Natwest Credit Card Notice of Variation - Foreign transactions

taless

Hi,

Just got my Natwest credit card statement, and with it comes a Notice of Variation.

Had a read at it, and Point 2(a) interests me. It reads,

"Any card transaction in a foreign currency will be converted into sterling at a rate of exchange determined by us which is prevailing at the date the amount is debited to the account"

I do not have my old credit card agreement (it is in a file somewhere...) with me to make a comparison. But I was wondering:

a) Have they removed the 2.75% charge on foreign transactions?

b) A rate of exchange determined by us - do they mean the exchange rate from Mastercard/Visa - or do they mean themselves (Natwest & RBS)? I understand Mastercard/Visa always provide excellent exchange rates (before the addition of the 2.75%), but on the other hand, Natwest & RBS often provides mediocre exchange rates. Which one do you think is the correct one?

Thanks!

Thomas_Crown

taless wrote: »

I do not have my old credit card agreement (it is in a file somewhere...) with me to make a comparison. But I was wondering:

a) Have they removed the 2.75% charge on foreign transactions?

b) A rate of exchange determined by us - do they mean the exchange rate from Mastercard/Visa - or do they mean themselves (Natwest & RBS)? I understand Mastercard/Visa always provide excellent exchange rates (before the addition of the 2.75%), but on the other hand, Natwest & RBS often provides mediocre exchange rates. Which one do you think is the correct one?

Of course they havn't done away with the 2.75% foreign currency loading.
They want to make as much money as possible out of their customers.

Take a look at: www.natwest.com/creditcards


They will also set the foreign currency exchange rate to suit them. As you said ''mediocre'.

taless

Thanks Thomas Crown.

The notice of variation states that the new agreement will come into effect from 1 Jan 2008. I've looked at the website, it still says 2.75% but could it be that it's because the new agreement hasn't come into effect?

Of course I am really hoping that what is too good to be true (that Natwest will remove the 2.75%, just like Nationwide and Post Office) will be true!

Btw, what does the previous credit agreement read on this clause?

Thanks!