Credit Card choice becomes more important as Pound weekens against the Euro

Credit Card choice becomes more important as Pound weekens against the Euro
Date of Publication: Friday, 11 April 2008 11:24
The ever weakening pound, which fell to a near all-time low against the euro yesterday, is making it increasingly important for people travelling abroad to consider the various debit and credit cards available.

The transaction fees and charges for foreign currency exchange can be significant, so Moneysupermarket.com is advising those thinking of going abroad this year to compare the different debit and credit card options available, because they will be paying more than usual as the Euro strengthens against the pound.

"While the strength of the euro is of concern to holidaymakers, using the wrong foreign exchange product can be even more costly." said Steve Willey, head of credit cards at moneysupermarket.

He suggests getting a credit card with 90 days' purchase protection, and finding one that offers competitive interest-free periods on purchases to minimise the costs of spending abroad.

The Post Office, Nationwide, and Saga also offer credit cards that do not levy foreign exchange fees within Europe, he added, and some credit cards do not implement any extra charges at all, while others will charge for withdrawals, transactions – which can cost £2 a time – and foreign exchanges, which can cost as much as 2.99 per cent.

Mr Willey concluded: "If you are stuck with an uncompetitive debit or credit card and don't have time to get a new one, the Caxton FX prepaid card is a good option. And if you are worried about overspending, pre paid credit cards will only allow you to spend what is on the card."

Meanwhile, F&C have predicted that current forecasts about the strength of the euro could be underestimating the impact which this could have on the UK economy and the American dollar.

"Exports have been one of the main drivers of the European economy during the last few years and the strength of the currency is a risk to earnings over the short to medium term," said Peter Jarvis, manager of the F&C European Dynamic Fund.

"This, combined with the current turmoil in the credit markets and fears about the depth of the US recession, means we expect European markets to remain very volatile with some core economies such as France and Germany showing more resilience than others such as Spain."
Friday, 11 April 2008 11:24
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Top 5 Credit Cards

Card
Balance Transfers
Purchases
Typical APR (variable)
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Barclaycard Platinum (26 Month BT)
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0%
26 mths
0%
6 mths
18.9%
Representative Example: If you spend £1,200 at a purchase interest rate of 18.9% (variable) your Representative APR will be 18.9% (variable).
NatWest Platinum
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0%
24 mths
0%
6 mths
17.9%
Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
Barclaycard Platinum (25 Month BT)
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0%
25 mths
0%
6 mths
18.9%
Representative Example: If you spend £1,200 at a purchase interest rate of 18.9% (variable) your Representative APR will be 18.9% (variable).
RBS Platinum
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0%
24 mths
0%
6 mths
17.9%
Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
Halifax 25 Month BT Card
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0%
25 mths
0%
3 mths
18.9%
Representative Example: If you spend £1,200 at a purchase interest rate of 18.95% (variable) your Representative APR will be 18.9% (variable).

Barclaycard Platinum (26 Month BT)

Introductory Offer
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Representative APR
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Representative Example: If you spend £1,200 at a purchase interest rate of 18.9% (variable) your Representative APR will be 18.9% (variable).
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Balance Transfers: 18.9% p.a.
Balance Transfer Fee: 3% p.a.
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Credit Limit: Subject to Status
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NatWest Platinum

Introductory Offer
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Balance Transfer Fee: 2.90%
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Representative APR
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Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
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Balance Transfers: 17.9% p.a.
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Barclaycard Platinum (25 Month BT)

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Refund offer on the balance transfer handling fee, was 3.2% now 2.8% (terms and conditions apply)

Introductory Offer
Balance Transfer Rate: 0% for 25 mths
Balance Transfer Fee: 2.80%
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 18.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 18.9% (variable) your Representative APR will be 18.9% (variable).
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Balance Transfers: 18.9% p.a.
Balance Transfer Fee: 3% p.a.
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Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
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RBS Platinum

Introductory Offer
Balance Transfer Rate: 0% for 24 mths
Balance Transfer Fee: 2.90%
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
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Credit Limit: £25,000
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Halifax 25 Month BT Card

Advice

The APR & length of the promotional offer are dependent on your circumstances.

Introductory Offer
Balance Transfer Rate: 0% for 25 mths
Balance Transfer Fee: 2.50%
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Representative APR
Purchases: 18.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 18.95% (variable) your Representative APR will be 18.9% (variable).
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Balance Transfers: 18.9% p.a.
Balance Transfer Fee: 3% p.a.
Cash Advance: 23.95% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
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Bank of Scotland Platinum Credit Card

Advice

Apply before 23rd February and we will refund 50% of your balance transfer fee for balances transferred before 23rd March 2013!!

