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Andy Williams is our Online Savings Expert at CreditChoices.co.uk and can assist with all monetary matters no matter how big or small, from piggy banks to re-mortgaging and beyond.
On the subject of overseas credit card use, our expert says:...
Hi Jeff…..
Straight out of the blocks, I’d recommend you use a card which fully protects you in the result of theft or loss.
Credit cards offer more in the way of identity theft protection cover than debit cards, and the use of debit cards overseas wouldn’t be recommended as a result.
Losing a couple of hundred pounds on your credit card is one thing, losing the entire contents of your current account is another matter entirely.
Charges
A number of cards will charge you flat fees such as loading fees, cash withdrawal penalties and spending fees for overseas use. To get the inside track on these charges, take a look at our guide to overseas card use penalties.
There are ways in which you can avoid these fees however.
Your current card, the Nationwide(www.nationwide.co.uk) credit card, does not apply loading fees (fees added onto the exchange rate by your bank) to overseas use, and therefore it represents a great way to spend overseas without attracting extra charges.
One step up is the Post Office(www.postoffice.co.uk) credit card, which offers both 0% commission on overseas purchases, and a combined 0% on balance transfers for 10 months, and 0% on UK purchases for 3 months.
Simply load the card up with Euros before you jet off (you can top up by as little as £50 worth each time, up to £2500), then enjoy the freedom to make purchases and withdraw cash on a card that’s completely separate from your bank account.
Post Office Travel Money Cards come in Pounds Sterling, euro or American Dollar specification.
