new Abbey Zero credit card

PBA

I don't see any reason the 13 month card wouldn't be available over the phone, it's still on the system for us in branch so phone staff should be able to process apps for it as well.

helix_2

It's impossible to find out the exchange rate for the abbey zero card. Abbey don't even seem to know what a foreign exchange rate is!

Even after spelling it out to them, i.e. if I buy something for 10 euros, how many pounds sterling would show up on my statement!

Eventually they said phone Mastercard, but Mastercard say contact the card issuer!

MSE should look into this, as it is invalid to compare cards unless the source of the foreign exchange rate is known. If VISA and Mastercard have different rates then the current comparisons on the site are worthless.

NickX

I think Abbey are correct - the rate will be that determined by Mastercard on the date of the transaction.

However, this will apply to all Mastercard transactions, so you are doing well with Abbey Zero because no additional fee is charged for a foreign currency transaction.

Mastercard SHOULD be able to supply details of the exchange rate in force on any given day, so I suggest the issue is with them.

helix_2

So can I assume that if abbey (or others for that matter) say "0% foreign exchange fee", then there is no additional loading of the foreign exchange rate, i.e. the rate abbey charge is the rate Mastercard charge?

I still think it would be worth researching if there are any differences between VISA and Mastercard regarding the foreign exchange rates.

NickX

helix wrote: »

So can I assume that if abbey (or others for that matter) say "0% foreign exchange fee", then there is no additional loading of the foreign exchange rate, i.e. the rate abbey charge is the rate Mastercard charge?

Yes this is my understanding, although some foreign banks can charge an additional fee which is not always clear. But Abbey Zero, Nationwide and The Post Office do not apply any surcharge to the standard Mastercard\Visa exchange rate.

I believe there could be a differential between the Mastercard exchange rate and that offered by Visa but I am not sure - however, it couldn't be very much different for transactions made on the same day.

helix_2

NickX wrote: »

Yes this is my understanding, although some foreign banks can charge an additional fee which is not always clear. But Abbey Zero, Nationwide and The Post Office do not apply any surcharge to the standard Mastercard\Visa exchange rate.

I believe there could be a differential between the Mastercard exchange rate and that offered by Visa but I am not sure - however, it couldn't be very much different for transactions made on the same day.

Thanks, I suspect you're right, but it would be good to know for sure.