View Full Version : New credit card with 0% on foreign purchases
christhear
23-06-2009, 15:57
This is really for UK residents.
Just been into abbey national and they have a new credit card - zero.
It offers foreign transactions with no interest. I know a lot of people got the nationwide card because it offered this, but they have now introduced a charge so could be worth looking at this.
Have just ordered mine.
Katys Grandad
23-06-2009, 16:10
Hasn't it been around for quite a while now?
It's obviously slightly better than Nationwide now they've introduced a relatively small fee but you have to be careful not to use it for cash withdrawals because you'll pay interest on the amount from that day. If you don't already have the Nationwide it's definitely worth looking at but, for me who already has one, not really worth changing.
christhear
23-06-2009, 16:31
I have a nationwide card, but only ever used it for foreign transactions so I am changing.
It may have been around for a while but first time I've noticed it. As for getting cash out on it I think everyone knows that a No No with a CC.
mfairhurst
23-06-2009, 17:08
Its a new one and it is a SANTANDER card different than the old ABBEY .
MAUREEN
www.onlinefloridavillas.com/villas/1683.aspx
Katys Grandad
23-06-2009, 17:16
<blockquote id="quote" class="ffs">quote:Originally posted by mfairhurst
Its a new one and it is a SANTANDER card different than the old ABBEY .
MAUREEN
www.onlinefloridavillas.com/villas/1683.aspx
[/quote]
I think you'll find that the Santander card is simply a re-branded version of the old Abbey zero card which has been around for over a year now.
For me, it just isn't worth the hassle of changing mainly because I have other Nationwide accounts and pay the bill from them. I regret the new charging by them but, given the percentage charge is very small, the savings aren't that great.
It's a re-badged one with new T & Cs and offers good value. Just beware the high interest rate.
"It has no foreign exchange loading anywhere, so you get the best possible exchange rate, and it doesn't charge a fee for withdrawing cash.
The only negative is its high 27.9% cash withdrawal interest rate, which you pay even if you clear the card in full. Yet as that’s roughly £2 for a month per £100, it's still cheaper than paying interest PLUS the cash withdrawal fees on other cards"
They have recently relaunched this and it was not available for a while.
We now have one to use as Nationwide are charging and used it to pay our annual termite inspection recently and got an excellent exchange rate. You do not get charged a fee for drawing cash and if you have preloaded it with cash prior to going away then you will not have any interest to pay on the withdrawals as you are in credit at the time of withdrawal.
mfairhurst
23-06-2009, 21:04
Phil it is a new card as they have ABBEY are not with MBNA now ,It is with SANTANDER .
We were in ABBEY last friday talking about and was told this by the manageress ,
MAUREEN
www.onlinefloridavillas.com/villas/1683.aspx
The 0% fee is just like anything else - a way of getting you to use the card instead of another card. There is possibly NOTHING SAVED as it all depends on the exchange rate used when they convert from USD to GBP or EUR to GBP or whatever.
The fact is that the fee they would otherwise have charged you is now charged through a worse exchange rate. In my view there is NO such thing as a free lunch.....
TOM
Katys Grandad
24-06-2009, 10:52
<blockquote id="quote" class="ffs">quote:Originally posted by mfairhurst
Phil it is a new card as they have ABBEY are not with MBNA now ,It is with SANTANDER .
We were in ABBEY last friday talking about and was told this by the manageress ,
MAUREEN
www.onlinefloridavillas.com/villas/1683.aspx
[/quote]
Thanks Maureen - I see that now although it's pretty similar.
Still not worth changing for me but well worth a look. I hope that they don't do the same thing as NW and apply a charge when they have the customers on board!
The 0% fee is just like anything else - a way of getting you to use the card instead of another card. There is possibly NOTHING SAVED as it all depends on the exchange rate used when they convert from USD to GBP or EUR to GBP or whatever.
The fact is that the fee they would otherwise have charged you is now charged through a worse exchange rate. In my view there is NO such thing as a free lunch
Tom as mentioned in my post above we have one of the new Abbey Zero cards and used it to make a purchase from the States. When we made the purchase I checked xe.com and the rate was 1.63426 when I checked with Abbey the rate received was 1.62103 which I think is a quite favourable rate and better than than the rate from Nationwide which would have been 1.617934.
FraserLynn
24-06-2009, 17:23
I think it is hard to beat HSBC- forinstance, last week I took 2,000 RMB out of my account in China and I see on the internet banking it cost my about £182. The next day I took out 2,000 RMB from my Barclays account (used the wrong card) and it cost me a few pence over £205 - poor exchange rate and a charge for the withdrawal!!!
With HSBC, there is never any charge for foreign exchange and they always give the best exchange rates - I would thoroughly recommend them.
Is is for this reason that, after banking with Barclays for over 20 years, I have now moved to HSBC
berrysmiles
24-06-2009, 23:59
I have an Abbey zero card and just received a letter from them telling me that it is now rebranded as Santander. Santander have owned Abbey for a number of years now.
Judy
Robert5988
25-06-2009, 11:07
I used both my Nationwide credit and debit cards several times between 09 and 22 June and got rates between $1.617 and $1.630.
Incidentally does any area still have ATMs that don't make a transaction charge for withdrawing cash?
The last remaining ATM in my area(that I know of) that used to make no charge - at Publix - now charge $2.00 for a transaction.
In January the ATM in Walmart at the top of John Young did not make a charge when we withdrew cash. Always used to us Publix but have stopped now they charge.
Do the cash machines in the Parks charge for withdrawing cash. I have a Nationwide Debit Card so intended to use that for cash withdrawals.
We have not drawn cash at the parks for a long time as years ago they used to charge so we always used Publix - but no more as they are now charging.
Is there anywhere that doesn't charge. I suppose if there is it would need to be local, otherwise by the time you've driven to get the cash, you will have spent the $2 or so saved on petrol!!
SunTrust have never charged me to use my Nationwide Visa debit card, but Bank Of America across the street would like to charge me $5, but of course I have never gone through with a transaction with BOA, tried it once and cancelled it before any charges were made.
There is no charge at the Sun Trust ATM by the Red Lobster car park, just behind what used to be Splendid China. At least there wasn't when we withdrew cash in mid-May.
We use the Nationwide Card as even with the very small charge we find it gives excellent exchange rates.
Andrena
I have always used a NAtionwide card, but have now got a Post Office cr card as they do not charge