Monzo debit v credit card

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NoodleDoodleMan wrote: »

The Barclaycard Platinum Cashback Plus is the best choice in absolute terms - as long as you can settle the balance in full within the timescale when the monthly statement drops through the letterbox.

https://www.barclaycard.co.uk/personal/credit-cards/platinum-cashback-plus

Other options from MSE - https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/

Halifax Clarity is second best option in my opinion, very good reputation.

The Starling debit card is another I would recommend, you REALLY need a backup when travelling abroad.

We have all three.

Cashback Plus has the VISA exchange rate, which is often less than the Mastercard rate. Of course mitigated on purchases by the cashback element.
No interest during the promo period for cash withdrawals makes it very convenient too.

For these reasons, I would choose the Clarity and the Cashback Plus as the two cards that I would use for travel.
Doubly because I would have both Mastercard and VISA at my disposal and one could choose to use the card most convenient for your location at the time.
No opportunity to transfer cash to cover a cash advance on the Clarity? Use the Barclaycard.
VISA network down? Use the Clarity.

Starling for me would just be a back-up option, as I'm not keen to have money at the mercy of card fraud, having to scramble to get my money back. I almost never use debit cards when I travel.

budgetflyer

09mcfc wrote: »

Another more general question, why is getting the exchange rate of that day considered so good? What happens if the rate just plummets one day, surely that's only an advantage if it's a good rate, however, if you get your money out beforehand it seems like that is the more reliable option. I suppose my main question is (apart from the obvious fact that you may get too much and can get stolen (offset by post office travel card) why is having a travel card better than hard cash?

Who here can predict future exchange rates?
Preloaded currency cards normally have a built in disadvantage of 3 to 5% of the spot rate the day they are loaded.

Neil49

You can't really compare Monzo / Starling debit cards with the Clarity credit card as they have fundamental differences.

I use Monzo and Clarity when on holiday but for different purposes. The advantage of Monzo / Starling is that the transaction appears on your smartphone within seconds which means any fraud can be spotted instantly. With a credit card you may not discover that you have been ripped off until you get home.

A credit card is however essential when hiring a car or paying larger bills (such as hotels) and I wouldn't use Monzo or Starling for that.

Different countries have different approaches to card usage. Sweden is virtually cashless, Australia is a big card using country but many others still use cash for smaller transactions.

I'm going to Spain next week. I'll get a small amount of cash out with either card but use Monzo for general shopping wherever possible.

No, this hasn't answered your question, but there's no right answer.