V-Flyer

Posted: **29 May 2005, 21:19**

Hi,

Just looking for opinions about this new card. Seems a really good deal, but I've yet to check all the t&cs.

It's a bit like a charge card, but for travellers cheques. You can load it up to £3k and use it wherever the amex card is displayed and also withdraw from a whole heap of ATMs. The ATM charge is £1.50 with max withdrawl of £250 per day. As far as I can see there is no charge for using it at businesses (I guess they make their money from the retailers fees). You load it up with £ so it's just the exchange rate on the day, and I've generally found Amex as one of the best for exchange rates.

Just off to check any 'hidden charges' but at first glance I sure as hell don't mind paying a £1.50 transaction fee for the occasional £250 for the convieniance and safety of using the card.

You can also top up your funds online. There's no 'cash transaction fee' when you top it up using a credit card

Milliemoo

Posted: **29 May 2005, 21:41**

Thought it was a bit too good to be true....you pay a 2.73% commision fee on transactions.

Still cheaper than a regular bank/credit card I think???

Milliemoo

Posted: **29 May 2005, 22:15**

Originally posted by Milliemoo

Still cheaper than a regular bank/credit card I think???

Millie

But, does it get you 2 FC points per Â£ spent, like the fee FC Mastercard does?? [8D];):D

Although I have applied for the Gold Amex for the 20K points, ALL of my spending goes on the Mastercard, I take the minimum amount of cash on trips.

Nick

Posted: **29 May 2005, 22:25**

I'm still a bit un-sure about this whole idea.

Having had a look at the web site and experimenting with this, you appear to have to pay a fee when you load your card for example if you load it with Â£250 (minimum amount you can start with) there is a Â£20 fee. I presume you pay a final sum of Â£270 for a card with Â£250 loaded onto it (although the web site does not make this very clear)

Regards

Posted: **29 May 2005, 22:52**

Originally posted by mitchja
I'm still a bit un-sure about this whole idea.

Having had a look at the web site and experimenting with this, you appear to have to pay a fee when you load your card for example if you load it with Â£250 (minimum amount you can start with) there is a Â£20 fee. I presume you pay a final sum of Â£270 for a card with Â£250 loaded onto it (although the web site does not make this very clear)

Regards

Hi, there only a Â£20 if you use an agent to purchase the card other than Amex. Reloads don't incur any fee and can be done online.

Milliemoo

Posted: **30 May 2005, 18:11**

The ba boys on flyertalk are mullering this card as the cash load-ups don't post on your credit/debit card as a cash withdrawal transaction,so the loading card earns miles, then empty the travellers cheque card from the hole in the wall and pay the cash back into the bank.

So the miles just cost the % transaction fee, very cheap miles.

Posted: **30 May 2005, 18:31**

hummmmmmmmmmmm

Lets see.... max Â£3k on the account, can withdraw Â£250 per day, so that would cost you Â£18 and 12 visits to the ATM. Am I right in saying it's 1 mile per Â£1 spent on the Amex Gold charge card (which you'll already have got 20k miles for

)so that's Â£18 for 3k miles but a lot of hassel going up to the ATM every day etc etc.

I think it's a good idea if your just a wee bit short of miles for something, but I think I'd get bored after 6k miles lol

Milliemoo

Posted: **17 Jun 2005, 22:39**

I am looking at this card for our holiday in Aug. I thought that there was only the Â£20 charge when you get the card and then charges only if you use the hole in the wall? Where does the 'transaction fee' come into play?

Posted: **17 Jun 2005, 22:59**

Hi,

The commision fee is applied to all transactions eg: restaurants, hotels, ATMs etc. ATM w/ds also incur a Â£1.50 fee.

I've actually decided to go for a Nationwide Credit card as they don't charge any commision fee on any transcation. They do have a cash advance fee for ATM's but that's only 1.5%! My usual reaction to a company offering travel money commision free is that the exchange rates are crap to make up for the lack of fee. I've checked out Nationwide and it's not that much less than Amex. I worked out the sums and Nationwide comes tops BIG TIME.

We will however be taking some dosh with us and will use travelex.co.uk as they have the best rates going IMHO and you just pick it up at the airport.

Milliemoo

Posted: **17 Jun 2005, 23:18**

Originally posted by Milliemoo

We will however be taking some dosh with us and will use travelex.co.uk as they have the best rates going IMHO and you just pick it up at the airport.

