OFT forces banks to withdraw card fees on foreign currency

OFT forces banks to withdraw card fees on foreign currency

British travellers could now save millions per year after the Office of Fair Trading pressurised banks into dropping card charges for buying foreign currency in the UK.

 

Banks have come under fire for charging fees of up to 2.5% on foreign currency exchanges in UK branches when customers used cards rather than cash. The OFT, responding to a complaint from Consumer Focus, deemed currency transaction charges confusing and “unfair”, noting that organisations made £1 billion per year from them.

 

Lloyds, Barclays, the Royal Bank of Scotland, Santander UK and the Co-operative Bank have now agreed to scrap these charges. Nationwide, HSBC, Direct Line and HBOS, on the other hand, did not previously charge for this service.

 

The regulator refrained from imposing limits on fees for card use abroad, but responded to Consumer Focus’ concerns about the complex charges for using debit and credit cards abroad by demanding that banks and card providers become more transparent about the charges involved. It is also concerned about the legitimacy of “0% commission” offers, and will make foreign currency organisations become more up-front about their costs and charges on statements and in advertising.

 

John Fingleton, chief executive of the OFT, argued that organisations should be seeking to earn profits through competing to offer the best value, rather than through stealthily-added charges.

 

"We are very pleased that the travel money industry has agreed, following a short OFT investigation, to make these significant voluntary changes”, he concluded.

 

"We believe they will reduce confusion about the charges that apply when buying travel money in the UK or using cards overseas, and hope they will allow holidaymakers to be far better informed when making choices about how they spend abroad."

 

Stephen Heath, CEO of currency specialist FairFX, welcomed the changes after the company's lengthy campaigns to the OFT about misleading advertising practices.

 

"The OFT have done a great job by getting 5 of the biggest UK banks to agree to scrap debit card charges for purchasing foreign currency whilst in the UK. It is important that consumers keep a close eye on the banks' exchange rates in light of this news to make sure they do not try and pass those charges back in the way of less competitive rates in future."

 

"With other travel money providers adopting new clear and transparent advertising, consumers stand to make significant savings.

 

If you are a frequent traveller, could you benefit from a travel credit card, which offers excellent deals on foreign currency commission and transactions abroad?

 

Joe Letts

Wednesday, 21 December 2011 12:20
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Top 5 Credit Cards

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Virgin Credit Card

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Nationwide Select Credit Card

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NatWest Platinum

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Barclaycard Platinum (Low Fee)

Introductory Offer
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Credit Limit: Subject to Status
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Bank of Scotland Plus Credit Card

Introductory Offer
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Representative Example: If you spend £1,200 at a purchase interest rate of 16.94% (variable) your Representative APR will be 16.9% (variable).
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Credit Limit: Subject to Status
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Nationwide Credit Card

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Balance transfers offer is only applicable to transfers made in the first 3 months of account opening and are subject to a 2.95% Balance Transfer fee (£3 Minimum). Also, get commission free card purchases abroad!!

Introductory Offer
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Sainsbury's Finance Credit Card

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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'.

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Credit Limit: £25,000
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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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Representative APR
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Credit Limit: £25,000
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  • YOU MUST HAVE A NECTAR CARD IN ORDER TO APPLY FOR THIS CREDIT CARD (Nectar points are NOT earned using this Credit Card)
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MBNA Play.com Credit Card

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Receive 1,500 bonus Play Points if you spend £150 on your card within 90 days of your account opening - you can redeem these Points for a £15 Voucher!

Introductory Offer
Balance Transfer Rate: 0% for 6 mths
Balance Transfer Fee: 1.50%
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Balance Transfers: 16.9% p.a.
Cash Advance: 27.9% p.a.
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Halifax All In One

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Currently offered are three APRs depending on circumstance – 17.9%, 21.9% and 23.9%. If you are accepted at the highest rate of 23.9% APR variable you may not be offered an introductory period on balance transfers and purchases.

Introductory Offer
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Balance Transfer Fee: 3%
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Bank of Scotland All In One

Introductory Offer
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Balance Transfer Fee: 3%
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Representative APR
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Annual Fee: N/A
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Credit Limit: Subject to Status
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Lloyds TSB Platinum

Advice

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: 0% for 15 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 3 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: 27.9% 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
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Barclaycard Gold

Introductory Offer
Balance Transfer Rate: 0% for until Sep 2012
Balance Transfer Fee: 2.50%
Purchase Rate: N/A
Representative APR
Purchases: 19.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 19.9% (variable) your Representative APR will be 19.9% (variable).
Annual Rates
Balance Transfers: 19.9% p.a.
Cash Advance: 27.9% 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 haven't missed multiple payments on a credit agreement within the last 12 months
  • You don't have a CCJ (County Court Judgement) or IVA (Individual Voluntary Arrangement) and haven't been registered bankrupt
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  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
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Post Office Mastercard

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
  • You have a Good Credit History
  • You are a permanent resident/citizen of the UK
  • You have an income over £8,000 p.a

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: 6.90% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 6.95% (variable) your Representative APR will be 6.9% (variable).
Annual Rates
Balance Transfers: 6.90% 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
  • You do not have a history of bad credit
  • You are not an existing Sainsbury's Bank Credit Card holder

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
  • You are a permanent resident/citizen of the UK
  • You have a bank or building society account
  • You have an income over £20,000 p.a

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
  • You are a permanent resident/citizen of the UK
  • 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 on up to £2,000 spend within 1st 3 months (Max £100). After this you can earn cashback rates of 1.25% with NO spend limit!!

Introductory Offer
Balance Transfer Rate: N/A
Balance Transfer Fee: N/A
Purchase Rate: N/A
Representative APR
Purchases: 18.5% 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: 18.5% 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.

AA Balance Transfer Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 16 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 3 mths
Representative APR
Purchases: 17.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 17.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

AA Credit Card

Advice

Earn AA Reward Points on your everyday card purchases, and earn double points on motoring, fuel and AA products. Use your points to purchase from a range of motoring products and services.

Introductory Offer
Balance Transfer Rate: 0% for 12 mths
Balance Transfer Fee: 3%
Purchase Rate: 0% for 10 mths
Representative APR
Purchases: 16.9% p.a. (variable)
Representative Example: If you spend £1,200 at a purchase interest rate of 17.9% (variable) your Representative APR will be 17.9% (variable).
Annual Rates
Balance Transfers: 16.9% p.a.
Cash Advance: 22.9% p.a.
Annual Fee: N/A
Standard Features
Credit Limit: Subject to Status
Interest Free Days: Up to 58 days
On-Line Banking: Yes
Approval Criteria
  • You are currently employed
  • You are over 23 years of age
  • You are a homeowner
  • You have an income of over £20,000
  • You do not have any recent credit defaults (CCJ's, current arrears or missed payments) on credit cards / loans / mortgages
  • You are a resident in the UK and can prove residential addresses for the past two years

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