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| 4/3 |
| 2006/7/10-11 [Finance/CC] UID:43617 Activity:nil |
7/10 Citibank mastercard changes me 3% when I use the card in Canada.
WTF? What are some other cards that charge less? 3% is just
ridiculous.
\_ Capital One is supposed to be the only major credit card provider
left that doesn't charge extra for charging outside the country.
http://csua.org/u/gdq (sfgate.com, June 25, 2006)
\_ Anyone know what Amex rates are?
\_ 2%, still better than many others with 3%, but not as good as
those rare 1% only ones.
\_ http://csua.org/u/gdp (travelfinances.com)
don't know how correct it is, but the site looks maintained
\_ Doesn't look all that up-to-date. Capital One no longer absorbs
the 1% VISA charge, but they still don't charge anything beyond
that, which is why I use their card the most. |
| 4/3 |
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| csua.org/u/gdq -> www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2006/06/25/BUG6DJJFQ51.DTL view archive If you're taking a foreign vacation this summer, be careful not to get fleeced -- and not just by pickpockets. Banks, credit card companies and merchants keep dreaming up ways to extract a few more bucks from travelers when they make purchases overseas. You can avoid or minimize fees if you ask enough questions before you go. What you ultimately pay for a purchase abroad depends on the price, the exchange rate and any additional fees. "The advantage isn't as big as it used to be," he says, thanks to the growing list of fees. Visa and MasterCard both charge banks that issue their cards 1 percent on all debit or credit card purchases that require a currency conversion. Almost all card issuers pass that fee along to customers. In recent years, most of the large card issuers tack on an additional 2 percent, bringing the total fee to 3 percent. The big exception is Capital One Financial, which absorbs the 1 percent Visa/MasterCard fee and charges none of its own, bringing the total fee to zero. If you make a lot of overseas trips or spend a ton of money when you do, it might be worth getting a Capital One card, says Linda Sherry, a spokeswoman for Consumer Action. But opening another credit card could ding your credit score and create one more temptation to spend more than you should. If you have a deck of cards in your wallet, call each issuer and ask about fees. Many smaller banks, credit unions and retailers -- such as Nordstrom and Target -- pass along the 1 percent Visa/MasterCard fee but impose none of their own, making them a relative bargain. American Express charges 2 percent on all purchases that involve a currency conversion on all of its cards. Visa, MasterCard and American Express each determine the exchange rate that will apply to all transactions on their respective cards. All three use a wholesale rate, which is usually better than the rate you would get at foreign airports, railroad stations or other retail outlets. If you use a debit card to make a purchase overseas, you generally will pay the same fees you would if you used a credit card. If you use a debit card to withdraw cash from an ATM, then the ATM fees would apply. Some banks charge a flat fee, some charge a percentage of the withdrawal, some add a currency conversion fee. Bank of America also charges $5, but the fee is waived if you use a foreign bank that is part of the Global Alliance network. Some banks, such as HSBC, charge no ATM fees of their own. You might have to pay an additional fee to the foreign bank that owns the ATM you used, even if your own bank charges nothing. If you use your credit card to get money out of an ATM, you usually will pay a cash advance fee, which is usually 3 percent of the amount withdrawn. Some card issuers -- such as MBNA -- charge a 3 percent currency conversion fee on top of the cash advance fee, bringing the total hit to 6 percent. That fee might change in a few weeks, says Julie Davis, a spokeswoman for Bank of America, which recently acquired MBNA. Most banks use a wholesale exchange rate on ATM withdrawals, but ask before you go. Also make sure your ATM or debit card and personal identification number will work overseas. Ask if there will be a currency conversion fee and a transaction fee. Ask if there are banks overseas where you can avoid the ATM fee and if so, where you can get a list you can take along, says Sherry. Getting your tab in dollars If you pay for something overseas and the bill is in dollars, beware. Although this service, called dynamic currency conversion, is billed as a convenience to customers, it's really a way for foreign merchants and their banks to make money. Instead of presenting a bill in the local currency and letting the customer's credit card company do the conversion, the merchant converts the bill into the customer's home currency. The merchant can use any exchange rate it wants, within reason, and might add additional fees. com, was in Europe recently and was presented with a bill in dollars three times. "In every case the exchange rate was worse" than he would have received from his credit card, he says. American Express allows dynamic currency conversion as long as the merchant uses an exchange rate that is "fair and competitive" and "notifies card members in writing prior to completion of transaction, either the amount of the transaction in the card member's currency of residence and/or the exchange rate the merchant is using," says AmEx spokeswoman Monica Beaupre. Visa "requires the merchant to disclose the fee and must provide the consumer with a choice" of getting the bill in dollars or the local currency, says spokeswoman Rhonda Bentz. If the customer opts to let the merchant make the currency conversion, Visa will not charge the customer's bank its usual 1 percent fee. MasterCard will charge the customer's bank 08 percent instead of its usual 1 percent, says spokeswoman Sharon Gamsin. In such cases, each bank can decide whether it wants to charge the cardholder its usual fee on foreign purchases. Bank of America will not charge cardholders its usual 3 percent fee if the customer takes advantage of dynamic currency conversion (and pays the bill overseas in dollars), says Davis. American Express does not pass along its 2 percent fee if customers pay in dollars. Most experts say Americans should ask for their bill in the local currency and let the credit card company convert it. That way, they are likely to get a better exchange rate and avoid the chance of being charged twice for currency conversion. |
