The NEW King of spending abroad
The free Supercard launches today: unbeatable rates in every country, no ATM fee, no interest, no credit check and lets you earn credit card rewards
The Travelex
Supercard* launches today, it's a pilot of the first ever free plastic with near-perfect rates in every country - euros, dollars & more: there's no exchange rate fee, no cash withdrawal fee and no credit check, so anyone can get one (you need a smartphone/tablet).
In the past I've championed the use of specialist overseas credit cards for when you're on holiday. That's why Travelex gave us an exclusive heads-up on this, so we've had time to analyse it. And this innovative new kid on the block does take a bit of explaining. It isn't a credit or debit card, it's, er, well...
1.
Urgent. New cheapest way to spend abroad. The free Travelex
Supercard* is technically a prepaid card, but you don't load it with cash. The scheme is a pilot - there's no published numbers cap - but it may close once it has enough people, so if you want it go quick.
NOTE: We've heard Travelex is struggling to cope with demand from traffic due to this email. If the site doesn't respond, try again in a while.
Here's how it works:
a. Apply for the card via an app. Go to
Supercard (Apple)* or
Supercard (Android)* and register, then you are sent the physical card to activate.
b. Link it to your existing debit or credit card. Use the app to connect it to your debit or credit card (Visa/Mastercard, not Amex) and see your pin.
c. Spend abroad on it or withdraw cash like any normal card. It converts the foreign exchange at near-perfect rates - technically, that day's same Visa wholesale rate as banks get - without adding 3% on top as they usually do.
d. It immediately charges your bank account or credit card, IN POUNDS. At its top exchange rate and without fees abroad, even for ATM withdrawals.
e. This is a pilot scheme. It should be accepted anywhere Visa is, but it is brand new, therefore totally untested - so you're pioneering it. While on paper it should be great, take a back-up with you. And of course things can change, and if they do, we'll let you know via this email.
Here's some more key info on it.
- It's free and there's no credit check, so anyone over 18 can get it.
- You can actually link it to up to 5 cards and switch between them.
- On your debit or credit card statement, this just counts as UK spending even if you take out cash abroad.
- If you link it to a cashback or rewards credit card, the card firm sees it as UK spending, so you should still get rewards. See
Top Cashback Cards or
Top Rewards Cards guides for info (remember: no Amex, though).
- It does charge fees if you pay/withdraw cash in pounds - so never use it here, and if asked if you want to pay in pounds or euros abroad, say euros.
