Speedcard

lindabea

LaurenceK wrote:

Hi there, Laurence here from Speedcard. Thanks for your comments.
Whilst we do charge fees, our policy is to be upfront and straightforward about them.

Our fees when abroad are much lower than most banks and building societies in terms of Credit Card and Debit Card charges. The difference is that most people are unaware of hidden charges;

Martin Lewis lists these charges on this site; they are

Loaded Exchange Rate or often called Foreign Transaction Charge.
Most Banks and Building Societies charge typically 2.75%

Speedcard charges 0%, Foreign Transaction Charge.

Cash Withdrawal Charge.
According to Martin, this is typically 2% and a minimum of 2%

Speedcard charges £1.20 flat rate at ATMS.

Interest Charge.
This is the hidden fee that Credit Card companies charge, when you are withdrawing cash overseas on Credit. It is charged immediately until you pay it off and it is often much higher than your current rate of interest.
Most Card providers charge between 14% and 22%

Speedcard is not a Credit Card product so there is no Interest Charge.


(If you take a £1,000 overseas and withdraw it 2x at an ATMs,)

Typical Debit Card Product £47.50
Credit Card Product (22% pay back after 30 days) £65.80
Speedcard (includes monthly fee, ATM Fee and load fee) £14.85

Hope this helps

Is this the best you can do to defend your card? Your fees are exorbitant and completely unfair. What you so conveniently forget to mention is the interest you will be earning on your customers money. Money which if they leave in the current accounts, they would not be charged any fees for making withdrawals.

Come on Laurence - how gullible do you think we are. I'm surprised that you even responded to this thread!!!