New MBNA Everyday American Express card

Mikhail

Hello everyone,

The above card is advertised as travellers’ choice with no fee for foreign transactions.

However, if you look at their T&C, paragraph 7 says:

Non-sterling transactions.
If you make a transaction (which for the purpose of this condition includes card purchase refunds) in a currency other than pounds sterling (a 'non-sterling transaction'), the non-sterling transaction amount is converted into pounds sterling at an exchange rate set by the relevant card scheme. The exchange rate is available if you contact us on the number in the Contact details section of these terms and conditions. Exchange rates may change, so the exchange rate on the date you make your transaction may not be the same as the exchange rate that is used on the date the transaction is converted. The exchange rate used to convert the transaction will be shown on your statement. After the transaction has been converted into pounds sterling, we will charge a non-sterling transaction fee of 0% of the value of the transaction, calculated on the converted sterling amount. (If you use an American Express card the non-sterling transaction fee includes within it a 1% fee that American Express charge us.) lf you authorise a non-sterling cash advance we will calculate the handling fee on the amount of the cash advance after it has been converted into pounds sterling.

Does it mean that although MBNA does not charge foreign transactions fee and advertise the card in that way, the 1% fee is still added by American Express?

JoseChungsDoomsday

it's not as great as it originally looks.

Amex has a strange way of converting currency - if you buy something in euros it does not get converted straight to Sterling, it goes Euros to Dollars to Sterling.

However, if you only holiday in USA then it's a great card

reclusive46

From experience with Lloyds Amex.

The card is great to use the in the US, I've found the exchange rate to often be better than Visa and MasterCard. The same goes for Canada and Australia from experience.

For the Euro I find their exchange rate to be slightly worse than MasterCard and slightly better than Visa.

xekki

Thanks for the heads up (I should read the T&C's more carefully). I had called them to add travel details a week ago and received a generic email about charges and I just read your post. I just rang them and the Advisor spoke to the manager who 100% confirmed that there are no fees or charges whatsoever. Apart from the exchange rate, there's nothing else on the Everyday card. The 1% only applies to non Every Plus Amex cards. He's put a note on my account to reflect our conversation to re-assure me in case I'm charged. He told me it's a very new card and things are being updated (like the generic email being sent out about charges) and he said the t&cs are being updated. (unsure whether they were already updating the t&cs for the new card or that I made them aware). Anyway, It maybe worth to call them to make sure there are no fees/charges and just to get account updated whilst the t&cs are being updated.

jumperabv3

Hey everybody.
Can I ask what's the ATM withdrawal limit with this card?

jumperabv3

jumperabv3 wrote: »

Hey everybody.
Can I ask what's the ATM withdrawal limit with this card?

Anyone ? ?

xekki

i asked them this and they said they don't set a limit, that it depends on the cash machine you use. She guessed £300 but unsure.