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New Lloyds Card Terms, no charges for foreign transactions, or are there?

converse
Posts: 155 Forumite

in Credit cards
Received an updated terms from Lloyds today for my credit card, active from 30th June, including:
"we've changed the name of the 'non-sterling transaction fee' to 'non-sterling purchase fee' and we'll stop charging it when you use your card for cash transactions in a foreign currency. A cash transaction fee may still apply."
In a further page "A5 section", it reads, "Non-sterling purchase fee, 2.95% of the converted sterling amount, when you make a purchased in a currency other than pounds sterling".
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Comments
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It is confusing. Going purely by what you've quoted, my interpretation would be that they still charge an FX fee for standard purchases in non-sterling currency. But if you use it to withdraw cash abroad (or make a cash-like transaction, such as gambling) then they won't charge the FX fee - but will still charge the cash advance fee.I may be completely wrong, but that's how I read it.0
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Yeah, I got that too, and struggled to make sense of it.
I'll just carry on not using my card abroad.0 -
CliveOfIndia said:It is confusing. Going purely by what you've quoted, my interpretation would be that they still charge an FX fee for standard purchases in non-sterling currency. But if you use it to withdraw cash abroad (or make a cash-like transaction, such as gambling) then they won't charge the FX fee - but will still charge the cash advance fee.I may be completely wrong, but that's how I read it.
Yes.
I am also a Lloyds customer, and also received this letter. After reading the whole thing, I understood the same: you can pay a fee for a foreign currency purchase, or a fee for a cash-like transaction, but will no longer be charged both fees on the same transaction.0 -
Barkin said:
I'll just carry on not using my card abroad.I'm confused now, are you the OP? Two different user-names, threw me a bit. Apologies if you're different people !Anyhow, if it were me, I'd play it safe and use one of the travel cards for foreign purchases. No point in paying fees if you don't have to, even if they don't amount to much in the grand scheme of things.
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CliveOfIndia said:Barkin said:
I'll just carry on not using my card abroad.I'm confused now, are you the OP?
Nope!Anyhow, if it were me, I'd play it safe and use one of the travel cards for foreign purchases.
Yup
Therefore I'll carry on as before, and not use it abroad. I have other cards for that.1 -
Barkin said:
Just making the point that I also got the same notification, and also found it confusing.
Therefore I'll carry on as before, and not use it abroad. I have other cards for that.
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FWI I got the same email sent at the same time for both Halifax (Clarity card) and Lloyds (cashback card).
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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The email seemed pretty clear to me? They will no longer charge the FX fee on cash transactions, but if your card has a cash transaction fee (mine is 5%) that will still apply.
Seems like a rather pointless change though.0
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