MoneySavingExpert.com Feature by Martin Lewis, MoneySavingExpert Overseas Spending
So if you’re planning a trip abroad in 2014, I’m going to explain how in a few clicks you can give yourself perfect exchange rates in every country, every time you go.
Permanently holster unbeatable exchange rates. Spending abroad on plastic is usually costly, as banks get perfect rates but then add a hidden 3% load onto what they charge (so spending £100 worth of dollars costs us £103).
Yet a few cards are marketed as super-cheap abroad in the hope you’ll also use them here, where they’re not always so cheap. These specialist, no annual fee, credit cards are load-free worldwide, smashing bureaux de change, giving permanently unbeatable rates everywhere you use them. In other words, spend £100 worth of dollars and it costs £100.
So I suggest you grab one, just for use abroad, and – if you’re a nerd like me – stow it in your overseas purse or wallet (alongside an EHIC card and any leftover cash from past travels). Yet the key rule is to ensure you always repay IN FULL, preferably by direct debit to minimise any interest.
My top pick is
www.halifax.co.uk’s Clarity card, which has the lowest ATM fees (even so, spending on the card beats cash withdrawals). If you fail to fully repay it’s 12.9% representative APR (but remember this is charged on ATM withdrawals, even if you do fully repay).
Yet if you’ve a
www.saga.co.uk (over-50s) (11.9% rep APR),
www.postoffice.co.uk/ creditcard (17.8% rep APR) or nationwide.
co.uk/select (15.9% rep APR) or Santander Zero credit card, then as these are load-free
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worldwide anyway, it’s not worth a new application. Full best buys, including load- free debit cards, at
www.moneysavingexpert. com/travelcards.
Will you get these cards? As always, it depends on your creditworthiness.
The
usual problem’s the only way to find out if you’ll get a card is to apply, but that marks your
file, whether you’re accepted or rejected, and each mark has a minor impact.
To help, try my free Overseas Cards Eligibility Checker at
www.moneysavingexpert.com/ traveleligibility, which shows your odds of acceptance for most cards without impacting your creditworthiness – allowing you to apply for the one you’ve the best chance of getting. Poorer credit scorers still have an option, though. The easier-to-get
www.capitalone.
co.uk Classic Extra card is load-free overseas, and also pays 0.5% cashback on all spending – a useful double purpose.
Do watch out for its 34.9% rep APR if you fail to repay in full. It’s worth noting you’ll also be
To advertise in thewire t. 07720 429 613 e.
the.wire@btinternet.com
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