I wrote in a previous entry about how you have to watch out what rates your credit cards charge for overseas transactions. I have recently returned from overseas and was using the Everyday Money Credit Card because it has a lower overseas transaction charge rate than American Express. To my surprise today, I noticed that the OTC was higher than I expected. When I opened my mail to look at my Everyday Money statement, I saw on the bottom under "important information" that whilst I was overseas, they jacked up the OTC to 3% from 2% taking away their competitve edge against rival cards. I am infuriated with this as this change happened without my knowledge whilst I was overseas. I am now considering cancelling the card.
So this is a warning to everyday money credit card users. It is NO LONGER the card of choice when you are overseas. You might as well use your American Express cards in such instances.
Why not use a 28 degrees mastercard (formerly wizard clear advantage)? Fee free, no overseas conversion and best of all, no overseas atm costs. If you get 2 you can use one as a cash card and one for purchases to minimise interest.
ReplyDeleteJon