For many people, summer holidays are just around the corner. That makes this the idea time to subject credit cards and prepaid cards to a rigorous examination, because the highest fees and charges generally apply when you use credit cards in other countries.
You could save hundreds of francs
In June, 2022, moneyland.ch analyzed the costs of 168 different Swiss credit cards and prepaid cards. The study accounted for all relevant fees for the first two years of use, as well as Swiss franc to euro exchange rates based on 15 samples taken in 2022.
The results show that “there are huge differences in the costs and features of credit cards,” says moneyland.ch CEO Benjamin Manz. “Many consumers could save hundreds of francs per year by changing their payment cards.”
Cardholders who use their payment cards occasionally would save nearly 560 francs by moving from the most expensive credit card to the cheapest one, without accounting for expensive platinum credit cards. People who use their cards a lot could save more than 830 francs in the first two years if they were to use the cheapest card, compared to using the most expensive one.
The cheapest Swiss credit cards for occasional users
The moneyland.ch occasional user profile assumes that the cardholder spends 200 francs in Switzerland per month using their card, and 1000 euros per year outside of Switzerland. Calculations are based on the first two years as a cardholder.
For occasional users, the Poinz Swiss Loyalty Card and Swisscard Cashback credit cards are the cheapest. The results for both of these cards show that the costs are negative, meaning they give you more money than they cost you. The cost of using the Poinz card is -25.10 francs, and that of using the Cashback card is -12.30 francs. Both of these are American Express credit cards issued by Swisscard. The reason why the costs are negative is that the cash back rewards you get are higher than the total costs. Next in line is the Coop Supercard (Visa or Mastercard), with total costs of 42.85 francs. It is followed by the Jumbo and Manor Mastercard store credit cards issued by Viseca, with total costs of 43.60 francs.
All of the cheapest credit cards for occasional users are free credit cards in the sense that they do not have annual card fees. But there are situations where you may actually spend less on fees and charges by using a card which has an annual fee. For example, if you travel a lot, a card which has a very low foreign transaction fee may cost you less to use, even if it has an annual card fee.
The cheapest credit cards for travelers
The moneyland.ch traveler profile assumes that the cardholder spends 5000 euros outside of Switzerland every year, and withdraws 1000 euros per year at foreign ATMs.
The cheapest Swiss credit card for travelers is the Silver Multi-Currency Credit Card from Swissquote, with total costs of 292.05 francs over the first two years of use. Next is the Gold Multi-Currency Credit Card from Swissquote (392.05 francs). It is followed by the Coop Supercard Visa or Mastercard (458.95 francs), the Jumbo and Manor Mastercard credit cards from Viseca (463.55 francs), and the recently-launched UBS key4 Mastercard Standard (485.15 francs).
The cheapest credit cards for frequent users
The moneyland.ch frequent user profile is based on 1000 francs per month of spending in Switzerland and 5000 euros per year of purchases from foreign merchants. It also accounts for cash advances (five 200-franc withdrawals in Switzerland and five 200-euro withdrawals from foreign ATMs). Many consumers use credit cards to get cash at ATMs, in spite of this being disadvantageous due to very high fees charged.
The cheapest credit cards for people who use their cards a lot are the American Express cards from Poinz Swiss Loyalty with total costs of 289.80 francs and the Swisscard Cashback cards with total costs of 319.80 francs over the first two years. These are followed by the Silver Multi-Currency Credit Card from Swissquote (362.05 francs) and the Coop Supercard Visa or Mastercard (454.75 francs).
The cheapest prepaid cards for average users
Most Swiss card issuers also offer prepaid cards in addition to credit cards. The moneyland.ch average user profile for prepaid cards is based on 500 francs per month of purchases from Swiss merchants and 2250 euros per year of purchases from foreign merchants. It also includes three cash withdrawals in Switzerland and eight reloads of your prepaid card balance per year.
The cheapest Swiss prepaid card for this profile is the Neon Free Mastercard. This Mastercard prepaid card comes with the Neon Free bank account. For cardholders matching the average user profile, using the Neon Free card costs a total of 26.60 francs over the first two years.
The next most affordable prepaid cards are the Neon Green Mastercard (136.60 francs), the UBS key4 Mastercard Prepaid (216.40 francs), the Postfinance Mastercard Value (241.80 francs), and the Cornèrcard Energy (282.65 francs).
There are other affordable cards which are offered by Swiss and foreign neobanks. But these were not included in the comparison because they are debit cards. Examples include the cards issued by foreign financial services providers Revolut and Wise, which have similar costs to the prepaid card issued by Swiss neobank Neon.
The cheapest prepaid cards for travelers
The cheapest prepaid card for travelers (see the Methodology box) is the Neon Free Mastercard. The total cost of using this card for the first two years is 40 francs. It is followed by the Neon Green Mastercard (150 francs), the UBS key4 Mastercard Prepaid (226.55 francs), the Silver Prepaid card from Swissquote (238.25 francs), the Coop Supercard Visa Prepaid (249.20 francs), and the Cornèrcard Energy Card (293.70 francs).
Cards from other neobanks have similar costs as Neon Free. These are generally debit cards, and for that reason they have not been included in the credit card and prepaid card analysis. “Using cards from neobanks – whether credit cards, debit cards, or prepaid cards – is particularly advantageous for traveling. The reason for this is that many of these cards have much lower foreign transaction fees and better exchange rates than credit cards and debit cards from conventional Swiss card issuers and banks,” explains Manz.
But debit cards and prepaid cards are not as widely accepted as credit cards. Typical situations in which credit cards may be required are hotel bookings and car rentals. “For that reason, taking at least one affordable credit card with you when you travel, in addition to cheap cards from neobanks or other debit cards, is a good idea,” recommends Manz.
Other important tips from Benjamin Manz for using cards while traveling: “Always choosing the local currency for card payments, and never Swiss francs, lets you avoid high dynamic currency conversion fees. Avoid using credit cards to withdraw money at ATMs, and use a debit card to get cash instead.”
Use the interactive comparisons:
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