The Creation Everyday credit card is a travel credit card that can be used overseas—there's no fee for non-sterling purchases or withdrawing cash from an ATM while abroad. The interest rate on cash withdrawals is lower-than-average at 12.9% APR. Be aware that the Creation Everyday card starts charging interest on cash withdrawals immediately; there is no grace period on cash advances so balances should be paid off as soon as possible if you've withdrawn cash—even before your next due date.
Creation Everyday Card Features
- No cash transaction fees (at home or abroad)
- No non-sterling transaction fees
- Applicants should have minimum income of £800 per month (after tax and NI)
- 12.9% APR on purchases and cash withdrawals (cardholders may get 17.9% or 21.9% variable)
- No fees on non-sterling transactions or ATM withdrawals made abroad
- Lower-than-average interest rate on cash withdrawals
- No annual fee
- No rewards or bonuses
- No grace period on cash withdrawals
Creation Everyday Credit Card Review
The Creation Everyday Credit Card can be used while you're on holiday. You won't be charged any foreign transaction fees when you use your card abroad, whether you're picking up the tab at a seaside restaurant, paying for a hot-air balloon ride, or simply withdrawing local currency from an ATM. (Except that you may be charged a withdrawal fee by the ATM, independent of this credit card.)
The following table shows what fees you would incur over the course of a two-week holiday abroad during which you make non-sterling ATM withdrawals four times and retail credit card charges on 20 occasions (all transactions less than £100 each), using the Creation Everyday card and an average, non-travel specific card that charges 3% (£3 minimum) for use overseas:
|Fees for 4 Cash Withdrawals||Fees for 20 Credit Card Transactions||Total Fees|
|A Fee-Charging, Non-Travel-Specific Card||£12||£60||£72|
Creation's 12.9% APR (variable) on cash withdrawals is lower than the average cash rate across travel credit cards of around 28% APR (variable), as shown in the chart below.
However, there is no grace period on cash withdrawals, which means interest starts accruing immediately when you take out cash from an ATM. To limit any interest charges on your ATM transactions, try to go online and pay off your balance ASAP.
Interest charges you incur on cash withdrawals will depend on the size of the withdrawals and the time until you pay off your balance—and, of course, your APR. To give you an idea of the costs of using this credit card to withdraw cash, the following chart shows the interest charges on £1,000 of cash withdrawals at 12.9% APR for a variety of time periods. The longer you take to pay off the full balance, the higher the interest charges.
Bottom Line: Customers can use the Creation Everyday credit card whilst travelling abroad without incurring fx fees. While the interest rate on cash withdrawals is lower than average, be aware that withdrawing cash on the credit card can still be costly—with no grace period on cash withdrawals, interest starts accruing immediately.