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Barclaycard Platinum Travel Credit Card: No Foreign Transaction Fees

The Barclaycard Platinum Travel Credit Card is a travel card that currently charges no fees for non-sterling credit card charges and cash withdrawals abroad. Additionally, no interest is charged on foreign-currency cash withdrawals made abroad, provided the whole balance is paid off in full, by the next payment date. It is important to know that the current "no non-sterling transaction fees on your foreign spend and ATM withdrawals abroad" promotion ends on 31 August 2018. Be aware that there is a recommended £20,000 minimum income requirement on the Barclaycard.

Barclaycard Platinum Travel Card Features

  • No non-sterling transaction fees on foreign purchases and cash withdrawals at ATMs abroad until 31 August 2018 (then 2.99%)
  • No interest charges on non-sterling cash withdrawals if you pay off in full before your next statement due date.
  • No annual fee
  • 14.9% variable APR on purchases
  • 27.9% variable APR on cash withdrawals

Pros...

  • No fees for non-sterling foreign transactions and cash withdrawals, so long as full balance paid off on time (through 31 August 2018)
  • No annual fee
  • Lower-than-average ongoing purchase variable APR of 14.9%

Cons...

  • Cash variable APR of 27.9% (only charged if you don’t pay down full balance on time)
  • August 31, 2018 the non-sterling fee will revert to 2.99%
  • £20,000 minimum income requirement

Barclaycard Platinum Travel Credit Card Review

The Barclaycard Platinum Travel card charges no foreign-currency transaction fees on cash withdrawals or purchases made abroad. The card is structured so that users won’t pay any interest on foreign cash withdrawals, so long as the balance is paid off in full, on or before the next statement date. Given the Barclaycard Travel card’s interest rate on cash withdrawals of 27.9% APR, however, you’d always want to pay off your balance in full and on time, anyway. After 31 August 2018, the Barclaycard Platinum Travel Credit Card will start charging 2.99% fees for non-sterling cash withdrawals and purchases made abroad.

As with all transactions abroad, it is very important to pay in the local currency. This means, when you’re asked if you want to “pay in Pounds or Euros,” for instance, you should say “Euros.” You’d rather have your credit card do the currency exchange for you than the shop, as you’ll get a better exchange rate that way.

While you can transfer a balance to the Barclaycard Platinum Travel card, we don’t recommend it. The card does not offer a no-interest period, which can be found on a number of other balance transfer cards in the market. If balance transfer is your goal, look elsewhere.

Bottom Line: The Barclaycard Platinum Travel card charges no fees on foreign-currency transactions or cash withdrawals made abroad. These non-sterling cash withdrawals will not incur any interest charges if the full balance is paid off by the next payment date.

Cash Withdrawals

It is important to be aware that the interest rate on cash withdrawals is nearly double the rate for purchases. You will pay interest on cash withdrawals if you don’t pay off the full balance each month. Therefore, you would pay significant interest charges if you can't pay off your full balance on time, every month. Keep in mind that some ATMs will charge their own fee for using the machine. So even though Barclays will not charge a fee for withdrawing cash with this card, you may still incur a fee when using some ATMs. The following table shows the interest charges for £200, £500 and £1,000 worth of cash withdrawals that isn't paid off for 60 days, 90 days and 180 days.

Interest on Cash Withdrawals at 27.9% APR When Balance Not Paid Off in Full

Cash Withdrawals of...60 Days90 Days180 Days
£200£9£14£28
£500£23£34£69
£1,000£46£69£138

The Barclaycard Platinum Travel card's 27.9% APR (variable) on cash withdrawals is roughly average across travel credit cards, as shown in the chart below. To limit any interest charges on your ATM transactions, try to go online and pay off your balance ASAP during the grace period.

A chart comparing the interest rates on cash withdrawals for the best UK no-foreign-transaction-fee travel credit cards
Interest Rates on Cash Withdrawals across Travel Cards