Any input?? Our Credit Union just sent this to us. Pre-load debet card--not linked to account--prepaid issued in choice, pounds, euros & $--purchase fee $8.95--can reload on line--replacement if stolen 24 hrs--
We've always used Visa debit or credit in past European trips & understand US cards can now can be a problem to use with Europeans use of new type credit card. Thank you for your response!
Posted by
Tipton, Iowa
332 posts
Do they charge for ATM withdrawals? What is their markup on foreign transactions?
Posted by
Lakewood, Colorado
19272 posts
Better yet, if you load it in US$, what is the exchange rate if you use it in Euro, such as at the ATM or for a POS transaction? If you load it in Euro, how many Euro do they give you per US$? Up date: I just went to their website to look up the exchange rate. This is what it said, "Exchange rates are set by MasterCard on a daily basis. For more details please refer to the Terms and Conditions you received when you purchased the card." In other words, "we won't tell you what it costs until after you purchase the card?" Up (Up date): Today travelex is selling Euro at 0.6649 €/$. Meanwhile the going international rate is 0.71535 €/$. That's a 7% profit for Travelex. Wells Fargo is selling Euro over the counter at 0.678 €/$.
Posted by
Bloomington, IL, USA
9371 posts
There is no advantage to using this card over using your regular debit card. If you are concerned about keeping your travel funds separate from your other money, just open a separate account with only your travel funds in it. I also carry an ATM card from Ally Bank (online). They refund any ATM fees that might be charged anywhere. While they do use chip-and-PIN cards in Europe, you won't have a problem using your old cards anywhere (except unmanned gas stations or ticket kiosks).
Posted by
Tresana, Highlands Ranch, CO, USA
23622 posts
The problem with US credit cards is a bit over rated. And the problem does not apply to debit cards at ATMs. With the current restrictions on debit card fees, card issuers are scrambling for new fee income. The preloaded cards are the new approach. What advantage is gained over a standard debit card? My guess is just higher fees.
Posted by
Lakewood, Colorado
19272 posts
"What advantage is gained over a standard debit card? My guess is just higher fees." Frank, I think I've figured it out. When I was researching the gift cards yesterday, I noticed that one website emphasized that the gift card is not a debit card, it's a "prepaid credit card". So, I think, unlike a debit card, for which the banks can only charge the merchant something around 20¢ per transaction, it gets processed as a "credit" transaction, for which the banks can charge the merchant 4%. The banks are trying to get people who would normally use a 20¢ debit card because they're opposed to debt to use a 4% prepaid card. (This, of course, applies if the card is used in this country.) However, if you only use it in European ATMs, the exchange rate is the same as for a debit or ATM card.