Santander Zero

dark_horse_4

OK a few questions on this card

Will it give a better exchange rate than Caxton or FX card in the US?
Any pitfalls on this one if its only used for purchases - with no cash withdrawls?

ferf1223

I assume you mean the Zero credit card and not a debit card tied to a Zero current account.

With the Santander Zero card you will get the rate on the day you make the withdrawal/purchase which will be the interbank rate.

with Caxton or FairFX (if you mean the dollar card) you'll get the exchange rate on the day you load the card, which will be a worse exchange rate than the interbank rate.

So on any given day, the Santander card will give you a better rate of exchange...but it's unlikely you would be loading a FairFX card the same day as you would be using the Santander card...normally people load their FairFX cards prior to going away. So with FairFX at least you know what rate you're exchanged your currency...with Santander, it's down to the day you make the purchase. One could work out better than the other, really impossible to know.

Donnie

ferf1223 wrote: »

I assume you mean the Zero credit card and not a debit card tied to a Zero current account.

With the Santander Zero card you will get the rate on the day you make the withdrawal/purchase which will be the interbank rate.

with Caxton or FairFX (if you mean the dollar card) you'll get the exchange rate on the day you load the card, which will be a worse exchange rate than the interbank rate.

So on any given day, the Santander card will give you a better rate of exchange...but it's unlikely you would be loading a FairFX card the same day as you would be using the Santander card...normally people load their FairFX cards prior to going away. So with FairFX at least you know what rate you're exchanged your currency...with Santander, it's down to the day you make the purchase. One could work out better than the other, really impossible to know.

Unless, you get the card in £s. Then you get wholesale rate minus 1.5% with FairFX.

miken

Having just got our Zero Credit Card, two questions that I am struggling to understand.
They say for the first three months there are no costs or charges.
1) In the folder I got with it it states that a interest charge of 27.5% is payable upon withdrawal of cash. Am I right in thinking Abbey do not charge anything but the credit people do for cash withdrawals.
2) Do they allow cash withdrawals in the USA supermarkets and if so is that the same as an ATM cash withdrawal (interest payable immediately) or does it just appear as part of the Supermarket purchase?
Hope you can advise.

dark_horse_4

miken wrote: »

Having just got our Zero Credit Card, two questions that I am struggling to understand.
They say for the first three months there are no costs or charges.
1) In the folder I got with it it states that a interest charge of 27.5% is payable upon withdrawal of cash. Am I right in thinking Abbey do not charge anything but the credit people do for cash withdrawals.
2) Do they allow cash withdrawals in the USA supermarkets and if so is that the same as an ATM cash withdrawal (interest payable immediately) or does it just appear as part of the Supermarket purchase?
Hope you can advise.

I have the same questions as you but as i far as i can see

use the card for purchases and it will give you the best exchange rate
dont withdraw cash from it

Supernova

I'm a bit confused about the MSE description on this:

'The only negative is its high 27.9% cash withdrawal interest rate, which you pay even if you clear the card in full.'

So I clear the card in full tomorrow before my statement at the end of the month but carry on paying interest? Until when?

Thanks

Donnie

Supernova wrote: »

I'm a bit confused about the MSE description on this:

'The only negative is its high 27.9% cash withdrawal interest rate, which you pay even if you clear the card in full.'

So I clear the card in full tomorrow before my statement at the end of the month but carry on paying interest? Until when?

Thanks

No, you don't carry on paying interest.

eslick

dont bother with the zero card, their customer service is hopeless and you might get accepted and never get the card sent to you. go for the post office one, pay for everything with credit card and pay it off when you get back.

Supernova

Well, I already got one...

Back from holiday yesterday and I wanted to pay off the ATM part of the bill but apparently I have to pay the entire balance not to get charged interest on the ATM bit.

It seems that the ATM part is the last portion to get paid off so I can't just wait until the statement due...?

Donnie

Supernova wrote: »

Well, I already got one...

Back from holiday yesterday and I wanted to pay off the ATM part of the bill but apparently I have to pay the entire balance not to get charged interest on the ATM bit.

It seems that the ATM part is the last portion to get paid off so I can't just wait until the statement due...?

What were you thinking....?? (looking for the 'rap on the head' emoticon')

This is drilled into your head ad nauseam in Martin's articles. Was this your first ever credit card?