Latest news with #Amex
Scotsman
14 hours ago
- Business
- Scotsman
Holiday money: debit card mistake could drain your cash
Holidaymakers could be losing £10+ each time they take out cash abroad 💳 Sign up to the weekly Cost Of Living newsletter. Saving tips, deals and money hacks. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Brits are being warned about costly fees from using ATMs abroad A single withdrawal can trigger up to four separate charges Fees include ATM use, bank withdrawal, currency conversion, and admin costs Using a credit card abroad can lead to even higher charges Experts advise using fee-free cards or paying by card instead of taking out cash UK holidaymakers are being urged to think twice before using ATMs while abroad – or risk racking up four separate fees just to get their own money. Payment expert Richard Carter, founder of low-cost payment app Lopay, says too many Brits are still making one simple yet expensive mistake on holiday: withdrawing cash at foreign ATMs. Advertisement Hide Ad Advertisement Hide Ad While it might feel like the quickest way to grab some spending money, the hidden costs can add up fast – especially if you do it more than once during your trip. Here's how the costs stack up: ATM fee abroad: Many machines charge a fixed fee just to use them. Many machines charge a fixed fee just to use them. Your bank's withdrawal fee: This can add a percentage or flat rate. This can add a percentage or flat rate. Currency conversion fee: Charged by the card network (e.g. Visa, Mastercard, Amex), often around 2.75–3%. Charged by the card network (e.g. Visa, Mastercard, Amex), often around 2.75–3%. Card issuer/admin fee: Some UK banks slap on a further fee for foreign use. (Photo: Pexels) | Pexels In total, you could be losing over £10 for every €40 you take out – especially if you're using a credit card rather than a debit card. For example, if you bank with HSBC, a single ATM withdrawal abroad could see a 2% withdrawal fee (min £1.75, max £5), and a 2.75% currency conversion fee. That's almost 5% of your cash gone – and that's just one transaction. Spread across a 10- to 14-day holiday, these small charges could snowball into hundreds of pounds. Advertisement Hide Ad Advertisement Hide Ad Carter's advice is clear: 'Use ATMs only in emergencies. People work hard to afford their holidays – it makes no sense to hand money back to banks through hidden charges.' He adds that ATMs abroad don't always make fees obvious upfront: 'You may not even realise you're being charged until you check your bank statement. That quick €40 stop could actually cost you £50 or more across multiple trips.' Smarter, cheaper ways to spend abroad Instead of relying on cash machines: Use fee-free travel debit cards like Chase, Starling, or Monzo Pay by card whenever possible – it's more secure and often cheaper Check fees before you travel – use your bank's app or website Avoid DCC (Dynamic Currency Conversion) – always choose to pay in the local currency when using your card Ditch the ATM card routine abroad unless absolutely necessary. With contactless payments accepted widely across Europe and beyond, there's little reason to pay steep fees for your own money. Advertisement Hide Ad Advertisement Hide Ad
Time Out Dubai
18 hours ago
- Business
- Time Out Dubai
UAE bank cardholders to pay more when travelling abroad
Travelling abroad? Your next holiday might cost more than just flights and hotel bookings – especially if you're swiping a UAE-issued card. Starting September 22, UAE banks will raise the foreign transaction fee to 3.14 percent on all international purchases and ATM withdrawals made using credit or debit cards. Whether you're shopping on a U.S.-based website or booking a boutique hotel in Rome, the fee will apply – and it's a noticeable jump from the current 2.09 percent. What's actually changing? Customers across the UAE have begun receiving notices from their banks confirming the change. The new fee structure typically includes: 1 percent currency conversion fee (charged by Visa, Mastercard, or Amex) 2.14 percent bank processing fee That adds up to a total 3.14 percent surcharge – so if you're spending Dhs5,000 abroad, expect to pay an extra Dhs157 in fees alone. The hidden fee trap: DCC One sneaky charge to avoid? Dynamic Currency Conversion (DCC). It might seem helpful when a foreign merchant offers to convert your purchase into dirhams on the spot, but it's rarely a good deal. DCC often comes with inflated exchange rates – sometimes adding 5-7 percent extra – and you may still be charged the full foreign transaction fee. Tip: Always choose to pay in the local currency, not AED, when using your card overseas. How to dodge the worst of the fees The 