Travelex kills off Supercard
The MasterCard and mobile app combo helped UK travellers to avoid debit/credit card roaming fees and charges when spending abroad.
The card was issued by e-payments provider Wirecard on behalf of Travelex.
Customers (myself included) linked their Visa or MasterCard debit/credit card to their Supercard so there wasn’t be any need to top up.
Users were getting the MasterCard wholesale exchange rate. Travelex said it would not be adding any additional fees or charges when the card is used outside the UK.
Now, less than a year since the launch, Travelex is closing Supercard down. The card will no longer work after 24 July. The app will be available until 24 October, to access and view the transactions.
In a letter to Supercard users, Travelex says that while it strives to develop “innovative products” for its customers, “the costs of running Supercard and delivering the standards of service we expect have been much higher than anticipated”.
“As a result, we have made the difficult decision to withdraw the Supercard product.”
Meanwhile, Travelex is gearing up to launch a new digital bank, Ditto. France-based Ditto will be a multi-currency bank – “aspiring to become the world’s first truly global bank designed for frequent travellers”.