We don't have a Travelex in Mansfield

[}:)], but our local Thomas Cook will beat any local competitors rates

I am afraid I don't like leaving things like getting cash until the last minute, I would want to do it before I got to the airport, unless the airport rates are MUCH better than I can get locally. [:I]

Nick

Posted: **18 Jun 2005, 08:51**

I have just read the T&C on the card and apart from the Â£20 up front fee I cannot find any mention of the commission fee. Am I looking in the wrong place? If there is a fee for usage then I will just strengthen my wrist for all the travellers vheques I will have to sign. I will be taking my credit card but I find it very hard to resist the temptation when I am in the US so I prefer some sort od check:D on my spending.

Posted: **18 Jun 2005, 11:41**

All American Express Cards incur the 2.73% fee when using it outside the native billing currency.

From the T&C's - I've highlighted the interesting bits for you:
'5. Foreign currency charges

If you make a Charge in a currency other than in Pound Sterling, that Charge will be converted into Pound Sterling. The conversion will take place on the date the Charge is processed by American Express, which may not be the same date on which you made your Charge as it depends on when the Charge was submitted to American Express. If the Charge is not in U.S. dollars, the conversion will be made through U.S. dollars, by converting the Charge amount into U.S. dollars and then by converting the U.S. dollar amount into Pound Sterling. If the Charge is in U.S. dollars, it will be converted directly into Pound Sterling.

Unless a specific rate is required by applicable law, you understand and agree that the American Express treasury system will use conversion rates based on interbank rates that it selects from customary industry sources on the business day prior to the processing date, increased by a single conversion commission of 2.73%. If Charges are converted by third parties prior to being submitted to us, any conversions made by those third parties will be at rates selected by them.'

Thanks,
Richard

Posted: **18 Jun 2005, 11:50**

Agreed on the standard AMEX card t's & c's Richard, but does the commission *really* apply to the Travellers Cheque card?

Does anyone have any practical experience of using it?

The specific T's & C's for the TCC state the same info, but sightly differently:]

(THESE T'c & C's specifically state "No currency conversion occurs where transactions are incurred in the currency loaded on your Card.")

f you make a transaction with your Card in a currency other than your Card currency (for example, if you use a US Dollar Card to make a purchase in Euro), the transaction will be converted into your Card currency on the date it is processed by us or our agents as follows:
(1) Unless a particular rate is required by applicable law, you understand and agree that our treasury system will use conversion rates based on Interbank rates that it selects from customary industry sources on the business day prior to the processing date, increased by a single conversion commission of 2.73%..

So, the way I read THESE terms (where there is no mention of "billing" currency), if I buy a US$ TCC or load one up with US$, there would be no conversion fee for using it in the US. (but there would in France, for example).

David, I think you're ok using it without the threat of conversion fees. [y]

Posted: **18 Jun 2005, 12:01**

Originally posted by preiffer
Agreed on the standard AMEX card t's & c's Richard, but does the commission *really* apply to the Travellers Cheque card?

Does anyone have any practical experience of using it?

The specific T's & C's for the TCC state the same info, but sightly differently:]

(THESE T'c & C's specifically state "No currency conversion occurs where transactions are incurred in the currency loaded on your Card.")

f you make a transaction with your Card in a currency other than your Card currency (for example, if you use a US Dollar Card to make a purchase in Euro), the transaction will be converted into your Card currency on the date it is processed by us or our agents as follows:
(1) Unless a particular rate is required by applicable law, you understand and agree that our treasury system will use conversion rates based on Interbank rates that it selects from customary industry sources on the business day prior to the processing date, increased by a single conversion commission of 2.73%..

So, the way I read THESE terms (where there is no mention of "billing" currency), if I buy a US$ TCC or load one up with US$, there would be no conversion fee for using it in the US. (but there would in France, for example).

David, I think you're ok using it without the threat of conversion fees. [y]

Talk about them making it complicated eh? You're right preiffer, if you have a Ã› based TCC and spend in Ã›'s then there is no commission. What I am guessing is that they make the money when you load the card, as you will be probably asking them to load your card with Ã›'s but will giving them money from a Sterling source, so they will earn their commission there.

I'll stick to my normal (well as normal as can be

) AmEx charge card.

Thanks,
Richard

Posted: **18 Jun 2005, 12:06**

Originally posted by RichardMannion
What I am guessing is that they make the money when you load the card, as you will be probably asking them to load your card with Ã›'s but will giving them money from a Sterling source, so they will earn their commission there.

