credit cards

[maisy]

Hello all, alot of people on this site recommend Nationwide and Post Office credit cards. Can somebody explain what is the difference between them and say normall high street bank. I used lloyds this year and did not incur costs on purchases in USA or EU,or is there a hidden cost i am missing thanks

[ShirleyD]

Hi Maisy, yes it is a hidden cost. It is just like going to one travel agent and changing your money at a rate of say 1.9 dollars to the pound and going to another who is changing it at 1.8. The midway exchange rate in this case (the rate they buy their dollars) would be about 2.1 dollar to the pound, so they make the difference. The same with most credit cards, they add around 2% to the exchange rate

[Jill]

It is definitely in the loading and Lloyds charge 2.75%. There are only 3 credit cards which do not charge a loading fee; Post Office, Nationwide and Saga (not sure if you have to be over 50 or not to have one!). You can check what your card provider charges if you check out the moneyfacts web page and search for foreign usage costs.

[Magical Dreams]

We are also with LloydsTSB.

It depends if you are using their debit card or credit card.
The charge is only usually charged if you withdraw cash from the machines!

If you use their normal debit card, they charge you an extra £1 for every transaction you make outside the UK.
IF you have upgraded your account to say the platinum account then there is no charge.
I refuse to use their credit card abroad because of the charges to the debit card.

Diane has the platinum account so she uses it herself when needed.

We have just got back from Florida and refused to use anything except our Nationwide DEBIT Card on this trip (plus some dollars cash) I loaded the Nationwide Flex Account with a few thousand pounds plus arranged a free overdraft should we need more[msnwink][msnwink] on average we got $2+ to every pound spent the only charge was from Bank of America ATM's so I avoid them now[msnsmile2]

We also have Lloydstsb accounts and have been stung with charges over the years but never again[msnsmile]

[Magical Dreams]

This is from LloydsTSB website

Transactions abroad and in currencies other than sterling

Cash withdrawals and purchases


We convert the amount to sterling using our exchange rate on the date we take the money from your account. We also include a conversion fee of 2.99%.

Purchases abroad and in currency other than sterling

When making purchases (not cash withdrawals) abroad or in a currency other than sterling the transaction is also subject to:


£1 overseas transaction fee on purchases abroad. This also applies to Internet and home shopping transactions that are made in the UK in currencies other than sterling.

Cash withdrawals are also subject to:


Debit Cards – 1.5 % of the amount with a minimum transaction charge of £2 and a maximum of £4.50.
Cashpoint Cards – 1.5% of the amount (Minimum £1.50) per transaction.

[caroline]

Andrew I have a Lloyds TSB Platinum debit card and still get charged a £1 transaction fee when I use the card abroad.

[mizzy]

i got stung with a hidden charge using my alliance and leicester visa debit card in the UK when i bought foreign currency at travelcare it was 2.75% and a £5 arrangement fee

i couldn't see why this charge should be levied travelcare did the actual conversion and i paid in Uk £ just like i would when buying grocery shopping

furious with them i rang up and was told the fee was because i'd bought money, i made my usual this is not acceptable speech and said that i would have to look into moving my current account, there response was to waiver the fee

[ShirleyD]

<blockquote id="quote" class="ffs">quote:Originally posted by Mach 2
the only charge was from Bank of America ATM's so I avoid them now[msnsmile2]

[msnsmile]
[/quote]
Not sure whether you can do so with a UK debit card, but with a US debit card, I just get 'cash back' every time I shop in Wal Mart or some restaurants who offer it, that way, I never have to use an ATM machine [msnsmile2]

[Frosty]

<blockquote id="quote" class="ffs">quote:Originally posted by Mach 2
We have just got back from Florida and refused to use anything except our Nationwide DEBIT Card on this trip (plus some dollars cash) I loaded the Nationwide Flex Account with a few thousand pounds plus arranged a free overdraft should we need more[msnwink][msnwink] on average we got $2+ to every pound spent the only charge was from Bank of America ATM's so I avoid them now[msnsmile2]

We also have Lloydstsb accounts and have been stung with charges over the years but never again[msnsmile]
[/quote]

Julie,

You can go into BoA and get money out using the NW card and they don't charge. It takes a little longer, but if its the closest then its an option.