Santander Edge Credit Card - Using it Abroad

samtaylor99

Hi, my new card is on it's way and with 2% cashback for the first year I expect to use it extensively. A significant amount of my spending will be made in Euro. Has anyone had a chance to use it overseas yet and can confirm the 2% cashback applies to non sterling transactions ?  Were you happy with the exchange rate and was it free from any add-ons or foreign transaction fees?I have looked at their T&Cs and can't see any obvious problems, but it will be a month or so before I test this aspect and my 14 days 'cooling off' period will have expired and I don't want to pay £3 a month if the card isn't suitable. 

NoodleDoodleMan

Why not ask Santander - they are very helpful in my experience.

Remember to tell them the country/countries where you will be using the card with appropriate dates - that can be done online.

They appear to be one of the few remaining banks that offer that service ahead of travelling.

CliveOfIndia

samtaylor99 said:

was it free from any add-ons or foreign transaction fees?

According to their website https://www.santander.co.uk/personal/credit-cards/santander-edge-credit-card

"

Purchases and cash withdrawals abroad

• You won’t be charged foreign transaction fees on purchases and cash withdrawals made abroad in the local currency. If you choose to pay in sterling, the retailer or bank will handle the conversion and may charge you a fee.

• A cash transaction fee of 3% (minimum £3) will be charged on all cash withdrawals, including those made abroad. You’ll be charged 29.9% p.a. interest on the cash you take out from the day it’s withdrawn."

samtaylor99 said:

Were you happy with the exchange rate

As long as you make sure you pay for things in local currency, the card will do the conversion for you at the prevailing Mastercard exchange rate, which is pretty much the best rate you'll be able to get.  Don't let the retailer convert into GBP for you - they'll usually use an exchange rate that benefits them rather than you.

NoodleDoodleMan

"A cash transaction fee of 3% (minimum £3) will be charged on all cash withdrawals, including those made abroad. You’ll be charged 29.9% p.a. interest on the cash you take out from the day it’s withdrawn."

Interesting to note that there is mention of the cash transaction fee being waived if currency is taken from a Santander ATM.

That is one of the benefits of the Santander Zero credit card if used to withdraw cash - as long as you use a Santander bank located machine abroad.

It does incur interest, however that can be reduced to a minimal amount, or even nullified by swift online payment in a best case scenario.

samtaylor99

NoodleDoodleMan said:

"A cash transaction fee of 3% (minimum £3) will be charged on all cash withdrawals, including those made abroad. You’ll be charged 29.9% p.a. interest on the cash you take out from the day it’s withdrawn."

Interesting to note that there is mention of the cash transaction fee being waived if currency is taken from a Santander ATM.

That is one of the benefits of the Santander Zero credit card if used to withdraw cash - as long as you use a Santander bank located machine abroad.

It does incur interest, however that can be reduced to a minimal amount, or even nullified by swift online payment in a best case scenario.

I use either the Zero debit or 123 debit cards for cash withdrawals in Spain from a Santander machine always around £30 less than the ATM UKP rate on the screen on a €300 withdrawal and no ATM charges. The Edge is is quite a new card but I was hoping someone had actually used it for a € payment already and could provide feedback. I've been using the Chase card for 2 years and find it beats everything else for € transactions. If the Edge  gives the same service and gives me 2% it's a no-brainer. The abscence of the cash transaction fee being waived if currency is taken from a Santander ATM in their T&Cs got me thinking - which is why I would like a 'live' feedback as they don't specify non UKP transactions in their T&Cs - unlike Chase, who had it in their headline blurb. I could call Santander and get a CS agent who may tell me their 'guess' at the time but as we all know on this site that's not always 100% correct.

NoodleDoodleMan

Apologies, I've just reviewed what I posted - should have said NO mention of cash transactions being waived when Edge credit card is used at a Santander ATM. 

One inadvertent omission can change the meaning 180 degrees.

I have the relatively new Edge current account (switched from 1-2-3 Lite), the debit card incurs no fees at Banco Santander branch located ATMs or for goods and services - so no point in having the Edge credit card as well, especially as we have the Santander Zero card which has no monthly fee.

I suspect the Edge credit card will work in your favour as envisaged - with the exception of the cash witdrawal scenario.

Try emailing executivecommunications1@santander.co.uk with your questions.

samtaylor99

NoodleDoodleMan said:

Apologies, I've just reviewed what I posted - should have said NO mention of cash transactions being waived when Edge credit card is used at a Santander ATM. 

One inadvertent omission can change the meaning 180 degrees.

I have the relatively new Edge current account (switched from 1-2-3 Lite), the debit card incurs no fees at Banco Santander branch located ATMs or for goods and services - so no point in having the Edge credit card as well, especially as we have the Santander Zero card which has no monthly fee.

I suspect the Edge credit card will work in your favour as envisaged - with the exception of the cash witdrawal scenario.

Try emailing executivecommunications1@santander.co.uk with your questions.

NDM No apology needed, I Read your post as 'NO mention' even though on re-reading I can see!!.....but I sort of knew what you meant. Thanks for the update - I suspect the Edge card may work in your favour too......you might as well have the 2% if your spending outweights the fee!

NoodleDoodleMan

Can't think I'd spend enough on it to make the Edge credit card cover the £3 fee.

Incidentally, in case you weren't aware - don't be tempted to use standalone ATMs that carry the Santander logo, they are operated by the Euro Automatic Cash network, they have an agreement with Banco Santander, however the fee free benefit is only for Spanish account holders, Brits not included.

Only use fully branded Santander machines located at BS branches.

35har1old

samtaylor99 said:

Hi, my new card is on it's way and with 2% cashback for the first year I expect to use it extensively. A significant amount of my spending will be made in Euro. Has anyone had a chance to use it overseas yet and can confirm the 2% cashback applies to non sterling transactions ?  Were you happy with the exchange rate and was it free from any add-ons or foreign transaction fees?I have looked at their T&Cs and can't see any obvious problems, but it will be a month or so before I test this aspect and my 14 days 'cooling off' period will have expired and I don't want to pay £3 a month if the card isn't suitable. 

Remember the £750 cap in the first year

NoodleDoodleMan

samtaylor99 said:

Hi, my new card is on it's way and with 2% cashback for the first year I expect to use it extensively. A significant amount of my spending will be made in Euro. Has anyone had a chance to use it overseas yet and can confirm the 2% cashback applies to non sterling transactions ?  Were you happy with the exchange rate and was it free from any add-ons or foreign transaction fees?I have looked at their T&Cs and can't see any obvious problems, but it will be a month or so before I test this aspect and my 14 days 'cooling off' period will have expired and I don't want to pay £3 a month if the card isn't suitable. 

After reading this again I decided to check online reviews - Which say this......

Travel perks

The Edge credit card also has no foreign exchange fees on purchases overseas, which means you can earn cashback on your holiday spending.

You won’t be charged any foreign transaction fees on purchases and cash withdrawals, provided you pay in the local currency. 

However, you should avoid withdrawing cash from the credit card. If you do, you’ll be charged a cash transaction fee of 3% (minimum £3), including those made abroad, and you’ll be charged 29.9% interest on the cash you take out from the day it’s withdrawn.

Full review - https://www.which.co.uk/news/article/santander-launches-edge-cashback-credit-card-is-it-worth-going-for-aM90k9C2O6ZQ

NoodleDoodleMan

I've read through the Edge credit card offer again and concluded it's worth having for the cashback - better than the 0.5% Amex deal we have had for several years.

As an existing Santander customer I was accepted without any problem.

Now glad I picked up on this thread.