Back in March I wrote about the forthcoming launch of Supercard from Travelex. It is very rare that a totally revolutionary payment product comes along but this could be it.
As you (hopefully) know, almost all UK credit, debit and charge cards add a 3% fee when you buy something abroad.
There are only a handful of cards which waive this fee. There are a few free options, such as the Post Office Platinum and Halifax Clarity. There is only one credit card in the UK which offers reward points and no FX fees and that is the Lloyds Avios Rewards card (review here). You need to pay a £24 annual fee for that.
Supercard is different. It can be used anywhere where a Visa card is accepted. Your purchase is translated into Sterling as the standard Visa / MasterCard rate and charged to any UK credit or debit card you nominate. You will receive the usual rewards from that card.
Let’s imagine spending $150 in New York. If you use your Marriott MasterCard, you would be charged £103 based on a $1.50 exchange rate. Use Supercard – with your Marriott card linked to it – and your Marriott card would be charged just £100.
Supercard does away with the need to keep a separate credit card just for overseas purchases. You would earn reward points on every overseas purchase (assuming you linked a rewards credit card!), you would have spare credit available – by cancelling your Post Office or Halifax card – to apply for another rewards card and you would have one less bill to manage each month.
Back in March you could pre-register your interest via the Supercard website. I did that, but have not received notification yet.
However, as an eagle-eyed reader spotted, the app is now available to download. The links to the iOS and Android apps are on this page. It is not in the iOS app store yet – you need to follow the link.
As of 11pm last night, when I wrote this, it was misbehaving and would not let me register. The reader who sent me the link had been able to register OK.
Only a limited number of registrations are being taken at the moment so act sooner rather than later if you want to be in the first wave and get the card in time for your next foreign trip.
(Want to earn more miles and points from credit cards? Click here to visit our ‘Credit Cards Update’ page or use the link in the menu bar at the top of the page.)