Travel Credit Cards article

grumbler

First of all why "credit" if "this step-by-step guide includes best buy credit, debit and prepaid cards"?

Secondly, why Lloyds debit card is a "card from hell", but TSB one is "a bog standard overseas spending card"? I can't spot any difference.

grumbler

The title was changed at last - what a relief

However, what a mess it is now!...

In the top blue (navy) bar 'pop-up' list it is called "Your Card: Overseas Charges". (BTW 'pop up' works on the main site only, and doesn't work on any Forum pages of the 'old' green forum - don't know about the new one)

However, if you click the link you get to the new "14 cheapest ways to get travel money" article, that hardly is the same. In this new article you can find a tiny link "check your card's fees abroad" to the article you expected to find in the first place. And there is no any other way to find it as it's not even listed in the "Full A-Z" of the Travel & Transport section. Neither can it be found in the "Full A-Z" of the Credit Cards & Loans section.

BTW, in the "What does your card charge?" checker TSB debit card is still shown as "a bog standard overseas spending card" despite being listed among "Debit Cards From Hell" in both articles.

Aslo, the same checker shows for Barclaycard 2.99% for both "Exchange Load" and "ATM charge". In fact Barclaycard doesn't have a fee for ATM withdrawals abroad.

MSE_Helen_S

Thanks for the feedback, grumbler.

We've updated the travel guides recently, and it's a big job to catch all the links.

I'm also getting the tool changed - so thanks again for spotting these.

Mandelbrot

MSE_Helen_Saxon wrote: »

Thanks for the feedback, grumbler.

We've updated the travel guides recently, and it's a big job to catch all the links.

Not if you have proper change management procedures in place, surely?
It might be "a big job", but it should be a well-documented & planned "big job" and there seems little reason for things to slip through the net.
Everything should be caught.

galvin2

I frequently read on this and other sites about how to choose the best credit card for use abroad.
The information provided is usually about the presence or absence of Transaction Fees. Interesting but pointless.
When will we be able to find out by how much each card company reduces the Mid Market Rate for the particular currency. We are able to compare the rates used to obtain cash but not this much more important set of data.
By way of example, I just paid a hotel in Swiss Francs using the Halifax Clarity card~ no transaction fee (typically 2.9%) but a wopping load of over 5%! Sheer robbery. The best rate today for Swiss Francs on a pre-paid card is 2.4% better than the Halifax rate. Do I have to draw and carry huge amounts of cash abroad (not insured) to pay bills?

grumbler

galvin2 wrote: »

The information provided is usually about the presence or absence of Transaction Fees. Interesting but pointless.
When will we be able to find out by how much each card company reduces the Mid Market Rate for the particular currency. We are able to compare the rates used to obtain cash but not this much more important set of data.

The rate for ATM cash is no different from the rate for purchases. It's Visa or Mastercard rate that they publish daily and that very little differs from your "Mid Market Rate ".
MSE article: Mastercard vs Visa for using abroad - which wins?

CCs conversion fee is published too and is based on the above rate.

By way of example, I just paid a hotel in Swiss Francs using the Halifax Clarity card~ no transaction fee (typically 2.9%) but a wopping load of over 5%!

What "typical transaction fee"?!
2.9% looks like a typical "load", that is 0% for Clarity. How do you know that it's "whopping over 5%"?

Any chance you paid in £, not in CHF?
>> Using plastic overseas? Always PAY IN EUROS (that actually means pay in local currency).
The article that you apparently read says the same:

MSE wrote:

If they ask 'want to pay in pounds or euros?', say 'euros'

Many overseas hotels, shops & ATMs ask this when you pay by card, especially in Spanish tourist resorts. If you choose pounds, the retailer does the currency conversion – but rates can often be poor compared with letting your card do it (choosing euros). For a great comparison of rates, see Martin's euro analysis.
If you've got a top overseas card, always choose the local currency, as your card does the exchange and it's unbeatable.

Sheer robbery. The best rate today for Swiss Francs on a pre-paid card is 2.4% better than the Halifax rate. Do I have to draw and carry huge amounts of cash abroad (not insured) to pay bills?

You are mistaken, and you don't need to carry huge amounts of cash.

I see "mid market" 1.459 for CHF 22/05 at http://www.oanda.com/currency/converter/
I see 1.482 at https://www.mastercard.com/global/currencyconversion/ - that is 1.57% better - in your favour.

21/05 it was and 1.454 v 1.471 accordingly.

That said, I believe the actual Mastercard rate can vary during a day and depends on the time the transaction is processed.

galvin2

Ok, so its not 5%, more like 3.5% and I didn't pay in Sterling (at least I believe so as Halifax, even their Fraud Dept., cannot tell for three weeks how many CHF I was billed. Only the account debit. The hotel confirmed a CHF figure by email).


The following is a summary I sent a friend:
"
1) Hotel Booking Companies quote a CHF to £ rate of around 1.46 (payable locally in cash or card).
2) Cards pre-loaded with CHF are fixed @ about 1.43 or less.
3) Cash obtained here (at best) 1.44 but you will only be insured for £250.
4) However your Credit Card Company is likely to give you a rate of (in my case on Davos of 1.408), over 3.5% worse. Some of them might apply a transaction fee.


So the Hotel Bookers are misleading you as to what you will pay, the Credit Card Companies are cheating you, the insurers won't insure you and your best bet if spending lots of money is to leave the credit card in your wallet and
keep putting your (for example) pre-loaded Caxton card in to ATM terminals and pay everything by cash at a rate you've already fixed at home."

grumbler

galvin2 wrote: »

Ok, so its not 5%, more like 3.5% and I didn't pay in Sterling (at least I believe so as Halifax, even their Fraud Dept., cannot tell for three weeks how many CHF I was billed. Only the account debit.)

Very odd as this is quoted for each transaction in paper statements.

The hotel confirmed a CHF figure by email.

Do you not have a receipt?

The following is a summary I sent a friend:
"
1) Hotel Booking Companies quote a CHF to £ rate of around 1.46 (payable locally in cash or card).
2) Cards pre-loaded with CHF are fixed @ about 1.43 or less.
3) Cash obtained here (at best) 1.44 but you will only be insured for £250.
4) However your Credit Card Company is likely to give you a rate of (in my case on Davos of 1.408), over 3.5% worse. Some of them might apply a transaction fee.


So the Hotel Bookers are misleading you as to what you will pay, the Credit Card Companies are cheating you, the insurers won't insure you and your best bet if spending lots of money is to leave the credit card in your wallet and keep putting your (for example) pre-loaded Caxton card in to ATM terminals and pay everything by cash at a rate you've already fixed at home."

Your Clarity gives you the pure Mastercard rate, not some 1.408. Wait for a paper statement. And I don't know any credit card that for purchases applies "transaction fee" on the top of the currency exchange fee.

BTW, on the 7th-8th of May the interbank rate was below 1.4. Mastercard rate was 1.403728 07/05.

"Hotel Bookers" don't mislead anybody as the figure depends on the card. I don't think that if they quote a £ figure they don't say that it's just an estimation.

CC companies don't "cheat" anybody as they publish all the fees. The only uncertainty is, possibly, small variations of the rate during a day.