Credit Card question.

[OrlandoMagic]

Sorry if this seems a stupid question but I dont use credit cards much!

Can you load up your credit card with extra cash or can you only use your cards limit?

I have a Capital One card and have found out that there are no fees for using the card abroad, but my limit is only £200 and I want to put most of my travel money onto it, just needed to know if I can do this.

Also it's a MasterCard, is this accepted everywhere in the US?

Thanks!

 

[darthtatty]

ive overpaid my card before so i was in credit, so im sure you could do that.
you do realise youre charged about 2.5% extra for every transaction abroard. (have to check company for details)
if youre certain that you want to use your cradit card, have you tried ringing them to explain the situation, see what they say.
who do you bank with? can you get a credit card with them? or do you have a Visa card? Visa is prob taken in just as many places as mastercard.

good luck, hope you have a great time when you go

 

[wayneg]

Just checked Capital Ones website, they have a few cards you will need to check for your specific card but the ones I looked at it were 2.75% fee for using abroad and 3% for cash withdrawals.
All cards are different for making overpayments, last time I tried one of mine I couldn't(think it was Barclaycard)

I heard a few years ago Mastercard holders having problems but not recently.

One of the best cards is Nationwide, with their debit card there is no fees and you can put as much as you want in and get full interbank rate $1.98 today.

 

[wideeyes]

I have done this a few times with capital one. As I only have a £200 limit and have needed to make higher payments to Disney USA. I have a visa.

 

[OrlandoMagic]

Just checked Capital Ones website, they have a few cards you will need to check for your specific card but the ones I looked at it were 2.75% fee for using abroad and 3% for cash withdrawals.
All cards are different for making overpayments, last time I tried one of mine I couldn't(think it was Barclaycard)

I heard a few years ago Mastercard holders having problems but not recently.

One of the best cards is Nationwide, with their debit card there is no fees and you can put as much as you want in and get full interbank rate $1.98 today.

Im a bit confused now!

On Capital Ones website in the FAQ section it says...

17. Does Capital One charge fees for foreign currency transactions made with a credit card?

Capital One does not charge a fee for using your credit card for foreign currency transactions. Foreign purchases will be converted at the foreign exchange rate in effect at the time of posting the charge.

That would suggest to me that I wont get charged any fees?

 

[anthony2k7]

Im a bit confused now!

On Capital Ones website in the FAQ section it says...



That would suggest to me that I wont get charged any fees?

I think that they're being a little misleading with this.

They're saying they dont charge a fixed transaction charge, but what they're not saying is what rate they're giving you. They're probably putting a percentage on top of the exchange rate.

Nationwide as far as I'm aware are the only credit card that give the full Visa exchange rate.

 

[wayneg]

Im a bit confused now!

On Capital Ones website in the FAQ section it says...



That would suggest to me that I wont get charged any fees?

This is from 1st card I looked at in the summery box of charges. I would guess all their cards are the same but it is possible they do a special one for use abroad. You need to double check it can mount up.
Charges
Foreign currency conversion charge 2.75%
Cash withdrawal charge 3% (minimum £3.00)
https://www.capitalone.co.uk/creditcards/secure/summary-box.jsf

Nationwide as far as I'm aware are the only credit card that give the full Visa exchange rate.

There are a few others, If fees have not changed, Post office, Audi, Thomas Cook, and the New Abbey card, think theres another 1 or 2 but can't remember them.

 

[wideeyes]

They do charge at a lower Conversion Rate. When I brought my MNSSHP I was charged with a rate of 1.91 when the rate was 1.95.

 

[OrlandoMagic]

This is from 1st card I looked at in the summery box of charges. I would guess all their cards are the same but it is possible they do a special one for use abroad. You need to double check it can mount up.
Charges
Foreign currency conversion charge 2.75%
Cash withdrawal charge 3% (minimum £3.00)
https://www.capitalone.co.uk/creditcards/secure/summary-box.jsf


There are a few others, If fees have not changed, Post office, Audi, Thomas Cook, and the New Abbey card, think theres another 1 or 2 but can't remember them.

You're correct Wayne, just phoned them and it is the charges you said above.

Is anyone any good at maths? How much would I be charged on my card if I purchased an item for $100 and the conversion charge is 2.75% with the current exchange rate as $1 = £0.51

Thanks!

 

[wayneg]

If you buy a meal at $100, exchange rate today is $1.98/£1
With Nationwide or any fee free card you would pay £50.50. With a $2.75% load you would pay £51.89. Only £1.39 but add that up for ever transaction and it can be a lot of money, I have saved £100's if not over £1k with Nationwide over the years.

 

[OrlandoMagic]

If you buy a meal at $100, exchange rate today is $1.98/£1
With Nationwide or any fee free card you would pay £50.50. With a $2.75% load you would pay £51.89. Only £1.39 but add that up for ever transaction and it can be a lot of money, I have saved £100's if not over £1k with Nationwide over the years.

Would it still work out cheaper to use my card than take dollers and TC's with me?

I would love to get a Nationwide card but my credit score is pants!

 

[wideeyes]

Would it still work out cheaper to use my card than take dollers and TC's with me?

I would love to get a Nationwide card but my credit score is pants!

So is mine. I have applied for the Nationwide debit card today after reading about it on the other thread and they are sending in it in the next 5 days. I am just going add my holiday savings onto the account.

 

[wayneg]

Would credit rating affect opening a current account? If you open a flex account http://www.nationwide.co.uk/current_account/default.htm rather than getting a credit card you probably have more chance but not sure. Benefits are the same but your money comes straight out of your account rather than on credit and paying on your return.

Your Capitol one card is probably slightly better than exchanging to cash or TC's. at todays rate of $1.98 your one account has the equivelent ex rate of approx $1.93 see list here http://www.comparetravelmoney.co.uk/index.asp?sort=USD&#compare
Main difference is using your One account (or any credit/debit card) you are open to market fluctuations, while on hol it could go down or it could go up. Exchanging to cash/TC's ties you in at that rate now. Using a fee free card means even if the rate drops a few % you are likely to be still better off than exchanging.

Hope you followed all that

 

[OrlandoMagic]

Hope you followed all that

Yeah just about!!!

Would credit rating affect opening a current account? If you open a flex account http://www.nationwide.co.uk/current_account/default.htm rather than getting a credit card you probably have more chance but not sure. Benefits are the same but your money comes straight out of your account rather than on credit and paying on your return.

I applied for a Nationwide FlexAccount a few weeks ago and the offered me a basic cash card!

 

[wayneg]

I applied for a Nationwide FlexAccount a few weeks ago and the offered me a basic cash card!

Not good, I never heard of that before, I thought flex was their basic account. Didn't know they did this account.