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I was wondering if anyone else on here has one ? And whether there's an equivalent elsewhere in the world ?
For those who don't know, Supercard is a limited pilot (now full) which Travelex in the UK has been trialling for about 6-7 months now. It's a Visa card for use abroad, i.e. for non-£ transactions.
Normally, with my other UK issued credit cards, if I use them abroad, I get hammered with something like a 3% currency conversion cost AND if I withdraw money from an ATM, I also get stung by a cash withdrawal charge. So a withdrawal in (e.g.) Singapore from an ATM of S$ of an amount equal to £100 will actually end up costing me almost £105.
Where Supercard comes in is that it's a Visa card and accepted where Visa is accepted. However, it's linked to a UK Visa or MasterCard of my choice (I can change it on the fly using an iPhone app or the Supercard website).
When I make a purchase or use an ATM abroad using the Supercard, Supercard converts the transaction to £ (using the Visa exchange rate) and immediately charges the £ amount to my linked UK card.
Result ? I don't get stung by a 3% (or whatever) currency conversion cost AND if I withdraw money from an ATM abroad, there's no charge for doing so. Looking at the rates which I've got (having used it so far in Denmark, France, Lebanon and Japan), it's the same as if I go along to my local moneychanger (offering the best rates I can find) and change £ to whatever foreign currency.
It's still a pilot and there have been glitches, e.g. the card has been refused on a few occasions and I've had to resort to my UK cards (and then been hit by currency conversion charges). Overall though, I've been very happy with it.
For those who don't know, Supercard is a limited pilot (now full) which Travelex in the UK has been trialling for about 6-7 months now. It's a Visa card for use abroad, i.e. for non-£ transactions.
Normally, with my other UK issued credit cards, if I use them abroad, I get hammered with something like a 3% currency conversion cost AND if I withdraw money from an ATM, I also get stung by a cash withdrawal charge. So a withdrawal in (e.g.) Singapore from an ATM of S$ of an amount equal to £100 will actually end up costing me almost £105.
Where Supercard comes in is that it's a Visa card and accepted where Visa is accepted. However, it's linked to a UK Visa or MasterCard of my choice (I can change it on the fly using an iPhone app or the Supercard website).
When I make a purchase or use an ATM abroad using the Supercard, Supercard converts the transaction to £ (using the Visa exchange rate) and immediately charges the £ amount to my linked UK card.
Result ? I don't get stung by a 3% (or whatever) currency conversion cost AND if I withdraw money from an ATM abroad, there's no charge for doing so. Looking at the rates which I've got (having used it so far in Denmark, France, Lebanon and Japan), it's the same as if I go along to my local moneychanger (offering the best rates I can find) and change £ to whatever foreign currency.
It's still a pilot and there have been glitches, e.g. the card has been refused on a few occasions and I've had to resort to my UK cards (and then been hit by currency conversion charges). Overall though, I've been very happy with it.
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