Breaking news: Travelex Supercard now live for new applications and is still free
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As of 10am this morning, the Travelex Supercard website is back up, a new app appeared in the app stores and it began to accept new applications.
If you want to get one, click here to download the app and apply.
I would move quickly as the company has told me that it expects a backlog to build up due to the physical constraints on producing the cards. I imagine that moneysavingexpert.com will give it a big push tomorrow as they have promoted it in the past and their Wednesday newsletter goes to 10m people ……
Note that, if you were on the pilot programme, you must still make a fresh application via the app.
I will do a full article on Supercard tomorrow. It is, in essence, a Curve-style product which allows you to make purchases which are recharged to an underlying Visa or Mastercard.
Supercard is aimed primarily at overseas use. It allows you to bypass the 3% foreign exchange fee on almost all UK credit and debit cards.
You pay with your Supercard, the transaction is converted to £ by Travelex using the standard Mastercard wholesale rate, and it is recharged to your underlying Visa or Mastercard.
Here is a summary of the card benefits and how it differs from the pilot programme:
Supercard remains totally free. Free to apply, free to use – although it requires a smartphone to operate. I must be honest, I expected them to start charging but I was wrong.
It is a Mastercard. This is a change from the pilot programme which operated on Visa. As Mastercard FX rates are generally better than Visa, this is to your advantage.
There are NO FEES when using the card for purchases abroad.
There is a 2.99% fee for ATM withdrawals abroad. This is a change from the pilot programme where ATM withdrawals were free. Halifax Clarity, Creation Everyday and MBNA Everyday Plus are, I think, the only UK credit or debit cards which allows fee-free global ATM withdrawals.
Supercard is not a credit card so there is no credit check. They will take steps to verify your identify to comply with general money laundering and compliance rules.
Whilst UK use is not banned, purchases or ATM withdrawals will incur a £1 plus 1% fee which makes them relatively pointless. The only exception would be if you had a generous card like my old ‘2.5 Avios per £1’ bmi Mastercard – I could withdraw £200, pay £3 in fees and earn 500 Avios.
Transaction limits are generous – £500 cash per day, £50000 in total annual spend and various daily / monthly caps
I will write more tomorrow, but you have nothing to lose by heading to the website to check out the full details and then clicking here to download the app to order a free Supercard. Even if you already have a ‘no FX fees’ credit card, Supercard could still be a better deal if you link it to a Visa or Mastercard which has richer rewards.
Don’t ask me how Travelex makes any money on Supercard because I don’t know. There is probably an arbitrage on the interchange fees and some data mining opportunities. The pilot programme must have convinced them that it does have serious long term potential.
Want to earn more points from credit cards? – May 2023 update
If you are looking to apply for a new credit card, here are our top recommendations based on the current sign-up bonuses.
In February 2022, Barclaycard launched two exciting new Barclaycard Avios Mastercard cards with a bonus of up to 25,000 Avios. You can apply here.
You qualify for the bonus on these cards even if you have a British Airways American Express card:
SPECIAL OFFER: Until 30th May, the sign-up bonus on the Barclaycard Avios Plus Mastercard is doubled to a crazy 50,000 Avios! Apply here.
SPECIAL OFFER: Until 30th May, the sign-up bonus on the free Barclaycard Avios Mastercard is doubled to 10,000 Avios. Apply here.
Barclaycard Avios Plus Mastercard
CRAZY 50,000 Avios for signing up (to 30th May) and an upgrade voucher at £10,000 Read our full review
Barclaycard Avios Mastercard
10,000 Avios for signing up (only to 30th May) and an upgrade voucher at £20,000 Read our full review
You can see our full directory of all UK cards which earn airline or hotel points here. Here are the best of the other deals currently available.
SPECIAL OFFER: Until 13th June, the sign-up bonus on The Platinum Card is doubled to 60,000 Membership Rewards points – and you get £200 to spend at Amex Travel too! Apply here.
SPECIAL OFFER: Until 13th June, the sign-up bonus on the Virgin Atlantic Reward+ card is doubled to 30,000 Virgin Points. Apply here.
British Airways American Express Premium Plus
25,000 Avios and the famous annual 2-4-1 voucher Read our full review
American Express Preferred Rewards Gold
Your best beginner’s card – 20,000 points, FREE for a year & four airport lounge passes Read our full review
The Platinum Card from American Express
60,000 points AND a £200 Amex Travel voucher until 13th June! Read our full review
Virgin Atlantic Reward+ Mastercard
30,000 points bonus (to 13th June) and 1.5 points for every £1 you spend Read our full review
Earning miles and points from small business cards
If you are a sole trader or run a small company, you may also want to check out these offers:
American Express Business Platinum
40,000 points bonus and a £200 Amex Travel credit every year Read our full review
American Express Business Gold
20,000 points sign-up bonus and free for a year Read our full review
British Airways Accelerating Business American Express
30,000 Avios sign-up bonus – plus annual bonuses of up to 30,000 Avios Read our full review
Capital On Tap Business Rewards Visa
Get a 10,000 points bonus plus an extra 500 points for our readers Read our full review
For a non-American Express option, we also recommend the Barclaycard Select Cashback card for sole traders and small businesses. It is FREE and you receive 1% cashback on your spending.