Travelex is to scrap its popular Supercard that offered fee-free spending abroad, after the foreign exchange firm decided it was uneconomic.
Launched in May 2015 and temporarily suspended after it proved too popular, it differed from existing providers in that it allowed users to link their existing bank cards to the Supercard.
Shoppers handed over the Supercard but the purchase price was debited to their registered card in sterling – at a near-perfect exchange rate – effectively allowing fee-free purchases. It was managed via a mobile app.
Evidently, though, Travelex got its sums wrong. “Unfortunately, the costs of running Supercard and delivering the standards of service we expect have been much higher than anticipated. As a result we made the difficult decision to withdraw it from the UK market,” it says.
Existing customers can continue to use it in foreign stores until close of play on 23 July. Previous transactions will be available to view until 24 October via the app. Anyone with an outstanding application will not now be sent a card. Complimentary travel insurance available to cardholders will no longer apply from 24 July.
Users seeking an alternative should probably look at Barclaycard’s Platinum Visa. There’s no cash withdrawal fee and no interest on overseas withdrawals if you pay in full every month. Or there is the Halifax Clarity MasterCard. It has no fees and charges 18.9% APR. Apply before 3 September and you’ll get £20 cashback on your first purchase abroad.
