Using a credit card abroad....

stingray_316

How does a credit card work abroad every time you use it on meals or shopping/presents etc.
How much do you get charged every transaction for using it.

Doe you get a charge for the banks having to exchange from euro to pounds..... if so how much do they charge to do this.

Is it better to try and buy in pounds or euros on credit cards.

And finally would it work out expensive using you card abroad most of the time . l have a Lloyds tsb mastercard so would just like to know charges etc for using the card overseas.. Thanks

Any

Does it not say on your statements? It usually says all the charges on the other side of the statement...

BTW every card is different.

Any

Martin made a list. Have a look here:

http://www.moneysavingexpert.com/travel/overseas-card-charges

stingray_316

UK CREDIT Cards (as at June 2009)

SpendingWithdraw CashProvider Load Fee Interest (APR) if paid off in full

Alliance & Leicester
2.99%
3% min. £3
27.9%
American Express
2.99%
3% min. £3
27.9%
Asda
2.75%
3% min. £3
28.4%
Bank of Ireland
2.75%
2.5% min. £3
24.9%
Bank of Scotland
2.95%
3% min £3
27.9%
Barclaycard
2.75%
2.5% min £2.50
15.8% - 27.9%
Capital One
2.75%
3% min £3
25.9% – 34.9%
Citibank
2.95%
3% min. £5
28%
Co-op
2.75%
2.5% min. £3
9.9% - 23.9%
Egg
2.95%
3% min. £5
22.9%
First Direct
2.75%
2.5% min £2.50
21.9%
GM Card
2.75%
2.5% min £3
23.9%
Halifax
2.95%
3% min £3
27.9%
HSBC
2.99%
2.5% min £2.50
23.9%
Lloyds TSB
2.95%
3% min £2.50
27.9%
Marks & Spencer Money
2.75%
2.99% min. £3
23.9%
MBNA
2.75% - 2.99%
3% min £3
27.9%
Mint
2.75%
3% min. £3
27.9%
Nationwide
0% in Europe, 0.84% Worldwide
2.5% min £3
27.9%
NatWest
2.75%
3% min £3
27.9%
Post Office
NIL
2.5% min £3
26.9 %
RBS
2.75%
3% min £3
27.9%
Saga
0% in Europe, 1% Worldwide
2% min £2
NIL
Sainsburys
2.75%
3% min £3
24.9%
Santander Zero
NIL
NIL
27.9%
Smile
2.75%
2.5% min £3
23.9%
Tesco
2.75%
3% min £3
24.9%
Virgin Money
2.99%
3% min £3
27.9%

Where an interest rate range is shown, this means it depends on the specific card (source original research, with additional information from MoneyFacts)

Had a look any but l could do with a little explanation on the charges if possible seeing l'm a bit thick and do not understand all these charges. l have put above the charges for using credit cards abroad and l use a Lloyds TSB mastercard it says on the chart l will get 2.95% spending load ..What does this mean
And 3% £2.50 fee is this on top of the 2.95%

So what does spending load mean and is this for every purchase.
And it bit of help on explaining these charges.

E.G if l purchase something abroad and it costs £100 on the card how much will my credit bill be when it comes through, and do l still get up to 56 days interest free credit when l use the card abroad.. Thanks for any replys

CLAPTON

It means that

a. if you make purchases abroad on a CC they will add 2.95% to the sterling value of the transaction as a foreign loading.

b. if you withdraw cash from an ATM then you pay a cash withdrawal fee of 3% or minimum of £2.50 whether in the UK or abroad but if you are abroad you also pay the 2.95% foreign loading
... so don't withdraw cash from a CC; use a debit card instead


also always opt to pay in local currency; as if you don't, the store will use their own exchange rate and that's always expensive.


for purchases (not cash) you get the up to 56 days interest free (assuming you always pay in full)

Any

Stingray,
I hope you got it from Clapton's message.
Basically your card is one of the worst. If you still have time before you go, I would go to Post Office/Nationwide and apply for one of their cards.

If not, then I would only use your card when necessary.

Any

You still get your 56 days interest free when you purchase abroad (well, not alwasy 56 days, basically the time until statement is issued and then until it's payable, it's 56 days max but it could only be 30 days depending at what time of a month you use the card) - but not if you withdraw cash. That would be charged on daily basis - but that is the same as if you withdraw cash from the credit card in the UK.

stingray_316

Any wrote: »

Stingray,
I hope you got it from Clapton's message.
Basically your card is one of the worst. If you still have time before you go, I would go to Post Office/Nationwide and apply for one of their cards.

If not, then I would only use your card when necessary.

ok, think l got all that.
Any can you explain why l have one of the worst credit cards, do you mean using abroad or in the u.k as well...

stingray_316

Just put this back to the top of the list to get replys .

Any

stingray_316 wrote: »

Just put this back to the top of the list to get replys .

I mean for using abroad. Read this article http://www.moneysavingexpert.com/travel/cheap-travel-money

Nationwide has brilliant exchange rate and purchases are without charge in some countries. For others it only has 0.84% charge. I personally have Nationwide debit card as well (for cash withdrawals) as I travel a lot.
In the article enclosed above you will learn everything about picking the right card for spending abroad.

chattychappy

Any wrote: »

Nationwide has brilliant exchange rate

I've found that they all have pretty much the same (very good) exchange rate. It's just the charge that's different - be it 0%, 0.84% or the more usual 2.75% to 3%. Of course sometimes they roll this charge into the rate quoted so the rate looks less good.

Another advantage of Nationwide is I've had very few acceptance issues. Some other cards do get rejected sometimes and it's hard to see why. I've long since stopped telling Nationwide my travel plans and it's never a problem. With other cards it seems essential.

I'm mostly in the far east, but sometimes Europe/US.