Nationwide credit card abroad

colpian

Dear MSE,
On the advice of MSE my wife and I applied for a Nationwide Credit Card in time for our Spanish holiday in August this year. Anticipating our commission-free overseas use we put most of our expenditure on the card including car-hire, restaurants, fuel, etc.
Imagine our surprise when our first statement revealed £14.77 in foreign currency commission fees!
The small print on the final page states, "Thank you for taking out your credit card with us. We hope you will enjoy the many benefits that your card has to offer, including for every £5 you spend in purchases in sterling, you earn £1 to spend abroad on foreign currency purchases without being charged commission. etc, etc.
How can this be classed as "Commission-free Overseas use"? :mad:

Jimmbron

I think Nationwide changed their terms & conditions recently. We took a card out years ago for the very same reason, and have enjoyed years of commission-free forex. However, when I went away most recently (2 weeks ago) my wife told me to watch out as Nationwide were now charging commission. Sounds like you may have been a victim of timing - MSE advice may have been correct at the time of giving it.

It's a pain. Was great while it lasted. Is anyone else out there offering a similar deal?

_gav_

I believe it is only new cards (Post Feb 2012) that have the new Ts&Cs where you have to earn the ability to commission free purchases. Our Nationwide Credit card is still very much commission free on EU purchases, it is years old! See http://www.moneysavingexpert.com/travel/cheap-travel-money there is a table nearly half way down that confirms this. Our recent trip also confirmed the commission free element as well.

TadleyBaggie

I think the important bit is:

colpian wrote: »

...you earn £1 to spend abroad on foreign currency purchases without being charged commission. :mad:

So commission free for currency purchases, not other purchases.

Wannie_2

TadleyBaggie wrote: »

I think the important bit is:

So commission free for currency purchases, not other purchases.

You've got that wrong.

commission-free allowance to use on purchases in a foreign currency

It's still rubbish anyway.

The new 'Select' card is better.

lemontree

What is a Select Card. I have a Nationwide Debit Card which used to be free and was turned down years ago for a Credit Card as I had no Credit History.
Which Credit Card would be best as we are going to Spain soon and also to Florida in November to visit relatives.
My partner has a Halifax Mastercard.(Credit Card)
Any advice appreciated!

zagfles

Halifax Clarity. See the article on the main site.

Fruit_and_Nut_Case

lemontree wrote: »

What is a Select Card.

http://www.nationwide.co.uk/creditcard/landingpages/selectmailing.htm

JohalaReewi

Jimmbron wrote: »

Is anyone else out there offering a similar deal?

SAGA credit card.

http://www.saga.co.uk/money-and-finance/credit-card/

Ben8282

colpian wrote: »

Dear MSE,
On the advice of MSE my wife and I applied for a Nationwide Credit Card in time for our Spanish holiday in August this year. Anticipating our commission-free overseas use we put most of our expenditure on the card including car-hire, restaurants, fuel, etc.
Imagine our surprise when our first statement revealed £14.77 in foreign currency commission fees!
The small print on the final page states, "Thank you for taking out your credit card with us. We hope you will enjoy the many benefits that your card has to offer, including for every £5 you spend in purchases in sterling, you earn £1 to spend abroad on foreign currency purchases without being charged commission. etc, etc.
How can this be classed as "Commission-free Overseas use"? :mad:

In decades of using charge and credit cards abroad I have never seen a charge for 'foriegn currency commission fees' in relation to overseas transactions. There is no such thing. Why should you be paying commission on car hire, restaurnats, fuel etc?

A commission free foriegn currency offer to my mind indicates that before you go away you can order foriegn currency from a specified bureau de change/bank without paying the usual commission which, depending on the exchange rate applied, may or may not actually save you money.

zagfles

Ben8282 wrote: »

In decades of using charge and credit cards abroad I have never seen a charge for 'foriegn currency commission fees' in relation to overseas transactions.

That's because it's usually hidden in the rate. Try checking you cards' T&Cs - unless it's one of the small minority who don't charge, you'll see a foreign transaction fee of around 3% or so.

There is no such thing. Why should you be paying commission on car hire, restaurnats, fuel etc?

Because most credit card companies know it's a easy way to charge customers without them realising. As your post demonstrates .

A commission free foriegn currency offer to my mind indicates that before you go away you can order foriegn currency from a specified bureau de change/bank without paying the usual commission which, depending on the exchange rate applied, may or may not actually save you money.

It never saves you money compared to using a fee free card abroad. Anywhere selling foreign currency in the UK will have commission hidden in the rate, usually about 5% or so.