Post Office Money Travel Credit Card 2021

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Avoid fees when you're spending money in a foreign currency.

Finder rating: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 24.93% (variable) p.a., your representative rate is 24.9% APR (variable).

0%

Foreign transaction charge

24.9%

Representative APR

£0

Account fee

Up to 56 days

Interest-free each billing period

Details

IssuerCapital One
NetworkMastercard
Annual/monthly fees£0
Balance transfers24.93%
Balance transfer fee3%
Purchases24.93%
Purchases interest-free periodUp to 56 days
Money transfers24.93%
Cash advances24.93%
Min credit limit£500
Max credit limitSubject to status: £6,000
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Review by


Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.

Expert review

The Post Office is a go-to when it comes to commission-free holiday money, so it’s no surprise that the brand should issue a credit card to help people save on their non-sterling spending. Most debit/credit cards charge a fee of around 3% of the value of the transaction when you spend in another currency, so the savings from choosing a specialist travel credit card can soon rack up.

However, cash withdrawals abroad will be subject to a currency conversion charge of 3% (minimum £3) with this card, so if you’re heading overseas, you’ll probably want to arrange to have some local currency in cash too.

When you use the card abroad, don’t forget that if a merchant offers to bill you in sterling, you should decline – otherwise it’ll be their bank’s currency conversion fees that will apply and not yours.

But aside from the fee-free currency conversion, this card doesn’t offer a huge amount to write home about. When you’re back from your hols, you may wish to consider your other options.

Important: From the start of October, all Post Office Money credit card accounts will be transferred to the provider Jaja Finance. If you’re an existing Post Office Money card customer, you will automatically be sent a new card, and your current card will cease to work 30 days afterwards. Your card account terms, including your PIN and credit limit, will not change.

The Post Office Money® Travel Credit Card is issued on the Mastercard network so it's accepted at nearly 53 million merchants across more than 210 countries and territories.

Pros and cons

Pros

  • 0% currency conversion can save you a lot if you travel regularly
  • There's no annual fee
  • APR is relatively low

Cons

  • Apart from fee-free currency conversion, there's not much else on offer
  • You'll still need to beware of foreign conversion fees on cash withdrawals

How does this card compare with other similar cards on the market?

Post Office Money’s card

Name Product Foreign usage charge (EU) Foreign usage charge (rest of world) Purchases Annual/monthly fees Rep. APR Link Incentive Representative example
Post Office Money® Travel Credit Card Mastercard
0%
0%
24.93%
£0
24.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 24.93% (variable) p.a., your representative rate is 24.9% APR (variable).
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Other travel credit cards

Table: sorted by length of 0% balance transfer offer, promoted deals first
Name Product Foreign usage charge (EU) Foreign usage charge (rest of world) Purchases Annual/monthly fees Rep. APR Link Incentive Representative example
Santander All in One Credit Card
0%
0%
0% for 20 months reverting to 17.9%
£3 per month
23.7% (variable)
Check eligibility
0.5% cashback after £1 of monthly spend. Cashback paid monthly into card account. Maximum spend for cashback purposes is limited to credit limit.
Representative example: When you spend £1,200 at a purchase rate of 17.9% (variable) p.a. with a fee of £3 per month, your representative rate is 23.7% APR (variable).
Ulster Bank Credit Card Mastercard
0%
0%
9.9%
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
The Royal Bank Credit Card
0%
0%
9.9%
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
The NatWest Credit Card
0%
0%
9.9%
£0
9.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 9.9% (variable) p.a., your representative rate is 9.9% APR (variable).
Metro Bank Personal Credit Card Mastercard
0%
2.99%
14.9%
£0
14.9% (variable)
Representative example: When you spend £1,200 at a purchase rate of 14.9% (variable) p.a., your representative rate is 14.9% APR (variable).
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Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.

Repayment options

You can make manual repayments through Post Office Money's app, by logging in to your online banking or over the phone . Alternatively, you may wish to set up a direct debit.

A direct debit protects you from forgetting to make a repayment and either damaging your credit score, getting hit with a penalty fee (£12) or losing any promotional rates as a result.

You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.

Choose from the following direct debit options for your monthly repayments:

Minimum amount Fixed amount Fixed percentage Full amount

How to apply for the Post Office Money Travel Credit Card

You can apply at the Post Office Money site, and it takes about 10-15 minutes. Before you can apply, you'll be prompted to use the "QuickCheck" eligibility checker. This will give you a clear picture as to whether it's worth applying, without hurting your credit rating. If it's good news and you opt to proceed, Post Office Money will run a full credit check, which has a small (and usually short-lived) impact on your credit score.

Following approval, it takes up to two weeks to receive your new credit card. You'll get your PIN first, then your card a day or so later. When you've got your card, you can activate it and register for online banking (then you can start tracking the card in the app too).

The first time you use your new card, you'll need to enter the PIN – from then on, you can go contactless to your heart's content (unless your heart wants to spend more than £45, in which case, you'll need that PIN again).

Frequently asked questions

What credit limit will I get with the Post Office Money® Travel Credit Card?

If Post Office Money is able to offer you this deal, the offer will specify a personalised credit limit based on Post Office Money's assessment of your situation. The minimum limit offered on the card is £500, while the maximum is £6,000. Once you've had the card for a while and shown Post Office Money that you're reliable, you may wish to apply for a credit limit increase.

Can I withdraw cash using the Post Office Money® Travel Credit Card?

Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.

The cash advance fee on the Post Office Money® Travel Credit Card is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.50.

The interest rate on this part of your balance will be 24.93% (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).

What is the minimum payment on the Post Office Money® Travel Credit Card?

Each month you must pay at least 2% of your balance at that point or £5.00 – whichever of the two figures is greater. So if you had, say, £225.00 outstanding, you'd pay £5.00, and if you had £1,000.00 outstanding, you'd pay £20.00.

Paying only the minimum required amount each month is generally not advisable as it tends to be a very expensive way to borrow money which can lead to persistent debt.

Finder credit card ratings

★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor

Our experts score travel credit cards to determine their value against similar products on the market. We look at a number of important factors, like the cost for non-sterling transactions, any caveats or restrictions related to using your card overseas, travel-related perks/benefits, plus the potential costs involved with running the card both in the short and longer term.

You can read more about our scoring criteria on our credit card methodology page.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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