- 2.5% cash advance fee waived when Post Office Credit Card used to purchase foreign currency
- Plus 0% commission on all overseas purchases
- And 0% for the first 12 months on balance transfers and first three months of purchases
The Post Office is helping people to save money this summer, as from today anyone using the Post Office Credit Card will not be charged the standard 2.5% cash advance fee when they purchase foreign currency from the Post Office €“ either online or in branch*.
For those using their credit card to purchase travel money the removal of the fee could make a noticeable difference to the overall cost €“ especially as other credit card providers charge up to three per cent for the same service.
Examples of how much money Post Office customers can save:
| Euros being purchased | Exchange rate | Cost in sterling | Cash advance fee | Total cost to customer | |
| Another credit card | 250 | 1.0665 | £234.41 | £6.45 | £240.86 |
| Post Office Credit Card | 250 | 1.0665 | £234.41 | £0.00 | £234.41 |
Based on 250 euros spent at an exchange rate of 1.0665 and a cash advance charge of 2.50%. Information correct as at 26.04.10. Information obtained on competitors from Moneyfacts.
This new benefit joins a range of advantages already on offer to Post Office Credit Card customers. In addition to zero per cent on balance transfers for the first 12 months and zero per cent on new purchases for the first three months, the Post Office is one of the few providers not to add commission onto any overseas purchases.
A further plus for those taking up the offer is that not only will they pay zero per cent on their currency by choosing the Post Office, but they will also find 29 best selling currencies available on demand at 1,600 larger Post Office branches. 2,600 additional branches offer US dollars on demand, while a total of over 8,500 branches stock euros. Alternatively over 70 currencies can be pre-ordered at 11,500 Post Office branches or online at postoffice.co.uk for next day branch or home delivery.
Post Office Head of Cards, Az Alibhai said: €œOur customers love the fact that we don’t charge commission when they use their card overseas, so we are now saving them even more money by removing the cash advance fee when they use their Post Office Credit Card to purchase great value travel money from the Post Office.
€œWith many people still feeling the pinch this will give them a bit of extra cash in their pockets to enjoy on holiday. We are dedicated to providing customers with flexibility and value when it comes to managing their money, especially as our credit card offers a combination of benefits that they can’t get anywhere else.€
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