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The Abbey Zero Credit Card http://tinyurl.com/pfkjej is now number one for spending abroad according to www.moneysavingexpert.com

After a two-month absence, the Abbey Zero card has relaunched to new applicants and jumped back to No.1 spot as the cheapest way to spend abroad. How it compares: The key weapon both it and runner-up the Post Office have is they don't 'load' exchange rates. Most debit & credit cards load roughly 3% on top, so for example, buy £100 worth of Euros and you pay £103. With these you just pay £100 meaning you get more buck for your bang. Why Abbey wins: Of the 'no-load anywhere' cards, it's the only one that doesn't charge a fee for withdrawing cash from ATMs. Do always ensure you repay in full each month though to minimise any interest.

FULL info in the Updated Guide: Spending Overseas:
http://www.moneysavingexpert.com/travel/cheap-travel-money#topcards
 

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Thanks Gillian. I've had mine for several months and never used it so I'd better find out if the zero rate also applies to "old" customers.

Of course one problem with it (like all credit cards) is that you don't klnow what exchange rate you'll be paying. My wife recently made a Euro purchase with a card and her statement showed a rate of 1.02 Euros when the "going" rate was around 1.09

That's why I prefer the Caxton Card-you know what you're getting.
 

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I have an Abbey Zero card which I have used abroad but only for purchases.

Now, most credit cards when used in the UK to draw cash out of the ATM start to charge interest on the cash with immediate effect.

The interest runs until you have paid off the statement upon which it appears - or so I believe as I have never used a CC for cash withdrawal.

I assume that this applies to cash withdrawals using the Abbey Zero CC when abroad.

Am I correct?
 

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I assume that this applies to cash withdrawals using the Abbey Zero CC when abroad.

Am I correct?
Yes that's correct pippin -at a whopping 18.6% if I remember correctly :roll:

and this is conveniently omitted from the headline catching statement....
" Why Abbey wins: Of the 'no-load anywhere' cards, it's the only one that doesn't charge a fee for withdrawing cash from ATMs. Do always ensure you repay in full each month though to minimise any interest."

So even if you do repay the balance each month, you'll be paying 18.6% equiv from the time you get cash from ATM (abroad or UK)-it's a "cash advance"
 

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Discussion Starter · #6 ·
pippin said:
I have an Abbey Zero card which I have used abroad but only for purchases.

Now, most credit cards when used in the UK to draw cash out of the ATM start to charge interest on the cash with immediate effect.

The interest runs until you have paid off the statement upon which it appears - or so I believe as I have never used a CC for cash withdrawal.

I assume that this applies to cash withdrawals using the Abbey Zero CC when abroad.

Am I correct?
Quote from http://www.moneysavingexpert.com/travel/cheap-travel-money#topcards

The Abbey Zero card has no foreign exchange loading anywhere, so you get the best possible exchange rate, and uniquely 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.

This card also has a decent balance transfer offer; 0% for twelve months with a 3% fee. However, if you're using it for spending abroad, don't do a balance transfer too, as this can end up costing you big.

Quick Stats. European Load: 0%. Worldwide Load: 0%. Cash withdrawal fee: £0. APR: 18.9%. Interest charged on cash withdrawals even if paid off in full: Yes, 27.9%.


I'm no expert on these things, I posted this as an alternative to the Nationwide card which we use.

I wonder what happens if you load the card with a payment in advance of say £300-£400. How does that affect the interest if you withdraw £100.
I would use the Nationwide for purchases.
Anyone here have enough financial knowledge to answer that?
 

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THanks Gillian- even more interest than I thought! I've just put phone down to lady at aABBey & didnt ask about "uploading" it but if I'm going to upload at all it would be with the Caxton card.

I'll take my Abbey Zero abroad but will just use it for purchases as a back up to Caxton Card and Cash.
 

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I have just received my Abbey Zero statement.

I made a purchase in France on 2nd May.

€14.00 @ £0.8957 = £12.54.

Taking the inverse of .8957 gives €1.116 to the £.

Not too bad.

I have just telephoned Abbey and spoken to a very helpful and pleasant lady.

I advised her that we will be visiting France for a month, she has made a note on our account.

I asked her about pre-loading the account.
She advised that it it is perfectly acceptable and that there would be no interest payable on cash advances up to the amount of credit pre-loaded as the cash advances are set off first for payment rather than purchases.

So, at €1.116 guess what I will be doing for cash!
 

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Discussion Starter · #9 ·
pippin said:
.........I asked her about pre-loading the account.
She advised that it it is perfectly acceptable and that there would be no interest payable on cash advances up to the amount of credit pre-loaded as the cash advances are set off first for payment rather than purchases.
Thank you for that very useful information. I was hoping that might be the answer.
 

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Thanks from me too pippin.

That's not a bad rate at all- looks like I have a choice of uploading Caxton and/or Abbey :lol: :lol:
 
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