Martin Lewis is a personal finance expert and founder of Money Saving Expert. On his money-saving show on ITV last night, May 24, Martin shared the best debit and credit cards for traveling abroad.
Martin revealed the three best debit and credit cards Brits should take with them when traveling abroad this summer.
He said, “You have the two that have been around for a while, the Halifax Clarity Credit Card, the Barclay Card Rewards Credit Card and the newcomer, the Chase Debit Card.”
Martin went on to explain that the latter is “operated via an app”.
“This is from a major US bank, it’s coming to the UK and it’s spending a lot of money to win your habit, which means it’s actually in the best buy,” said the money-saving expert.
Martin continues: “I don’t know how long it will last, but for now it works quite well.”
As for spending abroad, “If you spend on plastic abroad, your bank or credit card company gets a near-perfect rate and adds about three percent to that,” said the money-saving expert.
Martin added: “So if you spend something that costs 100 euros, you pay 103 pounds.
“But with all these cards, they don’t add that, so you get the same near-perfect interest rate that your bank gets.
However, the limits are much greater on the Halifax and Barclay maps. This makes it £500 a day, instead of £700 a month.
“On the Halifax, however, if you withdraw money with your credit card, even if you pay off in full, you pay interest on it,” explains Martin.
He went on to say that when spending abroad, Chase gives you “£1 cashback on top, making it even cheaper than the rates the bank actually gets, and that works for a year in the UK too”.
With Halifax, if you “spend a penny on it”, users get “£20 off their first purchase”.
Martin emphasized that all cards are “good”, but Chase comes out on top a little bit.
“All those are surprisingly good for spending abroad,” he added.
“Breaking the pants on everything else.”