3.14 percent fee may be unavoidable for many travellers, but there are ways to cut the cost: Use a travel-friendly or 'no foreign fee' credit card: Some UAE banks offer cards that waive these fees entirely. Withdraw cash strategically: Pull out larger amounts at once rather than frequent ATM visits, which can each trigger fees. Say no to DCC: Stick with local currency whenever you're asked at a store, restaurant, or ATM. Try multicurrency prepaid travel cards: Some UAE fintechs offer these with fixed exchange rates and no added foreign transaction charges. Know your fees: Check your bank's app or fee schedule before you travel so you're not caught off guard. A homegrown alternative may be coming Later this year, the UAE is expected to roll out its Jaywan card internationally – a new payment system that could offer lower foreign transaction fees and better rates. It's not available globally just yet, but watch this space. The upcoming fee hike means UAE travellers will need to be more strategic with how they spend overseas. From choosing the right credit card to dodging costly conversions, a little prep could save you hundreds of dirhams on your next trip. In other Dubai news Dubai reveals incredible results of ocean reef project There's been some big changes Malls in Dubai to be turned into huge running tracks this week On your marks… Emirates to start daily flights to one of Asia's biggest cities this week Travel inspo incoming
Time Out Abu Dhabi
a day ago
- Business
- Time Out Abu Dhabi
Here's what you need to know about the foreign transaction fees going up on UAE cards
Travelling abroad? Your next holiday might cost more than just flights and hotel bookings – especially if you're swiping a UAE-issued card. Starting September 22, UAE banks will raise the foreign transaction fee to 3.14 percent on all international purchases and ATM withdrawals made using credit or debit cards. Whether you're shopping on a U.S.-based website or booking a boutique hotel in Rome, the fee applies – and it's a noticeable jump from the current 2.09 percent. What's actually changing? Customers across the UAE have begun receiving notices from their banks confirming the change. The new fee structure typically includes: 1 percent currency conversion fee (charged by Visa, Mastercard, or Amex) 2.14 percent bank processing fee That adds up to a total 3.14 percent surcharge – so if you're spending Dhs5,000 abroad, expect to pay an extra Dhs157 in fees alone. The hidden fee trap: DCC One sneaky charge to avoid? Dynamic Currency Conversion (DCC). It might seem helpful when a foreign merchant offers to convert your purchase into dirhams on the spot, but it's rarely a good deal. DCC often comes with inflated exchange rates – sometimes adding 5-7 percent extra – and you may still be charged the full foreign transaction fee. Tip: Always choose to pay in the local currency, not AED, when using your card overseas. How to dodge the worst of the fees The 3.14 percent fee may be unavoidable for many travellers, but there are ways to cut the cost: Use a travel-friendly or 'no foreign fee' credit card: Some UAE banks offer cards that waive these fees entirely. Withdraw cash strategically: Pull out larger amounts at once rather than frequent ATM visits, which can each trigger fees. Say no to DCC: Stick with local currency whenever you're asked at a store, restaurant, or ATM. Try multicurrency prepaid travel cards: Some UAE fintechs offer these with fixed exchange rates and no added foreign transaction charges. Know your fees: Check your bank's app or fee schedule before you travel so you're not caught off guard. A homegrown alternative may be coming Later this year, the UAE is expected to roll out its Jaywan card internationally – a new payment system that could offer lower foreign transaction fees and better rates. It's not available globally just yet, but watch this space. The upcoming fee hike means UAE travellers will need to be more strategic with how they spend overseas. From choosing the right credit card to dodging costly conversions, a little prep could save you hundreds of dirhams on your next trip. Need some travel inspo? Travelling from Abu Dhabi is about to be so much faster Zayed International Airport is the world's first airport to make this change 18 countries offering visa-on-arrival to UAE residents Here's where to go UAE citizens now get visa-on-arrival for India: a game-changer for travellers That quick trip to India just got even easier
Telegraph
4 days ago
- Business
- Telegraph
The alternatives to Amex that offer better rewards
