What’s the deal?
A credit card combining travel rewards with no foreign exchange costs on overseas spending.
Thomas Cook’s Visa card is one of the few cards not to carry an exchange rate “loading” – typically cards have hidden currency charges of up to 2.75 per cent.
Cardholders also receive “Travel Pounds” on spending abroad and in the UK at the rate of 1 per cent of transaction value. Spending in Thomas Cook shops earns double Travel Pounds.
Travel Pounds are redeemable against anything sold by Thomas Cook, including holidays, flights, car hire, foreign exchange and travel insurance. Rewards can also be used at the Going Places chain.
The card is interest-free for the first three months for purchases from Thomas Cook. Currency can be bought free of interest and commission, while Thomas Cook holidays don’t attract the normal credit card booking fee.
Is this good?
It’s the only credit card with the double benefit of no fees and travel rewards on overseas spending.
Thomas Cook sells about 20 holiday brands, including Elegant Resorts and Neilson. Travel Pounds can also be redeemed against late deals and special offers. For those not wanting to book travel through Thomas Cook, the rewards can be swapped for currency in its shops.
What’s the catch?
To some reward collectors, Thomas Cook’s travel range may not appeal. And, at a time of heavy discounting by travel companies, there may be better holiday deals elsewhere.
Travel Pounds are also not redeemable online yet.
What’s the alternative?
Credit cards from Nationwide, Abbey and the Post Office also have no foreign exchange loadings. And Nationwide’s debit card allows currency to be withdrawn from overseas ATMs at no charge.
How do I find out more?
www.thomascook.com