Introductory Offer
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Balance Transfer Fee: 1.50%
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Representative APR
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Representative Example: Representative 17.9% APR variable. Based on no annual fee, assumed borrowing of £1,200, rate of interest variable (annual) 17.9%
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Cash Advance: 27.9% p.a.
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Sainsbury's Finance Nectar Credit Card

Advice

Earn up to Double Nectar points for every £1 you spend in Sainsbury's stores and online for the first two years. YOU MUST HAVE A NECTAR CARD IN ORDER TO APPLY FOR THIS CREDIT CARD (Nectar points are NOT earned using this Credit Card)

Introductory Offer
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Purchase Rate: 0% for 6 mths
Representative APR
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Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
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Cash Advance: 24.9% p.a.
Annual Fee: N/A
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Credit Limit: £25,000
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On-Line Banking: Yes
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Halifax All In One

Advice

Standard balance transfer fee is 3.0%. Apply before 25th June 2013 and Halifax will refund 2% bringing the fee down to only 1%.

Introductory Offer
Balance Transfer Rate: 0% for 15 mths
Balance Transfer Fee: 1%
Purchase Rate: 0% for 15 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.95% (variable) your Representative APR will be 17.9% (variable).
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Balance Transfers: 17.9% p.a.
Balance Transfer Fee: 3% p.a.
Cash Advance: 27.9% p.a.
Annual Fee: N/A
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Credit Limit: Subject to Status
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On-Line Banking: Yes
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Barclaycard Gold

Advice

Get ½ price fees on balance transfers – was 2.5% now 1.25%

Introductory Offer
Balance Transfer Rate: 0% for until Sep 2012
Balance Transfer Fee: 2.50%
Purchase Rate: N/A
Representative APR
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Representative Example: If you spend £1,200 at a purchase interest rate of 19.9% (variable) your Representative APR will be 19.9% (variable).
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Balance Transfers: 19.9% p.a.
Cash Advance: 27.9% p.a.
Annual Fee: N/A
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Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
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  • You haven't missed multiple payments on a credit agreement within the last 12 months
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Post Office Credit Card

Advice

Get 0% commission on credit card purchases overseas (usually 2.75% charge)!!

Introductory Offer
Balance Transfer Rate: 0% for 14 mths
Balance Transfer Fee: 2.98%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: Representative 16.9% APR variable. Based on no annual fee, assumed borrowing of £1,200, rate of interest variable (annual) 16.9%
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 24.1% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
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Sainsbury's Finance Low Rate Credit Card

Advice

There are no balance transfer fees when transferring a balance from another card. Please note - Nectar points are NOT earned using this Credit Card. If you wish to collect Nectar points with your credit card you should apply for the 'Sainsburys Nectar Credit card'.

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 7.80% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 7.84% (variable) your Representative APR will be 7.8% (variable).
Annual Rates
Balance Transfers: 7.80% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £25,000
Interest Free Days: Up to 59 days
On-Line Banking: Yes
Approval Criteria
  • YOU MUST HAVE A NECTAR CARD IN ORDER TO APPLY FOR THIS CREDIT CARD (Nectar points are NOT earned using this Credit Card)
  • You have a permanent UK address
  • You are 18 or over
  • You have not been declined for credit in the last month
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Barclaycard Simplicity

Advice

Get 7.9% Representative APR (variable)
(Applies to every purchase and/or balance transfer you make)
No balance transfer handling fee!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 7.90% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 7.9% (variable) your Representative APR will be 7.9% (variable).
Annual Rates
Balance Transfers: 7.90% p.a.
Cash Advance: 15.8% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 21 Years of Age
  • You have a Good Credit History
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Lloyds TSB Advanced Mastercard

Advice

You must spend a minimum of £100 in the 1st 3 months or the 6 month 0% purchase duration is reduced to 3 months only. Keep track of your money across your Lloyds TSB personal current and credit card accounts with Money Manager and Active Account Monitoring to spot any suspicious spending.

Introductory Offer
Balance Transfer Rate: 4.90% for 12 mths
Balance Transfer Fee: 1.50%
Purchase Rate: 0% for 6 mths
Representative APR
Purchases: 11.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 11.95% (variable) your Representative APR will be 11.9% (variable).
Annual Rates
Balance Transfers: 11.9% p.a.
Cash Advance: 24.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Approval Criteria
  • You are at least 18 Years of Age
  • You have a Good Credit History
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  • You have a bank or building society account
  • You have an income over £25,000 p.a

Amex Platinum Cash Back

Advice

Get 5% cashback in first 3 months of Cardmembership up to £2,000 (£100 cashback). After this you can earn cashback rates of 1.25% with NO tiers and NO spend limit!!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 18.7% p.a. (variable)
Representative Example: If you spend £1,200 at an annual interest rate of 14.0% (variable) with a £25 annual Fee your Representative APR will be 18.5% (variable).
Annual Rates
Balance Transfers: 18.7% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: £25 p.a.
Standard Features
Credit Limit: £50,000
Interest Free Days: Up to 56 days
On-Line Banking: Yes
Cashback
Introductory Cashback Rate: 5% p.a.3 mths
Standard Cashback Rate: 1.25%
Approval Criteria
  • I am aged 18 or over
  • I have a current UK bank or building society account
  • I have a permanent UK home address
  • I have a household income of at least £20,000
  • I have no history of bad debt
  • If self-employed, I have been working for more than one year.

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