The right card for me?

zaphan58

I am going travelling around the world in April for 8 months and while I have saved plenty of money I would like to take a credit card with me in case of emergency. Now while I hope I don't have to use it as I've never had one I applied for the M&S card last night after a read on this site.

I got an email back today saying I have been accepted and they will send me a credit agreement to sign. This card offers 10months interest free on purchases which I think best suits my needs?

Before I recieve and sign the agreement do you think this is the best card? Also in the event I have to use it I presume that when I get back from travelling I can transfer the balance to a different credit card after the interest free period to avoid paying the interest? I know very little about credit cards having never owned one!:o

cooltt

Ok first thing you have done wrong is apply for a card that your not sure you want. One credit check against your name!!

You should have gone for the Nationwide gold card, doesn't charge you for using it abroad has a good interest free period. The only thing you should be concerened about if you want to use a card abroad is how much they will charge you for using it and that you can access your account online.

PrincessDonna2009

I think you should had shopped around first, to see if you could get a good deal on a credit card that doesn't charge you for using the card abroad... But the card you have been offered is a good deal on a intrest free period for 10 months, as most companies only offer 6 months free. I would double check with the credit card company and ask if they charge for using it abroad and see what they say.

Like you say it might only be used in a emergancy, also it's upto you wether you take a credit card out against your name, not anyone else's!!

Good Luck

zaphan58

cooltt wrote: »

Ok first thing you have done wrong is apply for a card that your not sure you want. One credit check against your name!!

Ah heck I didn't realise that I didn't think it would matter unless I actually signed an agreement for it. Live and learn I guess.

Thanks for the advice so far both of you I will do a bit more reading.

zaphan58

Right I just got a reply from M&S with the following information in it:

Any M&S Money MasterCard transaction that is not in Sterling is subject to
a 2.75% Foreign Exchange Charge. This charge is to cover the cost of
converting any overseas currency to Sterling and also any Overseas Banking
Fees that are often incurred. This 2.75% Foreign Exchange Charge is
included in the sterling amount shown on the customers statement.

Can anyone tell me if that rate is good / bad / average?

cooltt - I looked at the Nationwide Gold Card but unfortuatley I don't meet the criteria. Annoyingly Nationwide are going to start charging for use of the Flex account abroad too in the future. :mad:

withnell

Pretty much every card charges that ballpark of fee, except for I think 3 cards (post office, nationwide, abbey zero) which are nothing / 1%

travellingwithoutmoving

We just got an M&S credit card and it is a good rate. But you need to be aware that the interest free period is for purchases only. Cash withdrawals on the card are not subject to the interest-free period, and they are also subject to a 2.99% charge. So it will work out very expensive if you're going to want to use this card to make cash withdrawals. Also you will need to check that it is possible to do this while abroad, as I've never used a credit card in this way before.
Bottom line: Keep for use in an emergency, but make sure you keep a cash reserve as well.
Oh, and enjoy your travels!

zaphan58

travellingwithoutmoving wrote: »

.
Bottom line: Keep for use in an emergency, but make sure you keep a cash reserve as well.
Oh, and enjoy your travels!

Yeah that's the way I am viewing it. The card will only ever bee needed in extreme case of money running out and I need somewhere to stay for the night kind of situation. Although like I say hopefully I will never need to use it.

Oh and thanks.