Caxton FX Currency card - catch?

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Caxton FX Currency card - catch?

Avatar for s_zornoza
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Joined 2003-09-29

https://www.caxtonfxcard.com/index.asp?dist=CAXTGENL 

Great exchange rates, free cash withdrawal outside UK, no purchase fees and it’s all for free!

There has to be a catch with this surely… does anybody know what it is?

     
Avatar for Broke
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Joined 2007-04-07

seems pretty cheap to run for a prepaid card according to there fees and terms page below

  :D

Card purchase fee No charge No charge No charge
Monthly/annual charge No charge No charge No charge

Purchase transaction fee No charge, outside the UK. £1.50 in UK No charge No charge
ATM cash withdrawal fee No charge outside the UK. £1.50 in UK

Balance enquiry online No charge No charge No charge
SMS Balance enquiry No charge No charge No charge

all new woman customers signing up must go out on a date with broke first before any card can be issued

Secondary Card £5.00 £5.00 or $10.00 £5.00 or $7.50
PIN reminder No charge

SMS lock / unlock No charge No charge No charge
Lost & Stolen helpline Low-call number

Card Replacement Fee (damaged/lost/stolen) £5.00 $10.00 €7.50
Debit card refund £1.50 flat fee $3.00 flat fee and exchange at the

prevailing buy rate €2.00 flat fee and exchange at the
prevailing buy rate

edit*
FX Mark Up – 2.5% of transaction amount, where transaction is performed in a different currency to the card

  i just copied pasted the above from the link below

http://www.caxtonfxcard.com/feesncharges.asp?dist=CAXTGENL

     
Avatar for Murphy83
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Total Posts: 73

Joined 2009-05-26

nah,

2.5% fx upmark on all withdrawls. Don’t do it!



Transaction Fees • No charge overseas, £1.50 in UKCash withdrawal Fees • No ATM charge overseas
• £1.50 in UK
• £4.50 for UK over-the-counter cash advances (in   a bank)
• 2% of the withdrawal amount for International   over-the-counter cash advances (in a bank)Balance Enquiry • No charge online
• No charge by telephone**
• No charge by SMS*Top-up fees • No charge online
• No charge by telephone**
• No charge by SMS*
Service fees • No monthly management fee
• Replacement PIN - No charge
FX Mark Up – 2.5% of transaction amount, where transaction is performed in a different currency to the cardReplacement card fees • £5.00 per card to replace lost or stolen card “

 

     
Avatar for mushroom
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All these type of cards have charges.
some are more expensive than others this is one of the cheaper one’s to run.
good if you can’t get a normal cards. or want a back up card.

     
Avatar for s_zornoza
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Total Posts: 17

Joined 2003-09-29

Yeh I did see the 2.5% mark up fee but then my bank (HSBC) charges 2% for withdrawals AND 2.75% exchange rate adjustment!

     
Avatar for Murphy83
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Joined 2009-05-26

Yeh I did see the 2.5% mark up fee but then my bank (HSBC) charges 2% for withdrawals AND 2.75% exchange rate adjustment!

I’m with hsbc and they’re a complete rip off.

do you have a nationwide card? it’s a 1% flat fee which is the best around.

     
Avatar for s_zornoza
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Total Posts: 17

Joined 2003-09-29

No but think I’ll apply for one.

Cheers for the advice!

Sarah

     
deleted-user

I have a Caxton FX Global Traveller Card and it’s great :D There are no ATM fees on it and the exchange rates were much better than my bank card.

     
deleted-user

:D I’ve just got mine. The main advantage is the current exchange rate, about 10% better than most cash exchanges ! dont know how long it will last for but Im making the most of it for now.

     
deleted-user

Hey - just to let you know that I’ve got a Caxton global traveller card and just used it around south america and australia. I found it really good - I used it as a credit card for hostels, buses and all the fun stuff like sky diving! I also used it for taking money out and had no probs there and no withdrawal fees - unlike my hsbc card and egg credit card!!!! I got an email from them recently saying that they have taken these fees off all their cards - which is a good thing! It’s worth trying one and seeing how you get on.