Current reload rate from Amex to US$ = 1.747392
Current travelex online rate = 1.7777

So you're right - they're skimming a little from every reload transaction, on top of the card "fees" in the first place. (although, agreed, the TVLX rate online is usually very good anyway)

Do Visa not do a similar reload card? (seem to remember something like that).

I also remember - some time ago - we switched company credit cards from Amex to Visa because we sometimes had the "we don't accept amex here, sir" problem. Might be worth investigating...

Posted: **18 Jun 2005, 12:30**

Originally posted by Nottingham Nick
Originally posted by Milliemoo

We will however be taking some dosh with us and will use travelex.co.uk as they have the best rates going IMHO and you just pick it up at the airport.

We don't have a Travelex in Mansfield [}:)], but our local Thomas Cook will beat any local competitors rates

I am afraid I don't like leaving things like getting cash until the last minute, I would want to do it before I got to the airport, unless the airport rates are MUCH better than I can get locally. [:I]

Nick

Hi Nick,

I don't think they have shops, it's all on-line, so it's ordered and waiting for you at the airport. Very good rates, I'm guessing due to less overheads.

P.S David, sorry, didn't realise you were loading with and using the same currency, so no you wouldn't incur the commision fee of 2.7ish.

Milliemoo

Posted: **18 Jun 2005, 15:21**

Having read this thread and being a big user of my CC abroad,I think I'll stick to the tried and trusted American Express Traveller Cheque as a back up.
Our local Post Office charges no commision and the exchange rate has always been very competitive with the Travel agent next door.
The plus point of TC's are that
1) When I have cashed a TC at the hotel I get the full $50 for a $50 cheque and
2)When I spend a cheque at a shop or Restaurant I get my change in hard cash.

These 2 points seem to outway the RSI on the wrist.

Posted: **18 Jun 2005, 15:29**

Originally posted by Tim

These 2 points seem to outway the RSI on the wrist.

Try getting bigger denominations, Tim

[8D]:D

I don't disagree with your sentiments, the whole area of spending abroad is a lot about personal preference, and what you as an individual, are most comfortable with.

Nick

Posted: **18 Jun 2005, 16:26**

Thanx for the info guys, I was talking of the US$ card so no different currencies would be involved so hopefully no commission charges. But if travelex do a better exchange rate and travellers cheques then that might be the way to go. The only problem I've had in the past is that some places don't like $100 cheques, so it's $50 or smaller which does make the right hand sore when you have to take enough for 3 people.

Posted: **23 Jun 2005, 16:20**

is this ofer still running and if so where can i get it done

Posted: **23 Jun 2005, 16:30**

Originally posted by raveen
is this ofer still running and if so where can i get it done

Raveen, Yes, it is. You can find a link to it here.

PLEASE read previous posts...

Posted: **23 Jul 2005, 15:18**

Man, just when I had it all sorted.....

I've just realised that Nationwide (as do all other credit cards) charge intrest daily on cash advances! grrrrrrrrrrrr

We'll still keep it for restaurants etc as it's a good deal for that, but I can't be bothered going on-line every 5 mins to transfer from my bank account into Nationwide.

Off to have another look at what travelex offer.

Milliemo

Posted: **28 Jul 2005, 13:10**

Just had a brain wave ......

How's about I load up the credit card (like a charge card) before leaving the UK. Surely I wouldn't get charged interest on the cash advances if there's already credit on the card.

Think I'll give them a ring.

Milliemoo

Posted: **28 Jul 2005, 13:22**

Originally posted by Milliemoo
How's about I load up the credit card (like a charge card) before leaving the UK. Surely I wouldn't get charged interest on the cash advances if there's already credit on the card.

Yup - that works [y]. Do they award you points/miles based on purchases that are effectively "pre-paid" though?

Posted: **28 Jul 2005, 13:32**

It's just a 'cash back' card, BTH I've no idea how that would work. If we do get the cash back, it'll be .5%

We got the card purely for using abroad because they don't charge a commission fee...even on cash advances! They do have a cash advance fee of 1.5% but that's still very low comapred to other cards. If I get the cash back though, and most transactions are by businesses rather than c/a's It could work out evens

It's the same if you have a current a/c with them, but I can't be bothered opening another a/c.

Milliemoo

V-Flyer

Amex Travellers Cheque Card

Amex Travellers Cheque Card