Credit Cards Abroad Article Discussion Area

System

Hi Martin,

I knew about the Nationwide CC being good for overseas purchases especially if you have the cashback card. I also knew they had changed the way they charged for withdrawls ie 1% and interest on the amount withdrawn. I loaded up my card with money before I left on holiday this time and withdrew it as normal, have I got around them charging me interest as I am in credit?

D. ::)

System

Hi

having just read your article on credit cards abroad I am still a wee bit confused. I am going to live in New Zealand later this year and would like to know which credit card would be the best one to get until I can get an NZ one? I have only been back in the country for a year or so and things have changed significantly since I was last living here.

Please could you shed some light?

Cheers

Abi ???

purplemoon

Even within your interest free credit period with Nationwide there is still a charge for cash withdrawal (£1 or 1% as stated in the table). I was not prepared to pay a fiver to get some money to go away with so just used the credit card for as much spending as possible, and then my Nationwide visa debit cards (2, and both inc. overdrafts for atms).

It isn't hard opening a nationwide flexaccount just for your travels (my mother has one and it beats her £2.00 withdrawal fee x all the times you take out money abroad.... Remember to fill it up with plenty first). Even if it is just their cashcard a/c link and cirrus are well accepted (I always check first though)

Abi, I think the liverpool victoria is only the best when within Europe (from what I understood) so I think Nationwide could be best bet. It will be free to spend on, and no interst payable on withdrawals. Maybe get a debit or cashcard for withdrawals.

System

Im off to hong kong for 2 weeks soon and im wondering about charges for withdrawing cash from my natwest account using my natwest debit card with switch,cirrus and maestro logos on.

Natwest seemed unable to tell me of any charges


Can anyone help ?


thanks

System

Sir/Madam,

I am trying to find out what the possibility is of securing a loan for house improvement purposes. I intend to rent out the property afterwards. I am an owner/occupier, having inherited the house as a result of a death in the family. There are two major downsides. I am currently (semi) unemployed and despite being in my early fifties I have no credit history. The very thought of borrowing money is anathema to me... thus far. I do have a part-time teaching job, but this is in the nature of a tiny step into the unknown for me and there is no way I would wish to use this as a means of securing a loan. Given the above problems, would it be possible to secure a loan if I used my house as security. I am talking of a loan of between £2000 - £5000 to be repayed over three years. I would welcome your advice. G. Knott

System

Some great advice regarding credit cards, but still unsure whats right for me
I intend to make a £7000 equivalent purchase in the usa, is a credit card the best tool for this ? or is there a better way of accessing my cash overseas?

jg

I intend to make a £7000 equivalent  purchase in the usa, is a credit card the best tool for this ?

You might get a better exchange rate using a currency broker, if you are talking that amount of money.  Caxton, CurrencyUK, HIFX are three I know of.  

payless

Nationwide Credit Cards -
using abroad

Please note, the cash withdrawal fee will increase to 1.25% (minimum £1.25) from 1 June 2004

mrtickle

Just wanted to check something. There are many mentions of these cards eg Nationwide being the cheapest for spending abroad, but it always implies you have to actually be abroad, on holiday etc.

What about Internet purchases - I buy lots of DVDs via websites in Canada, USA, Australia etc because they are better than those available in our own country, and often cheaper (even with postage cost included). Surely the Nationwide card would be cheaper for these purchases too, as they appear on my current CC statement as foreign currency transactions and presumably include a loading?

Sorry if this is obvious, but can't find it explicitly mentioned.

student100

Yep, if the transaction is processed eg. in the US in USD then it counts as being abroad (I'm 99% sure).

If it's processed in GBP then there wouldn't be a loading though.

I think the loadings are technically for "foreign currency transactions" rather than strictly "using your card abroad".