     
Avatar for Murphy83
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Joined 2009-05-26

3 people signed up to show support for the caxton fx card?

it must be awesome! woohoo.

     
Avatar for Warrick
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Joined 2005-12-31

The FairFX prepaid card is a better option than the Caxton FX.

A better option than both of them is the Nationwide Debit card. Bear in mind that a Debit Card is, ultimately, a pre-paid card, as you’re using the money in your savings account.

For credit cards, the best one at the moment is the Santander Zero. No loading fees and no charge for cash withdrawals. It does charge something like 27% for cash withdrawals, even when you pay it off in full, but that amounts to about £2 per £100, which is cheaper than all other credit cards.
The Post Office credit card is the next best, and then the Nationwide one.

I wouldn’t bother with Pre Paid cards, personally.

I’d also be interested to hear from a moderator about 3 ‘different’ people signing up to praise the Caxton?

     
Avatar for Davidjw
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Joined 2009-08-03

If you’re a complete newcomer to prepay cards, watch this…

http://news.bbc.co.uk/1/hi/uk/8157131.stm

I’ve been doing my own research for my RTW trip. I couldn’t decide whether to get a CaxtonFX card or a FairFX card, so I decided to go for both for my trip through China and SE Asia. I’ll let you know how I get on with them once I get to Oz in Feb 2010.

According to The Money Saving Expert (http://www.moneysavingexpert.com/travel/cheap-travel-money), the FairFX card gives me the best exchange rates possible, with Caxton coming a close second. The thing FairFX doesn’t offer just yet is the option to get a second card for the same account, meaning couples can run the same prepay Mastercard account. I emailed FairFX and they said they’ll be offering a second card option late September / early October. This is too late for me and my GF, which is why we’re going to get a CaxtonFX card too - as they offer second cards now.

Both cards require pre-loading before we go away. I’ve been glued to the exchange rates to see what the current situation is with the £ to the $. Good news this morning as reports are the £ is on an upward trend so it might hit 1.7 by the time we go away. That would be a good time to load my FairFX card with dollars as the rate is fixed when I do the transaction (good news if the £ to $ crashes while I’m away, as I’ll already benefit from the 1.7 rate, but bad news if it climbs higher, as I’ll get less - but that’s just the currency game I guess!).

The merits of using either card abroad look good - it means I can use them to pay for anything where Mastercard is accepted, without worrying about interest rates or missed payments etc. I intend to get a credit card for emergencies too, but I’ll be using these prepay cards for day-to-day transactions and weekly cash withdrawls.

     
Avatar for Shell275
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Joined 2008-03-30

stupid question but if I get a pre paid card in US dollars I can use it to withdraw currency in SE Asia and New Zealand right? I’m assuming they just convert it to the local currency and charge u in dollars? Is this an expensive option?

     
Avatar for Ars3n1ck
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stupid question but if I get a pre paid card in US dollars I can use it to withdraw currency in SE Asia and New Zealand right? I’m assuming they just convert it to the local currency and charge u in dollars? Is this an expensive option?

Caxtonfx have 3 cards one in € on in $ and one in £. I’m not going to europe or the us so i’m sticking with the global traveler card which is in £‘s and converts when i withdraw or use the card where ever i am.

I’m using a prepaid card as my youth was spent wrecking my credit report so I pay everything up front nowadays. Everything costs but this seams like a pretty good alternative. will look at the fairfx card as well.

     
Avatar for Shell275
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After lookin at the fairfx and the caxton card it looks like the fairfx card is best. only charges are $2 per atm withdrawal. however, noticed that the fairfx card cannot guarentee that funds will be kept if the card is lost, which is a bit odd but I have emailed them to check this