Why Was My Credit Card Declined On Currensea – Best Travel Cards

A brand-new fintech business which I was presented to previously this year. Why Was My Credit Card Declined On Currensea…

It has won a few awards over recent months for what it does (providing you an affordable method to invest abroad) however what I like about  is that it is easy as hell. This is a good thing.

is, successfully, a direct debit travel card. You merely spend as you would on a typical debit card and the money is taken from your present account– simply without the usual 3% charge.

Oh, and  is complimentary to request, which likewise assists.

There are likewise some intriguing travel benefits if you pick a paid plan, but the complimentary plan works fine. You can apply here.

There is an organization model in fintech which Curve, Revolut, Monzo etc have all followed:

launch by doing something well, and free of charge or more affordable than the competition
add increasingly more functions which your existing consumers don’t actually want or require

include fees, limitations or charges to the function that made people get your product in the first place, removing any competitive advantage
is currently still in Stage 1 of this process and will hopefully remain there. Monzo, curve and revolut are currently in Stage 3 …
is simple enough that it passes my ‘Can you describe it to your mate in the bar in 30 seconds?’ test:

It is a totally free direct debit card to use abroad and which automatically recharges all purchases to your existing current account in Sterling, less a small 0.5% fee.

That’s it.

You do not (yet …) make any airline company miles or points for using it.

Why would I wish to get a card?
If you have a charge card offering 0% foreign exchange costs, then you do not need a  card, unless you want totally free ATM withdrawals. You can stop reading now.

Credit cards which provide benefits and charge 0% FX charges are couple of and far in between. The only ‘miles and points’ choices which use a partial solution are the Virgin Atlantic credit cards which have 0% FX charges in the Euro zone.

IS potentially for you if:

you do not have a charge card offering 0% FX fees and do not want to affect your credit report by getting another credit card particularly to use abroad
you want a product which permits you to make �,� 500 of foreign currency ATM withdrawals monthly with no costs and only a very little FX mark-up (there is a small cost beyond �,� 500).
you want a product for you, your adult children, parents, partner or anyone else in your life who requires a basic, easy to understand payment card that will save them cash when taking a trip.

How does  operate in practice?
It is, as I stated earlier, a really simple process. You use your Currensea card in the same way as your existing debit card.

You make your purchase in regional currency (any currency, worldwide).
Your current account bank immediately verifies that you have sufficient cash in your account and authorises the transaction.
The transaction goes through at either the interbank rate or the Mastercard rate, depending upon the currency. If you have the complimentary card,  adds a 0.5% charge. There are no fees if you have among their paid cards.
You get an automated spend notification through the app, if you choose to install it.
The money is drawn from your current account a few days later on.
Here is an example. With no foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.

This is what you see in the Currensea app, which shows �,� 4.33 arranged to leave my HSBC account a couple of days later on:.

Transforming pounds was expensive.

A pet peeve of mine is when ATMs forewarn you about the daylight break-in that is just about to occur (typically in a various language) while not telling you about the inflated currency conversion fees happening in the background. Do not get me began. Anyway back to the positives for a bit anyway.

Thankfully in the last few years a handful of terrific travel debit cards have actually popped onto the scene … and like other terrific cards  promises big cost savings (85%) and a terrific app.

I think the finest bit may be what no other card does: connects to your existing high street bank account.

What this implies is you can invest money you have in your existing current account with less stress over lacking money and the extra step. However that does not indicate it is ideal.

In this Currensea review is the excellent, the bad, the ugly and the alternatives, so that you can decide.

FX markup.
While our premium plans have no FX markup, we charge a nominal FX markup on our Vital Plan of 0.5% per transaction, allowing us to make earnings from our Vital Plan whilst staying more affordable than other pre-paid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the free amount on all our strategies, complete information can be discovered on our pricing strategies.

Subscription charges.
We charge a yearly membership charge of �,� 25 for our Premium Plan, and �,� 120 for our Elite Strategy. The subscription cost likewise eliminates all FX markup on transactions.

Interchange.
Whenever you invest with your card we receive a small % of the deal, referred to as interchange, this comes straight from the merchant and will not be charged to you. Why Was My Credit Card Declined On Currensea