Travellers looking to eliminate exchange fees on purchases abroad will soon have to find another provider after Travelex confirmed its Supercard program is to shut down. The company has written to customers explaining that the service, which allows customers to link up to five credit or debit cards to a standalone Mastercard to avoid currency charges, will close on July 24th.
On its website, Travelex explains that the costs of running the service were "much higher than anticipated." The company doesn't elaborate but the statement might suggest that customers weren't making enough international payments to make the service viable. Customers will be able to access the Supercard app up until October 24th, after which past transactions will no longer be viewable.
Supercard customers have taken to Twitter to lament the closure of the service. During the beta, travellers saved over £1 million in foreign climates before it was suspended. After a brief period of downtime, the card returned and the company opened the doors to everyone.
Travelex says that once the cut-off date passes, card holders will need to destroy their Supercard. There are three options: de-magnetise the magnetic strip by running a magnet along it, cut through the electronic chip or simply cut the card so that the details are hard decipher.