New credit card with 0% on foreign purchases

[christhear]

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]

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]

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]

Its a new one and it is a SANTANDER card different than the old ABBEY .
MAUREEN
www.onlinefloridavillas.com/villas/1683.aspx

[Katys Grandad]

<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.

[edlea]

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"

[Jill]

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]

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

[Nielsen]

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]

<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!