Now that Christmas is over and peoples thoughts are turning towards Holidays, and as someone who takes their car to France 2 or 3 times a year, and in so doing, also re-stocks the cellar, I decided to mooch about and see which Credit Card ‘load’ purchases the least.
In doing so I found this on Martin Lewis’s site. It seems that there are significant saving to be had by using a Nationwide Credit Card, with SAGA (for the over 50’s ) running closely behind. Additionally, running a Nationwide current account with their Debit card means that Cash withdrawls can be undertaken in Euro’s with minimum charges, although Nationwide’s interest on accounts can be bettered.
Out of interest, what level of usage does your Credit Card receive when driving abroad and do you ever consider the additional charges imposed by your card provider? Looking at Martin’s tables, some providers charge up in the region of 20% interest on cash withdrawls.
I use my business credit card to draw cash from ATMs over the water and I only get charged a cash advance fee which isn’t very big and it still works out better than changing money at the rate they give either in Dover or on the ferries. I tend just to draw around €250 - €300 Euros a time and it would only be once, or at the most twice, a month I would draw cash.
Using it for purchases is no different to using it in the UK other than the fact the Euro price is converted to sterling, straight transaction at that days business rate. The outstanding balance is cleared every month so nothing is carried over to the next month.
I use a Nationwide debit card, which is just about the best thing to do, according to an article I read somewhere, and use this when I need running money.
If I use an ATM, not only do I not get charged a fee, but the ATM issues euros at the bank rate, not the tourist rate.
So as an example, I will get euros at a rate of 1.52 to the £ when SeaFrance are only giving 1.37.
French bank card for purchases. Yorks Maestro for cash withdrawals from the English account I keep for kid’s birthdays etc… Costs about 3% but I never take less than €100, that’s the minimum cost effective rate. Never change money.
I decided to mooch about and see which Credit Card ‘load’ purchases the least.
) running closely behind. Additionally, running a Nationwide current account with their Debit card means that Cash withdrawls can be undertaken in Euro’s with minimum charges, although Nationwide’s interest on accounts can be bettered.
