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Mastercard bans Dynamic Currency Conversion on prepaid cards

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Your travel life gets a tiny bit easier from Friday.  Anyone with a prepaid Mastercard will no longer be offered Dynamic Currency Conversion.

Dynamic Currency Conversion is when a shop or hotel offers you ‘the convenience’ of paying in your home currency, whilst failing to mention that a charge of 5% or so will apply. 

To add insult to injury, your credit card will often add an additional 3% foreign currency surcharge – even though you paid in Sterling – because the transaction originated outside the UK.

From Friday, prepaid Mastercard products – which includes loadable cards such as WeSwap – will be blocked from DCC.  The card terminal will block it at the point of payment.  This may also include the Miles & More Mastercard which is technically a prepaid product.

The easiest way to avoid DCC is to pay with an American Express, since Amex bans the practice entirely.  Unfortunately, UK American Express cards charge 2.99% foreign exchange fees so it makes more sense to pay with a specialist Mastercard or Visa which waives this.

moneysavingexpert.com has more details on this story here.


Want to earn more points from credit cards? – June 2021 update

If you are looking to apply for a new credit or charge card, here are our June 2021 recommendations based on the current sign-up bonus

You can see our full directory of all UK cards which earn airline or hotel points here. Here are the other top current deals:

British Airways American Express card

British Airways American Express

5,000 Avios for signing up, no annual fee and a companion voucher for spending £20,000 Read our full review

BA Premium Plus American Express card BAPP

British Airways American Express Premium Plus

25,000 Avios and the UK’s most valuable credit card perk – the 2-4-1 companion voucher Read our full review

Nectar American Express

American Express Preferred Rewards Gold

Your best beginner’s card – 20,000 points, FREE for a year & two airport lounge passes Read our full review

American Express Platinum card Amex

The Platinum Card from American Express

30,000 points and an unbeatable set of travel benefits – for a fee Read our full review

Virgin Rewards Plus credit card

Virgin Atlantic Reward+ Mastercard

15,000 points bonus and the most generous non-Amex for day to day spending 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.

Amex American Express Business Gold card

American Express Business Gold

20,000 points sign-up bonus and free for a year Read our full review

Amex Platinum Business American Express

American Express Business Platinum

40,000 points sign-up bonus and a long list of travel benefits Read our full review

British Airways Accelerating Business American Express card

British Airways Accelerating Business American Express

Earn both Avios and BA On Business points with your business spending Read our full review

Capital On Tap Business Rewards Visa

The most generous Avios Visa or Mastercard for a limited company Read our full review

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