Santander Zero - using abroad

fluffy123

Hi all, hope you are well.

Planned a last-minute weekend break to Berlin and was just sorting out some travel money, 300 I think and realised I still have a Santander Zero credit card which I believe is one of the best ways to use foreign currency?

So, I'm thinking it'll be free to withdraw cash but it's about 30%APR interest on the cash withdrawal...However, if I paid it off in say a weeks time, how much interest would it actually cost me for say, £300, if I draw it out in three increments of £100 per day?

guesswho2000

For a week, probably about £2 in total, even if you drew it out in 30 increments of £10.

fluffy123

Am I right in working it out as....for example...

30% of £300 = £90 divided by 12 months divided by 4 weeks = 1 week total interest (approx £1.86) ?

NiftyDigits

fluffy123 wrote: »

Am I right in working it out as....for example...

30% of £300 = £90 divided by 12 months divided by 4 weeks = 1 week total interest (approx £1.86) ?

No, because your figure includes compounded interest.

At 27.9% APR, the monthly interest rate will be 2.075% per month.

Either way, a good option for your travel needs.

guesswho2000

NiftyDigits wrote: »

Either way, a good option for your travel needs.

Indeed, even if you end up paying a fiver, it'll still be the cheapest way you can obtain foreign currency, as you'll have the best exchange rate available (better than any bureau, bank or prepaid card) and no fees.

meanscot

Hi Guys,

I have a Santander Zero credit card.

It seems very good to use overseas but it never appears in the best in the Top Travel Money page - where it is referred to as a Debit Card in the 'Pick Your Card' dropdown.

a) Is this because of the high interest charged ?

b) Should the dropdown not call it the Santander Zero Credit Card.

PS. I also have a Nationwide Select credit card (cutomer and aware of overseas charges for withdrawing cach) and Halifax Clarity (The best rated for using overseas.)

meanscot

chattychappy

Because it's no longer available to new customers, I suppose.

Agree, they make a fine pair. Withdrew NT$13,000 this evening in Taiwan from an ATM (about UK £290) and spent the equivalent of £200 on Select this afternoon.

No loading/fees on either. Didn't tell them in advance I would be here (though have been here many times before).

Have Post Office as an additional backup for purchases and Barclaycard for cash (yep a loading, but no fee and treated as a purchase so 56 days interest free). Also my Barclaycard allows £500/day but Zero £300/day.

guesswho2000

chattychappy wrote: »

Because it's no longer available to new customers, I suppose.

Agree, they make a fine pair. Withdrew NT$13,000 this evening in Taiwan from an ATM (about UK £290) and spent the equivalent of £200 on Select this afternoon.

No loading/fees on either. Didn't tell them in advance I would be here (though have been here many times before).

Have Post Office as an additional backup for purchases and Barclaycard for cash (yep a loading, but no fee and treated as a purchase so 56 days interest free). Also my Barclaycard allows £500/day but Zero £300/day.

Indeed, I have Halifax Clarity for cash, Nationwide Select for purchases, Aqua Reward (no longer available) for purchases and 3% cashback, and Barclaycard for the same reason (had to withdraw the equivalent of £4 in Ukraine a couple of months ago to meet a taxi fare or miss my flight, ATM only accepted Visa cards, no fee, no minimum, 12p loading!).

Santander Zero is almost as good as the Clarity (only difference being the interest rate, Clarity charges the same for all transactions, Zero is higher for cash, but none of this matters, it's still cheaper than any other way of obtaining cash) but not available to those who don't already have it.

nickcc

chattychappy wrote: »

Because it's no longer available to new customers, I suppose.

Agree, they make a fine pair. Withdrew NT$13,000 this evening in Taiwan from an ATM (about UK £290) and spent the equivalent of £200 on Select this afternoon.

No loading/fees on either. Didn't tell them in advance I would be here (though have been here many times before).

Have Post Office as an additional backup for purchases and Barclaycard for cash (yep a loading, but no fee and treated as a purchase so 56 days interest free). Also my Barclaycard allows £500/day but Zero £300/day.

Is the Post Office Platinum CC comparable to the Santander Zero card ? Just received the PO card ready for trip to Spain following Martins advice.

guesswho2000

nickcc wrote: »

Is the Post Office Platinum CC comparable to the Santander Zero card ? Just received the PO card ready for trip to Spain following Martins advice.

For purchases, yes. Not for cash withdrawals.

chattychappy

nickcc wrote: »

Is the Post Office Platinum CC comparable to the Santander Zero card ? Just received the PO card ready for trip to Spain following Martins advice.

For purchases. yes - though if you don't pay off in full then the interest rates may be different.

For cash, PO will charge you a fee.

PO has better customer services if you have to call them. Zero has an easier-to-use online system if you want to check transactions.