American Express (Amex) is synonymous with credit card spending but it's also known for its deals that offer generous cashback, points-based rewards and exclusive perks including priority access to gigs, film screenings and theatre shows. But while these rewards can be appealing, Amex isn't always the best option. While acceptance has improved over the last few years, Amex cards are still not accepted by all retailers. If your aim is to earn reward points or cashback, this will be hindered if some of your favourite places to spend don't accept your card. There can also be incredibly high repayment rates and fees – with the Amex Platinum card charging 691.7pc APR variable, along with £650 a year in annual fees. This means there are more eligibility criteria to fulfil than with other credit cards. For example, you'll usually need a good or excellent credit rating, and some cards will also have a minimum income requirement – in the case of Amex Platinum, you must earn at least £35,000 and have 'no history of bad debt'. With that in mind, Telegraph Money looks at some of the best alternatives to Amex, depending on what you value most from your card – whether it's cashback, rewards, low-cost borrowing or fee-free spending abroad. Best for rewards Some Amex credit cards enable you to earn Avios points that can be redeemed on British Airways flights and holidays. Others let you earn reward points to be spent at certain retailers such as Amazon and Boots, while several Amex cards give you access to pre-sale tickets and exclusive benefits for gigs and theatre visits. Here are some popular alternatives to these cards, depending on what's most useful to you: Virgin Atlantic Reward credit card: flight rewards The Virgin Atlantic Reward credit card gives you 0.75 Virgin Points for every £1 spent on everyday purchases and 1.5 Virgin Points for every £1 spent with Virgin Atlantic or Virgin Holidays. What's more, if you spend on your card within the first 90 days, you'll earn 3,000 bonus points. Points can be redeemed on Virgin Atlantic Flights, hotels and travel extras such as airport parking. The card has a representative APR of 26.9pc (variable). Alternatively, you can pay £160 a year to upgrade to the Reward+ version of the card and earn 18,000 bonus points when you make your first purchase in the first 90 days. You also earn 1.5 Virgin Points for every £1 spent on everyday purchases and three Points for every £1 spent with Virgin Atlantic or Virgin Holidays. Head for Points, a consumer website that pits the top credit cards against each other, notes this is 'exceptionally good'. According to the provider's website, Virgin Points 'never expire'. At the time of writing, you'd need to have earned 20,000 of them to buy a return economy flight from London Heathrow to New York's JFK airport in off-peak September. Barclaycard Avios credit card: flight rewards and exclusive events You can collect 1 Avios for every £1 spent on eligible purchases with the Barclaycard Avios card, plus 5,000 bonus Avios if you spend £1,000 in the first three months. There's a representative APR of 29.9pc. Alternatively, upgrade to the Plus version of the card for £20 a month and earn 1.5 Avios for every £1 spent, plus 25,000 Avios if you spend £3,000 in the first three months. You also benefit from discounted airport lounge access. However, the representative APR jumps to 80.1pc APR for this option. According to Barclaycard, you can get a peak economy return flight from London to Milan for 19,500 Avios plus £1. In addition, becoming a Barclaycard customer gives you the opportunity to take advantage of entertainment perks, including exclusive tickets to live performances and events.
Yahoo
4 days ago
- Business
- Yahoo
Jim Cramer Says 'Buy the Dip for American Express Tomorrow'
American Express Company (NYSE:AXP) is one of the stocks that Jim Cramer shared thoughts on. Cramer suggested to 'buy the dip', as he said: 'Sure enough, when Amex reported last Friday morning, the company delivered a strong quarter, and the stock still tumbled $7 or 2.3% before slipping another 1.6% today. My gut instinct says that this will once again prove to be a good buying opportunity, but my brain says we need to do the homework and make sure the stock's still worth owning first… Let me tell you the three big things that I liked about the quarter. First, I remain impressed by how American Express is doing on the credit quality front… A close-up view of a payment terminal, capturing the sophistication of a payment network. American Express (NYSE:AXP) provides a wide range of payment, financing, and expense management products and services, including credit cards, banking tools, and travel benefits. The company also offers merchant services, fraud prevention, loyalty programs, and airport lounges. While we acknowledge the potential of AXP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
