MBNA credit card now okay for foreign transactions?

HarryIb

I noticed this statement in the updated T&Cs for MBNA credit cards:

We’ve changed the name of the “non-sterling transaction fee” to “non-sterling

 purchase fee”, and we’ll no longer charge this when you use your card for cash

 transactions in a foreign currency. A cash transaction fee may still apply.

It seems as though the card can now be used without a currency conversion fee being added, bringing it into line with others such as Nationwide. However, what precisely is a "cash transaction fee" in this context - taking cash out while abroad, as opposed to a purchase or goods/services, perhaps?

grumpy_codger

As I read this, they now charge the conversion fee on purchases, but don't charge it on cash advances - correct? And they still charge the cash advance fee and the interest on cash advances.
If so, this doesn't seem to be "okay for foreign transactions". Possibly is not bad for cash withdrawals, but there are better options.

HillStreetBlues

HarryIb said:

I noticed this statement in the updated T&Cs for MBNA credit cards:

We’ve changed the name of the “non-sterling transaction fee” to “non-sterling

 purchase fee”, and we’ll no longer charge this when you use your card for cash

 transactions in a foreign currency. A cash transaction fee may still apply.

It seems as though the card can now be used without a currency conversion fee being added, bringing it into line with others such as Nationwide. However, what precisely is a "cash transaction fee" in this context - taking cash out while abroad, as opposed to a purchase or goods/services, perhaps?

You need to fully read the update in A5 (mine below)

HarryIb

Thanks for the responses. However, maybe I'm being a bit dense on this one, but I'm still unclear about the situation. Basically, if I use my MBNA card abroad to purchase an item in a shop, will a charge be incurred, over and above what I'd pay in the UK?

HillStreetBlues

HarryIb said:

Thanks for the responses. However, maybe I'm being a bit dense on this one, but I'm still unclear about the situation. Basically, if I use my MBNA card abroad to purchase an item in a shop, will a charge be incurred, over and above what I'd pay in the UK?

Yes a 2.95% If you buy something at 12 Euros and the exchange rate is 1.20 Euros to Pound there will be a 29.5p charge

HarryIb

HillStreetBlues said:

HarryIb said:

Thanks for the responses. However, maybe I'm being a bit dense on this one, but I'm still unclear about the situation. Basically, if I use my MBNA card abroad to purchase an item in a shop, will a charge be incurred, over and above what I'd pay in the UK?

Yes a 2.95% If you buy something at 12 Euros and the exchange rate is 1.20 Euros to Pound there will be a 29.5p charge

Okay, thanks for the example. Looks like I should stick to Nationwide.