Bits: Avios / Nutmeg offer extended, full list of new HMRC credit card fees, £10 Amazon voucher with Azimo currency transfer

News in brief:

Nutmeg / Avios offer extended to the end of April

Nutmeg is an innovative online wealth management service which offers a fully managed, discretionary, investment service at a far lower cost than its competitors.  If you are using St James’s Place, Hargreaves Lansdown etc then the Nutmeg fee structure of 0.3% – 0.95% should be of interest.

Using exchange-traded funds, Nutmeg offers no set fees, no transaction fees, no trading fees, no exit fees and no commission.  You only pay your annual management fee.  Your Money voted them the ‘best online Stocks and Shares ISA provider’ for 2015.

Nutmeg recently launched a partnership with Avios which is outlined here.  This can earn you up to 10,000 Avios for opening an account.  The reason I mention this again today is that the deal, which was meant to be a short term promotion until the end of the last tax year, has been extended to 30th April.

Nutmeg logo

Full list of new HMRC credit card charges

I wrote recently about how, from 1st April, HMRC has slashed its credit card fees to roughly 0.4%.  This means, if you have the right Visa or MasterCard, that you can generate miles and points VERY cheaply.

In that article I gave a couple of fee examples based on cards I own.  Reader Elizabeth has now sent me the full list of card fees levied by HMRC which are basically ‘interchange plus’ ie the 0.3% EU mandated fee plus HMRC’s handling charge:

VISA Personal Credit Card 0.415%
MasterCard Personal Credit Card 0.386%
MasterCard World Premium Credit Card 0.374%
MasterCard Signia Premium Credit Card 0.606%
MasterCard Elite Premium Credit Card 0.606%

VISA Business Credit Card 1.508%
VISA Corporate Credit Card 1.744%
VISA Purchasing Credit Card 1.755%
MasterCard Business Credit Card 1.973%
MasterCard Corporate Credit Card 2.248%
MasterCard Purchasing Credit Card 2.406%
MasterCard Fleet Credit Card 2.134%

You can now clearly see the gulf that has opened up between corporate credit cards, which are not impacted by the EU fee caps as long as the bill is settled by a business, and personal cards.  I am intrigued as to how MasterCard is retaining premium fees for its Signia and Elite cards.

Azimo new logo

£10 gift card with first Azimo currency transfer

Finally, if you need to send some money abroad soon, online money transfer group Azimo is offering a £10 gift card for new customers.

You need to use voucher code AZIMOGIFT when processing your transfer.

Azimo is especially good value for sending money to more ‘obscure’ countries which other online transfer firms do not cover.  For mainstream transactions, compare their prices with TransferWise who are their main competitior.

The promotion is not featured on their website.  In order for the AZIMOGIFT code to be accepted, you need to meet the following criteria:

  • Be a new customer
  • Excludes SWIFT, mobile top up, transfers made with a credit card and transfers from Euro to Euro or GBP to GBP
  • Minimum £50 transfer required
  • gift card will be sent within 60 days
  • Offer ends 30th April

The Azimo site is here.  You won’t see any indication of this offer on the site, but those readers who took part when a similar deal ran at Christmas will confirm that it works OK.

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  1. So why is MC World cheaper than bog standard MC?

  2. Andrew (@andrewseftel) says:

    Signia and World Elite are generally not offered by card issuers in the UK. Non-EEA issued cards are exempt from interchange fee regulation, so the higher fees for these might reflect a higher %age of them being issued abroad.

    • Does that imply there are some interesting situations with some places not in the EEA which can be used in the UK?

      Are there any such?

  3. You defintely need to compare prices! Azimo gave me a quote 2% worse than transferwise when I priced 1000 gbp to rubles.

  4. Referred my wife on Nutmeg and points posted today – 5k each. This was the offer up to 5 April.

  5. OT: So – silly question – If i pay my corp tax with my Tesco MasterCard Personal Credit Card does anyone have experience of how many Tesco club card points I would be eligible for ? How does Tesco Bank regard the transaction ?

  6. Re HMRC – Is the Curve a business MasterCard and subject to one of the higher fees?

  7. Hingeless says:

    I have a MasterCard world premium card, I really don’t get the point of it being a premium card though, I have had a look at the MasterCard world site but can’t see anything of use. I don’t pay any uk tax so the low rate is of no use at the moment.

  8. I love Azimo and usually for sending money to Bulgaria to pay some services is a great rate.

    However my bank and Azimo have blocked my transaction 3 times for suspected fraud. It had been few weeks and I have called Azimo (great service) and my bank and they both keep saying it is clear yet any card I use debit or credit gets rejected. Very frustrating!

  9. I have gone in for the Nutmeg offer. it looks like it is just for new signups now as opposed to the refer a friend option it was before? Which is a shame as I would have referred my partner too. Never mind, maybe a few months down the line something may crop up.

    I am a novice investor starting with the minimum contributions so will have to keep an eye on things and hopefully will have made the right choice.

  10. Any potential Nutmeg customers should probably read this first……

  11. T&C Point 4:

    ” If a customer withdraws their account balance within 12 months of opening their account, Nutmeg reserves the right to withdraw £100 from the closing balance before returning funds. ”

    I presume this only applies to closing the account in full? I’m guessing they wouldn’t take £100 for a partial withdrawal?


  12. I will agree that Azimo works well & is handy for one-off small amounts (Xmas & birthday money to niece & nephew overseas) however I did not automatically get the £10 Amazon gift card during the last promo despite correctly applying the code. It was only on my 3rd chase-up email to them that they then relented & sent it, minus an apology for being wrong or late.
    So be prepared to do a little legwork.

  13. Aeronaut says:

    They were doing £36 for a short period a while back….

  14. my local council charge a 1.25% handling fee on all credit card payments (they don’t take Amex) … so I’ve just sent them the HMRC rates and asked them when they are going to change theirs !

  15. If I pay HMRC with my BMI DIAMOND CLUB mastercard, which is a personal card, does that mean I will only pay 0.386% card fee to HMRC?

  16. Hello All,

    I have just taken advantage of the Nutmeg Avios offer and invested £5000.
    Has anyone got any feedback on how long does the points take to post?

  17. Daftboy says:

    Just to follow up on the Nutmeg point, I had my Avios credited today (20th April), having invested with them on 4th April. Quite impressive (I was going to invest with them anyway, the Avios were just a bonus)