Foreign Transaction Fees

humfer

I consider myself fairly clued up regarding most of the stuff discussed on this board, but must admit to being completely shock just reading Martin's article of what the credit card companies charge for overseas purchases, particularly the loading 2.75% fees that they add. Just been looking at my Mint statements over the last year and can see where the best part of £50 has been wasted. So one thing for it, Nationwide credit card here I come. Anyone had any issues with this? Although its a building society, I presuming that as its VISA/Mastercard there should be no issues using it in most countries around the world?

---lee---

Hi humfer, it's a visa card. As you say, it's perfect for overseas use and I keep mine tucked away for just that.

I would recommend a slightly different route to getting one though. Instead of just applying for the credit card, apply for a current account over the phone - at the same time, they will score you for the credit card and tell you if you can have one at the end of the application.

That way, if you don't get the card, you will get a cashcard or a visa debit card with your account, which can also both be used overseas to either withdraw cash commision free or in the case of the visa delta, in exactly the same way as the visa credit card (but without the same level of protection) and also to withdraw cash.

C_Ronaldo

lee

this nationwide account you talk about what interest is it and do you need to pay a certain amount every month to get the visa debit card

YorkshireBoy

---lee--- wrote:

...apply for a current account over the phone...

Your post gives good advice Lee, but I'd suggest applying in branch - simply because you can take your ID in and get the account set up straight away. If they 'find' you with the credit search (Electoral Roll, time at current address etc), you won't even have to produce the ID - I didn't!

When I opened my account recently, I applied in branch on Saturday lunchtime, and my account was fully operational by the following Friday - with online access, a cheque book, and Visa debit card. If I didn't have so much stoozing 'debt' I'm sure the credit card would have been issued as quick as well.

YorkshireBoy

C_Ronaldo wrote:

this nationwide account you talk about what interest is it...

The account has tiered interest rates, depending on how much you pay in each month. Details at https://www.nationwide.co.uk

...and do you need to pay a certain amount every month to get the visa debit card

No.

---lee---

YorkshireBoy wrote:

Your post gives good advice Lee, but I'd suggest applying in branch - simply because you can take your ID in and get the account set up straight away. If they 'find' you with the credit search (Electoral Roll, time at current address etc), you won't even have to produce the ID - I didn't!

When I opened my account recently, I applied in branch on Saturday lunchtime, and my account was fully operational by the following Friday - with online access, a cheque book, and Visa debit card. If I didn't have so much stoozing 'debt' I'm sure the credit card would have been issued as quick as well.

I used to have the flex account without debit card. I enquired via secure messaging what the best way to upgrade it was and was told to pop into the local branch anytime with my ID etc. I turned went to my local branch (which was empty save for the staff) with the wife in tow (joint account) and was told very rudely that I needed an appointment!

When I fed this back through secure messaging, I was told the branch should not have done this and that I could ring them instead if I prefered. Application took about 5 minutes over the phone. At the end of the application, they told me I qualified for the credit card as well, which I politley declined (as I already had it)

Probably a one off, but you can see why I'm biased toward telephone application...

BTW, I'm not running Nationwide down. They are probably the fairest of all the financial institutions. Apart from that one off incident, I've always found the staff to be very polite and helpful. I've held a mortgage with them in the past and have had current accounts with them for years.

humfer

Thanks for the advice. Not of on holiday until the end of the year, but need to start booking hotels and carhire now. So I am going to apply for the credit card now and then open a current account nearer the time.

One question though - just about to take out a Post Office card to transfer a balance off my wifes card. Which way would you apply for both cards - just wondering if credit rating would be affected differently if I did Nationwide then Post Office or vice versa?