Bletchleyite
Veteran Member
Interesting. Funnily enough, this morning I received a replacement for my Maestro card - a Debit MasterCard. Would this work abroad?
Does it contain an issue number? If so it's the same thing under a different name.
Interesting. Funnily enough, this morning I received a replacement for my Maestro card - a Debit MasterCard. Would this work abroad?
Does it matter? Surely the only thing that is important is whether the customer is better off with that card compared to other cards?
I asked that specific question of the £24 annual fee payable in advance as this seems to be nothing more of a cynical ploy incentive to ensure the card user uses the card often enough to obtain "benefits" to obtain more than covered by the £2 average monthly fee equivalent which has to be paid irregardless of card usage.
I asked that specific question of the £24 annual fee payable in advance as this seems to be nothing more of a cynical ploy incentive to ensure the card user uses the card often enough to obtain "benefits" to obtain more than covered by the £2 average monthly fee equivalent which has to be paid irregardless of card usage.
Interesting. Funnily enough, this morning I received a replacement for my Maestro card - a Debit MasterCard. Would this work abroad?
Cheers for the info radamfi! I've just looked on Yorkshire Bank's website for the sterling conversion fees - 2.75%, yikes!
I keep getting badgered by my bank to open a credit account - they send application forms unsolicited every month or so. They usually go straight into the 'one day file'. Likewise, for the things I'm purchasing at this point in my life, I don't have much need of a CC and would prefer to avoid the potential problems with them
more widely accepted overseas
Interesting. Funnily enough, this morning I received a replacement for my Maestro card - a Debit MasterCard. Would this work abroad?
Yep will be limited to 0.2% for debit cards and 0.3% for credit cards. I can't see cashback deals surviving for very long after it is introduced. The end consumer is likely to see increases in charges to make up for this.
BBC said:Capital One cuts cashback rewards after EU rule change
Capital One, one of the biggest providers of cashback credit cards, is cutting the rewards it offers on its products.
It blames a ruling in the European Parliament to cap so-called "interchange fees".
These fees are paid by retailers to card issuers when a debit or credit card is used as payment.
The European Commission claims that the fees are costing retailers across the eurozone €9bn (£6.5bn) a year.
It has described them as a "direct attack on the single market" and that they may be as high as 1.5% on every transaction made by consumers.
They have traditionally been higher in countries like Poland and Lithuania, where credit cards are less commonly used.
The new rules, which are due to pass into law later this month, would cap interchange fees at 0.2% for debit and 0.3% for credit transactions.
The ruling follows a decade-long legal battle between Brussels and the card provider Mastercard.
Read more at http://www.bbc.co.uk/news/business-32254736
Cheers for the info radamfi! I've just looked on Yorkshire Bank's website for the sterling conversion fees - 2.75%, yikes! In contrast, Mastercard only charged me 11p for the Pound-Euro conversion at Connolly...
Is that using a Visa Debit card? Martin Lewis describes Visa Debit cards as the cards from hell if you're looking for one to use abroad.
Mastercard credit cards are usually the best.
Is that using a Visa Debit card? Martin Lewis describes Visa Debit cards as the cards from hell if you're looking for one to use abroad.
Mastercard credit cards are usually the best.
Used my Visa Debit card in Poland, Holland and Belgium recently. From what I can tell I get the official exchange rate and no charge. Have also used it in Australia, New Zealand, Chile, Peru, Bolivia and Argentina.
Which bank are we talking about here?
http://www.moneysavingexpert.com/travel/overseas-card-charges#debit
shows that all banks other than Metrobank, Norwich & Peterborough and Santander Zero (not open to new customers) charge either a fee or load or both for debit cards.
It was Nat West so it looks like I was charged a small fee. Naff all compared to changing money at a travel agency etc.
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By the way has anyone else spotted today that because of nasty European laws loads of credit card companies are cancelling their cash back because it turns out lots of retailers got fed up of the credit card companies transaction charges.
Because it costs more for business to take a payment by card than it does by cash.
If you are paying by debit card, the cost is around 9p to large businesses per transaction. For independent retailers, the debit card cost is around 20p per transaction which wipes out nearly all of their profit margin.
Credit cards are usually even more expensive.
Compare this to cash, where banking, transportation, security and other costs are usually far less than the 9p debit card charges.
If it is a significant discount, it is likely that the cash misses the books and they are dodging VAT & Corporation Tax.
I don't call a minimum of £1 a 'small fee'. For small amounts that would be worse than that charged by money changers that only charge a spread, rather than a commission.
I don't call a minimum of £1 a 'small fee'. For small amounts that would be worse than that charged by money changers that only charge a spread, rather than a commission.
We are only offered cashback because of the high fees that merchants are charged. Those fees are ultimately passed on to the consumer. So whilst cashback may seem 'generous', you are only getting back some of the fees that shops are paying on your behalf.
If your travelling abroad then card is safer, you can't loose all your money as easy. Plus you can get more cash.
The transaction fees hit you however CaxtonFX and Kalixa offer competing cards with lower rates. 1.5% commission or so, comparable to any other currency converter. There are a few pit falls but OMG is it easier and cheaper. It's now available for all currencies and you can with draw cash too.
Otherwise Halifax had a Clarity card which had 0% overseas rates and the Alliance & Leister a similar deal.
With minimum spends, contactlesd is cheaper and you pay a % with no gateway fee so there should be no minimum. A standard debit card costs ~40p in fees so the merchant gets a hefty bill for small items. Although the actual fees vary for bank, aquirer etc
Small business can use micro payments, square pay etc which is ~2% so no transaction is to small