Abbey Zero Card

td_007

IanMitchel wrote: »

Hi,

I am going to Turkey at the end of August this year.

I have applied and been accepted for an Abbey Zero card.

Should I just take the card and use it for withdrawing cash? I'll pay it off in full as soon as I get back to blighty.

:money:

Do not withdraw cash...even though there are no withdrawal fees...you will be liable for interest charges from the moment you withdraw.
Exchange before you go or use Nationwide debit card (if you have one) for fee free interest free withdrawal.

IanMitchel

td_007 wrote: »

Do not withdraw cash...even though there are no withdrawal fees...you will be liable for interest charges from the moment you withdraw.
Exchange before you go or use Nationwide debit card (if you have one) for fee free interest free withdrawal.

So, even if I pay off as soon as possible everything on the Zero card, I'd still be better off taking cash - right?

:money:

BenL

Martins article on travel money advises for the Santander card

The only negative is its high 27.9% cash withdrawal interest rate, which you pay even if you clear the card in full. Yet as that’s roughly £2 for a month per £100, it's still cheaper than paying interest PLUS the cash withdrawal fees on other cards.

td_007

BenL wrote: »

Martins article on travel money advises for the Santander card

The only negative is its high 27.9% cash withdrawal interest rate, which you pay even if you clear the card in full. Yet as that’s roughly £2 for a month per £100, it's still cheaper than paying interest PLUS the cash withdrawal fees on other cards.

However, it misses out on the fact that any purchase balance sitting on the card will lose the interest-free days and now you will be paying interest on the cash withdrawn plus the purchase balance till all of it is cleared!

Thus, if withdrawing cash using the Zero card, make sure all balances are clear and you do not make any purchases before clearing your cash withdrawal.

Also, look at the debit card foreign usage rates of the cards you hold to make an evaluation if you will be better off with it or Zero card or cash.

BenL

Thanks td_007, i didn't know that and must have missed it on the scan of the terms and cons before getting the card. I will check again when back at home!