange risk (if the rate moves between the date you buy the goods and the date the transaction actually hits your credit card account).

    Nationwide choose to 'make a loss' on all overseas transactions to make themselves different. If you don't then pay nationwide some interest by paying in full, you are a loss making customer to Nationwide.

    2.75% is still less than the 'gap' between the buy and sell price and the 'real' exchange rate though.

    So.....

    Use a nationwide debit card for cash withdrawls
    Never use a credit card for cash withdrawls, in the UK of overseas
    Use a nationwide credit card for purchases
    Don't bother with travellers cheques or getting cash at a uk airport. I haven't travelled anywhere yet where there isn't a cashpoint within 10m of the arrivals gate at a major international airport.

    R.
    Smile :), it makes people wonder what you have been up to.
  • Hi

    I dont understand then :confused: We went to USA twice last year 5 weeks in total and used the card daily and was never charged any fees etc.

    PP
    xx
    To repeat what others have said, requires education, to challenge it,
    requires brains!
    FEB GC/DIESEL £200/4 WEEKS
  • I dont understand then :confused: We went to USA twice last year 5 weeks in total and used the card daily and was never charged any fees etc.
    That is because the fees are hidden in the currency conversion. In other words, you got a worse exchange rate than you would have done with a Nationwide card.
  • Hey Again

    Im not being argumentative...honest :o , but when we used the CC over there we actually got a better deal in exchange rate that if we had purchased travellers cheques-I have just looked over my statements to double check.

    Is it something new they have bought in :confused:

    PP
    xx
    To repeat what others have said, requires education, to challenge it,
    requires brains!
    FEB GC/DIESEL £200/4 WEEKS
  • I have PM'ed you Penny pincher! Thank you!x
  • Im not being argumentative...honest :o , but when we used the CC over there we actually got a better deal in exchange rate that if we had purchased travellers cheques-I have just looked over my statements to double check.

    Is it something new they have bought in :confused:
    No it has been around for years.

    I am not denying that you got a better exchange rate than if you purchased travellers cheques or cash - you will have done. All I am saying is that you would have got an even better exchange rate with Nationwide card.
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