Saga is to remove its worldwide foreign currency charge on credit card purchases from 5th April 2010.
Most credit cards charge a foreign currency fee of around 2.75% on purchases abroad, making them a potentially expensive way to shop while you’re on holiday. Saga previously imposed no foreign transaction fee within Europe, but will now extend this to worldwide purchases.
Which? welcomes Saga credit card decision
Martyn Saville, Which? credit card expert, commented: ‘Saga’s move to scrap charges on worldwide purchases puts it in a very exclusive group of credit card providers. Only the Santander Zero credit card and the Post Office MasterCard currently charge no extra fee for worldwide purchases, with Nationwide charging no fee within Europe.
‘Once again, Saga is setting the standard by which other card providers should be measured. Not only does it have an excellent Which? customer satisfaction score, but last year it cut its standard APR from 15.9% to 11.9% and it is still one of only two credit card providers operating a positive order of payments, which allows the customer to pay off their most expensive debt first. All of these plus points, together with a competitive 9-month 0% deal on new purchases, make Saga a Which? Recommended Provider for credit cards.
‘The main downside with the Saga card is that it’s only available to the over-50s with an income of at least £12,000. It’s high time the rest of the credit card industry followed Saga’s example and introduced products that offer good value to the consumer without clawing in extra cash through sneaky charges and negative orders of payment.’
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