Credit Card On Holiday (Abbey Zero)

diggerdidoodar

Just read new weekly email & i've been looking at the part about spending abroad. Got a few questions:-

1.States no fee for ATM withdrawals but later state 27.6% for withdrawals, slightly confused.
2.Do you get a better exchange rate euro vs pound when using the card at an ATM abroad than buying Euros pre holiday at somewhere like Travelex etc.

Thanks in advance

SwissLe

Yes, there are isn't a transaction fee when you use an ATM, but they do charge a whopping amount of interest if you don't pay it off. For example, Barclaycard Platinum would charge you £2.50 or 2.5%, whichever is more, instantly and then you'd be stung with the interest of 27.9%.

UK high street foreign exchanges, including Travelex are rip offs, commission free but loaded in their favour, so the rate you get is less than they buy it for. You will get a much better rate using your Abbey Zero credit card as it's based on Mastercard/Visa (depending which you choose) rates which are normally very good. Again if you were to spend on your Barclaycard Platinum then you'd have this rate 'adjusted' in their favour by 2.75%.

Don't use the card for withdrawals, use it for spending. You get interest fee and good deals, without being stung if you don't pay it off in time. You also have to be aware that many ATMs abroad will charge you their own fee for using the service, and certain ones will offer you a 'conversion service', mainly Satander ones, which offers a terrible rate and are to be avoided.

diggerdidoodar

My holiday is Half Board so meals etc paid for, so would the best option be travellers cheques so I'd get the best exchange rate.

Still confused as to weather the Abbey Zero would charge or not for ATM withdrawals.

jxxxbool

The Abbey Zero Card charges a a whopping 27.9% APR on cash withdrawals from the date of transactions even paid in full at the due date.

Question: Could I make an overpayment on my card and use that cash to withdraw when I'm abroad. Do I still get charge as my account will be in credit?

duggie1982

jxxxbool wrote: »

The Abbey Zero Card charges a a whopping 27.9% APR on cash withdrawals from the date of transactions even paid in full at the due date.

Question: Could I make an overpayment on my card and use that cash to withdraw when I'm abroad. Do I still get charge as my account will be in credit?

I dont see why not although I cant confirm this. Im sure someone will confirm

SwissLe

diggerdidoodar wrote: »

My holiday is Half Board so meals etc paid for, so would the best option be travellers cheques so I'd get the best exchange rate.

Still confused as to weather the Abbey Zero would charge or not for ATM withdrawals.

No, travellers cheques are terrible. The rates you get when you buy them are never fantastic and then most places charge for you to cash them in. If you don't want to pay for everything by plastic then either take sterling with you and change it when you are there or work out the next best way. Some people find it easier to go to an ATM with a debit card and drawer out cash because it only charges them 1.5%, however this might not be the best route for you.

Who do you bank with? Where are you going? How much do you want to spend?

The Abbey card does not charge you for getting the money out. There is no instant charge, however you start accumilating interest instantly at the advertised rate. You would not get charged anything if you put your account into credit before you went, they cannot charge interest on a positive balance.

If you drew money out of the ATM and then waited to come back from holiday to pay it off you would be charged daily interest at your cash withdrawal rate from the day you drew to the day you clear it in full.

BenL

Has anyone done the pre-loading on Abbey zero card?

I'm going to France on 31st May and if the card arrives in time I will do it for ATM withdrawals and spending.

I've still got my Nationwide CC for backup as well but won't be in credit on that one.

diggerdidoodar

Thanks, things much clearer thanks to Swissle, like Benl can anyone confirm the pre-loading as this seems the way to go.

simon_templar_2

You cannot load money onto the Abbey Card. This is specifically prohibited in their terms and conditions. If anyone tells you different then they are lying/wrong.

diggerdidoodar

Therefore will I be paying the 27.5%APR on the ATM withdrawals only or on the full balance of the account.
£1000 ATM withdrawal plus £1000 various purchases, do I just pay 27.5%APR against the £1000 ATM withdrawal & get 3 months interest free on purchases.

simon_templar_2

Cash withdrawals charged 27.9%, you just wont pay the transaction fee but really it is not advised to draw cash on the card. Best way is to use it in shops and restaurants. The preloading loophole was open last year but Abbey closed it last October time.

The interest for purchases is 18.9% typical variable of course!