Using credit card abroad

abydx

Having read Martins excellent article on using your plastic abroad I just wanted some clarification on a few points that I am hoping someone can help me with.

I have applied for the Nationwide cashback VISA credit card. If I load my card up with cash before I go abroad will it be cheaper for me to withdraw money from an atm compared to exchanging cash at a bureau de change/local bank? I think I will get charged £1.50 regardless of the fact that I will be in credit?

Also, although the Nationwide card is a VISA would I be better off with a Mastercard?

Finally, instead of the Nationwide credit card should I just open a current account with a debit card and use that instead? it seems like the cheaper option - but will they use the same method of calculating exchange rates as VISA/Mastercard? or would they use Nationwide's exchange rate?

grumbler

1. I am 99% sure that credit card cash withdrawal fee does not depend on current balance. However, NW credit card is fine for purchases if you are not afraid of cloning :eek: .

2. I always use NW debit or cash cards for cash withdrawals. I have both debit and cash cards (two flex-accounts); the cash card is the safest option: there is no any danger if you lose it or it is stolen. The rate is always fine (very close to interbank rate - see OANDA.COM) and you can withdraw the minimum amount without any fee .

sleepless_saver

I prefer using the Nationwide credit card to pay for as much as possible abroad as there are no charges. I minimise the amount of cash I take out and the number of cash withdrawals I make (easier said than done sometimes). I use a debit card for the cash so as not to incur cash advance interest charges on the credit card.

Martin has a really good article on all of this this - see under travel and holidays in articles (haven't got the hang of this link stuff, sorry)

sleepless_saver

sorry OP - too early in the morning for me, of course you have read Martin's article!

Galstonian

The obvious answer is surely to pay for as much as you can on the card and withdraw as little cash as you can. Visa and M/C offer very little difference apart from coverage in some areas but these are the kind of places where you might be advised to carry different cards and some cash too. Do NW even offer a MC?

When in the US for business I generally pay for lunch or dinner on my card and get my colleagues (US resident) pay me cash. No fees, no interest, I even get cashback, though obviously it depends on circumstances

pin

Nationwide don't offer a Mastercard. Most places will offer both Mastercard and Visa, however I've been to a few places out of the UK which will offer one but not the other (I've actually been to a place in Singapore which only accepted Amex).

Visa and Mastercard work out their currency rates in different ways, but normally very close to the spot rate, however they may differ slightly.