Martin Lewis reveals top three debit and credit cards to use on holiday abroad

The Independent

Martin Lewis reveals top three debit and credit cards to use on holiday abroadThe Martin Lewis Podcast

Transcript

00:00 There are three that I would pick out.

00:02 The three that I would pick out

00:05 are because all of them in one way or another don't just give you near perfect rates abroad,

00:09 they actually give you cash back on spending in the UK or abroad.

00:13 So effectively you're getting better than perfect rates when you're factoring in the cash back.

00:18 So I'll just run through the three.

00:19 I'm not going to dot every i and give you every single factor about them.

00:22 Chase Mastercard is the easiest to get because it's a debit card.

00:26 You just go online, you open up the Chase app,

00:29 you fill it in, you don't need to switch bank,

00:31 you only have to do an ID check, not a credit check because it's a debit card.

00:35 It gives you near perfect rates and it gives you 1% on spending,

00:39 almost all spending in the UK and abroad, 1% cash back up to 15 quid a month.

00:42 No fees if you take money out of an ATM.

00:46 The competitor at the moment is the Halifax Clarity Mastercard,

00:50 which by some routes it's a credit card.

00:52 So you only do this if you're going to pay it off.

00:55 Get ready for sound, block your ears.

00:56 In full at the end of each month, very important.

01:00 And then it's again near perfect rates,

01:03 although it does charge interest on cash withdrawals even if you pay off in full.

01:07 But currently it's giving you 20 quid cash back

01:09 if you spend on it within 90 days of getting it.

01:12 And you can literally do what I call a banana swipe.

01:15 Do you know what a banana swipe is, Nick?

01:17 Off the top of my head, I do not. Tell me.

01:19 A banana swipe is doing a deliberate transaction

01:22 because you need to make a payment to get something.

01:24 So a banana swipe is you buy a single banana,

01:27 then you pay for your single banana and you swipe your card or beep your card

01:32 and you have now fulfilled your terms and conditions.

01:34 I like it.

01:34 So the Halifax Clarity Mastercard, to get the 20 quid,

01:38 you have to make a transaction within 90 days.

01:40 So you do a banana swipe and you get your 20 quid.

01:43 It doesn't matter when you're going on holiday,

01:44 you just do your banana swipe here.

01:46 You make sure the card is paid off in full.

01:48 And there's also the Barclaycard Reward Visa,

01:50 which gives you a quarter of percent cash back

01:52 on almost all overseas and UK spends.

01:55 It doesn't have fees if you go abroad.

01:58 Sorry, if you take money out of a cash machine.

02:01 Again, near perfect exchange rates.

02:02 Again, a credit card, so pay it off in full.

02:04 So they would all be my top picks,

02:06 probably leading on the Chase card because it's the easy one to get.

02:10 But all of those can just be got very, very simply.

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