# New Credit Card- 0% cash wirhdrawal and 0% Foreign exchange



## Telbell (May 1, 2005)

Apparently this beats Nationwide and others- Abbey Zero
http://www.abbey.com/csgs/Satellite?cid=1157698106817&pagename=Abbey/GSProducto/GS_InfProducto


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## Bethune (Apr 21, 2008)

*Credit Cards*

What they don't take from you in cash advance fees and foreign exchange fees they'll probably take from you in the foreign exchange rates they use.


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## Rapide561 (Oct 1, 2005)

*Abbey credit card*

Hi

I looked at this a few days ago when the "news broke" about the card.

As far as I am aware, if you take cash out of an ATM overseas, you are not charged the 1.5% cash handling fee or the (what I call) a "conversion fee" - the average is about 2.75%. Interest however is applied from the date of the transaction until the date the "debt" is repaid. Using the card at a shop or petrol station etc, then you benefit - when compared to many cards - as, like the Nationwide - there is no "conversion fee".

I shall stick with my Nationwide debit card however, purely as it works for me, so I shall not fix what is not broken!

This is an extract from the terms and conditions re the interest.

Interest free period:
Maximum of 56 days for Purchases if you pay your balance in full and on time. There is no interest free period on Cash Transactions, Balance Transfers and Cheques

Russell


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## Alfa_Scud (Sep 27, 2006)

*Re: Abbey credit card*



Rapide561 said:


> This is an extract from the terms and conditions re the interest.
> 
> Interest free period:
> Maximum of 56 days for Purchases if you pay your balance in full and on time. There is no interest free period on Cash Transactions, Balance Transfers and Cheques
> Russell


Yes I was looking at that bit too Russell, but I did wonder if that was under the "normal" terms i.e. outside the promotional period. During the 18.9%APR time (the normal rate) I understand that cash advances etc are effectively charged at this rate from date of transaction.

BUT I can't find anything that says these are excluded from the promotional rate. In this case, yes they are charged from date of posting, but are charged at 0%, so it's a winner...........

Or is it??? :?


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## Telbell (May 1, 2005)

On their list of interest rates the Abbey says "Cash advances: Introductory/Promotional rate N/A. "

I take that to mean that there is no interest on cash advances...which presumably includes advacnes from a machine?

I'd check before using a card for that though

(I've just EMailed to check- I'll report back)


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## Telbell (May 1, 2005)

Here we go:
I sent an EMail to Abbey via their "contact us" Email system. I said that their website was not absolutely clear about whether interest is charged from a cash advance from ATM and could they clarify

Reply? "To find out more about our Zero Credit Card, and how to apply, take a look at our website: "
:roll: :roll: :roll: :roll: :roll:


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## TR5 (Jun 6, 2007)

If you look at the terms and conditions (interest rates) you will see that cash advances are charged at 25.9% - promotional and introductory rates are N/A - i.e. not applicable to cash advances. It does not mean that charges are non applicable, only promotional/introductory rates, so you pay the FULL rate.
That's how I read it!

If you want a card to obtain cash, the Nationwide Debit card is still way out in front, as all you loose is the interest you would have gained had the sum of money withdrawn stayed in your flex account - if that makes sense.

_Other interest rates:
Purchases:
Introductory/Promotional rate 0% for 6 months. Monthly rate 1.435%. Annual rate 18.9%

Balance Transfer:
Introductory/Promotional rate 0% for 6 months on Balance Transfers made during the first month after you open your Account . Monthly rate 1.435%. Annual rate 18.9%

Cash advances: Introductory/Promotional rate N/A. Monthly rate 1.9137%. Annual rate 25.9%

Interest free period:
Maximum of 56 days for Purchases if you pay your balance in full and on time. There is no interest free period on Cash Transactions, Balance Transfers and Cheques.
_

Even their terms are contradictory - at one point it states an introductory rate of 0% on balance transfers, and then states there is no interest free period on balance transfers!!!!

Very confusing.

I would not entrust them (or A&L) with my money, purely on the very poor customer service ratings!


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## some-where-in-oxford (Apr 18, 2006)

I have wondered how these charges apply if you keep your Mastercard or Visa card permanently in credit?

Not been abroad for some time, but have considered putting credit on the card before we leave if we did travel overseas. Say £1000 or so to cover any trip.

Both my present card are in credit to avoid charges, always wondered what would happen with cash withdrawals overseas.


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## Telbell (May 1, 2005)

> That's how I read it!


Michael-thanks; That's the problem-I don't think it's clear.

SomewhereinOxford
I've avoided Nationwide as don't you have to open a current a/c?

Re Credeit Card- Both EGG and SAGA (if you're old enough!) pay 4% on any credit on your card.



> what would happen with cash withdrawals overseas.


Most charge about 2%.

The "Caxton" by Degzy still looks appealing!


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## TR5 (Jun 6, 2007)

some-where-in-oxford,

You will still be charged a fee for the transaction, and possibly an exchange rate fee also, unless the card is totally "fee free". 

You are only saving the interest charges, assuming the card is in credit enough to cover the withdrawals.

Put the money into a Nationwide flex account, and use their debit card for that account, then the money is earning some interest, until you use it.


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## 111980 (May 7, 2008)

*Percentages and APR's leave me in a spin*

Saw a piece in the paper about the new Abbey card...but the small print and introductory offers and period confuse me. Planning a king-size trip across the states, probably for about a year and don't want to worry about what expires when. Am looking at travel fx cards - they seem much simpler and its all real cash, no credit.
Looking at one by Caxton? They have an cash withdrawal charge but no other fees, the others all seem to charge you here and there. I called Lloyds (who I bank with), they do one. Expect they couldn't find anyone to talk to me about it?!?!
Anyone experienced these.....


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## 101405 (Oct 15, 2006)

*0%*

0%- READ the small print ? Abbey is a Spanish bank / they wont give you anything for free, If fact most of its directors where up for some sort of perceived fiddle at one time, you might find if you use an Atm in Euro / Spain for another bank you'll have a big charge, In Spain they take money out of your a/c without your permision? 
Nationwide flexi A/c is Ideal for travellers . free debit card / no charge.
excess your a/c online, move money /ect , Why put your money into a credit card A/c you crazy or what? , buy your euro's with it now? . cut my credit cards up in the 90's never paid a penny in Interest since, Its like giving up smoking ? hard at first but worth every penny? (pun)


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## Telbell (May 1, 2005)

Just had EMail from Abbey -salient points are:

"I can confirm that if the card is used to take cash from machine, in UK or abroad, there is no interest charged providing the debt is settled by due date on statement. I have spoken with the Credit Card department this morning and they have confirmed this for me. "

That's useful.

I've also sent for a Caxton currency card.


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## pippin (Nov 15, 2007)

That is almost too good to be true - free interest on cash? Wow!

I have applied for one of these - will put it to the test as and when I receive my card.


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