Santander ZERO Credit Card...

JamieSweetzer

Hi, I was hoping someone may be able to help me...

I am travelling to America this Friday (April 29th) I have cash ready to change up in to American Dollars however, I am thinking I may get more for my money by using my Santander ZERO credit card to withdraw Dollars when I am in America as I do not get charged for overseas cash withdrawal, however, I will get charged the standard 27% cash withdrawal fee which works out at about £0.08p per day for every £100 withdrawal. If I was to pay the balence of in full when I return, this would be better than paying exchange rates??? Maybe, even paying for goods with my card where I can as there is no charge to do so????

I would appreciate your help and advice and suggestions....

Thanks Jamie

INT1

try putting it in to credit a little before you go

bottleofred

Hi Jamie,

Totally agree with above post. The credit card companies don't like you going into credit, but it will save you some money on interest.

JamieSweetzer

[FONT=&quot]Thanks guys. However, I have a funny feeling with the Zero card you cannot put it in credit??[/FONT]

Any

Theoretically you cannot put any credit card into credit. The credit card company has every right to plonk the payment straight back into where it came from, or even freeze your account (thought chances are tiny). That doesn't stop people still doing it with the hope they will get away with it - and with any luck they do.

You have other options... As you said, pay for much as you can by credit card.
Set up future payment from your online banking to transfer money in 4 days time (and by then you would have withdrawn some).
If you will have secure online access, transfer the necessary amount once it shows up.

All these will help you minimise the interest.

And yes, most likely it will be much cheaper then paying the exchange fees. They can be quite silly. Depends where you get your cash from and what the fees are..

scottishblondie

They may or may not allow you to go into credit, but they don't like it when you go into credit on purpose. I wouldn't bother trying TBH. When I go to the US I use my CC to pay for more or less everything. Pretty much everywhere takes cards, so you don't really need to use cash that much. Just withdraw it as and when you need it, and if you have internet access you could pay off your balance as you go.

JamieSweetzer

Thanks for all your advice and tips

chattychappy

scottishblondie wrote: »

They may or may not allow you to go into credit, but they don't like it when you go into credit on purpose. I wouldn't bother trying TBH. When I go to the US I use my CC to pay for more or less everything. Pretty much everywhere takes cards, so you don't really need to use cash that much. Just withdraw it as and when you need it, and if you have internet access you could pay off your balance as you go.

Agree with this totally. APR27% is about 2% a month, ie on a £100 cash withdrawal less than 7p a day. I certainly wouldn't put the account into credit and risk getting it blocked just to avoid this. I would just pay off the balance as promptly as is convenient.

I've used Santander extensively overseas including the US. It's great value. BUT, they do sometimes block your card if they think you are spending out of your usual pattern. This can happen even if you tell them where you are going.

So take backups! In my experience you can never rely on any particular card working perfectly.