Supercard Financials

Petetobin

Still don't understand how Travelex make any money from this product but I have to accept Martin's explanation that it is a loss leader. As they back to back transactions with your credit/debit card, they need to pay their acquirer a fee which will exceed any interchange they make on the transaction, they also need to pay reverse interchange to the ATM provider. On top of that they will have a big bill to pay for their technology, operations and fraud losses.

I also don't understand how they technically can back to back the authorisation with your credit/debit card and still ensure the response gets back in time to the PoS/ATM, I suspect there will be a fair few timeouts which will cause the transactions to be declined.

[Deleted User]

It's a beta product at the moment, so we shall see... either it'll all be amazing, or all go horribly wrong...

adindas

What is the best link card to link with super card and why ??
Presumably the best one is the one where you could earn cashback.
I am still worried to link it with credit card as it might be flagged with cash advancement when it is used to withdraw cash ....

Petetobin

One with loyalty and a long interest free period.

Petetobin

Good point, on a credit card a cash advance will incur a fee and obviously accrue interest from Day 1.

phild145

I understand from what I have read that any cash withdrawal overseas is treated as a transaction in the uk and not as a cash advance see extract taken from MSE below.

Quote

Supercard's a top pick on all of these, as there's no exchange loading, no charge for spending, no cash machine fees, and – as cash withdrawals made through Supercard are charged to your account as spending, rather than as cash withdrawals – there's no interest, even if your linked card is a credit card.

Unquote

Jsscmm

In the t&cs (6.7 iirc) it says you can do withdrawals in the UK with this card if it is linked to a credit card, only if it is against a debit card.

baby_frogmella

phild145 wrote: »

I understand from what I have read that any cash withdrawal overseas is treated as a transaction in the uk and not as a cash advance see extract taken from MSE below.

Quote

Supercard's a top pick on all of these, as there's no exchange loading, no charge for spending, no cash machine fees, and – as cash withdrawals made through Supercard are charged to your account as spending, rather than as cash withdrawals – there's no interest, even if your linked card is a credit card.

Unquote

I think thats a mistake on MSE's part as Travelex stated in their twitter feed yesterday that free overseas cash withdrawals will only apply when your UK debit card is linked....if you withdraw on your credit card this will show as a cash advance on your CC and therefore you will be subject to cash advance fees & daily interest charges.

Roger1

baby_frogmella wrote: »

I think thats a mistake on MSE's part as Travelex stated in their twitter feed yesterday that free overseas cash withdrawals will only apply when your UK debit card is linked....if you withdraw on your credit card this will show as a cash advance on your CC and therefore you will be subject to cash advance fees & daily interest charges.

Well spotted!

I think we need an urgent MSE Update clarifying the situation!

Petetobin

Forgot to tick the no marketing box and they sold my number to spammers. Makes you realise what type of company we are dealing with.

MrNickel

Petetobin wrote: »

Forgot to tick the no marketing box and they sold my number to spammers. Makes you realise what type of company we are dealing with.

A company that gave you a clear opportunity to decline marketing contact?

I wish we dealt with more companies like that.