| csua.org/u/gdp -> www.travelfinances.com/directory/index.php/category/card-conversion-fees/ In April 2005, Visa dropped the Multicurrency Conversion (MCC) fees that they were charging for making purchases abroad. They replaced the Multicurrency Conversion fee with an International Service Assessment (ISA) fee. Click here for more information about the fees collected by some credit card companies for making international purchases. The US Bank Foreign Transaction Fee Breakdown: 1% -- Standard Rate Charged by Visa or MasterCard + 2% -- Additional Rate Charged by US Bank + 0-5% -- Optional "Dynamic Currency Conversion" Fee** Added by Some Merchants = 3-8% -- Total Fee Charged To determine the approximate fee you'll be charged for making an international purchase take the total value of your foreign purchase and multiply it by the US Dollar exchange rate. Take this figure and multiply it by the total transaction fee listed above. The final amount is what you will pay to your credit card company, Visa/MasterCard, or merchant respectively for using the card internationally. dynamic currency conversion" (DCC) fees charged by some international merchants which can add 3% or more to the total purchase. AmericanExpress cards cannot have "dynamic currency fees" added. The usual DCC fee added is between 3-5% but varies from merchant to merchant. Click here for more information about the fees collected by some credit card companies for making international purchases. The Bank of America Foreign Transaction Fee Breakdown: 1% -- Standard Rate Charged by Visa or MasterCard + 2% -- Additional Rate Charged by Bank of America + 0-5% -- Optional "Dynamic Currency Conversion" Fee** Added by Some Merchants = 3-8% -- Total Fee Charged To determine the approximate fee you'll be charged for making an international purchase take the total value of your foreign purchase and multiply it by the US Dollar exchange rate. Take this figure and multiply it by the total transaction fee listed above. The final amount is what you will pay to your credit card company, Visa/MasterCard, or merchant respectively for using the card internationally. dynamic currency conversion" (DCC) fees charged by some international merchants which can add 3% or more to the total purchase. AmericanExpress cards cannot have "dynamic currency fees" added. The usual DCC fee added is between 3-5% but varies from merchant to merchant. Click here for more information about the fees collected by some credit card companies for making international purchases. Pulaski Bank International Foreign Transaction Fee Breakdown: 1% -- Standard Rate Charged by Visa or MasterCard + 2% -- Additional Rate Charged by Pulaski Bank + 0-5% -- Optional "Dynamic Currency Conversion" Fee** Added by Some Merchants = 3-8% -- Total Fee Charged To determine the approximate fee you'll be charged for making an international purchase take the total value of your foreign purchase and multiply it by the US Dollar exchange rate. Take this figure and multiply it by the total transaction fee listed above. The final amount is what you will pay Pulaski Bank, Visa/MasterCard, or merchant respectively for using this card internationally. dynamic currency conversion" (DCC) fees charged by some international merchants which can add 3% or more to the total purchase. AmericanExpress cards cannot have "dynamic currency fees" added. The usual DCC fee added is between 3-5% but varies from merchant to merchant. Click here for more information about the fees collected by some credit card companies for making international purchases. Chase Bank International Foreign Currency Conversion Fee: 1% -- Standard Rate Charged by Visa or MasterCard + 2% -- Additional Rate Charged by Chase Bank + 0-5% -- Optional "Dynamic Currency Conversion" Fee** Added by Some Merchants = 3-8% -- Total Fee Charged To determine the approximate fee you'll be charged for making an international purchase take the total value of your foreign purchase and multiply it by the US Dollar exchange rate. Take this figure and multiply it by the total transaction fee listed above. The final amount is what you will pay Chase Bank, Visa/MasterCard, or merchant respectively for using this card internationally. dynamic currency conversion" (DCC) fees charged by some international merchants which can add 3% or more to the total purchase. AmericanExpress cards cannot have "dynamic currency fees" added. The usual DCC fee added is between 3-5% but varies from merchant to merchant. Click here for more information about the fees collected by some credit card companies for making international purchases. MBNA also charges the same fee below for making purchases in foreign countries that are already in US dollars. MBNA* International Foreign Currency Conversion Fee Breakdown: 1% -- Standard Rate Charged by Visa or MasterCard + 2% -- Additional Rate Charged by MBNA + 0-5% -- Optional "Dynamic Currency Conversion" Fee** Added by Some Merchants = 3-8% -- Total Fee Charged To determine the approximate fee you'll be charged for making an international purchase take the total value of your foreign purchase and multiply it by the US Dollar exchange rate. Take this figure and multiply it by the total transaction fee listed above. The final amount is what you will pay MBNA, Visa/MasterCard, or merchant respectively for using this card internationally. See chart of international conversion fees charged by other major credit card issuers. Foreign transaction fee structure is unlikely to change since Bank of America has the same currecny conversion fee structure that MBNA durrently does. dynamic currency conversion" (DCC) fees charged by some international merchants which can add 3% or more to the total purchase. AmericanExpress cards cannot have "dynamic currency fees" added. The usual DCC fee added is between 3-5% but varies from merchant to merchant. Click here for more information about the fees collected by some credit card companies for making international purchases. The Providian International Foreign Currency Conversion Fee Breakdown: 1% -- Standard Rate Charged by Visa or MasterCard + 0% -- Additional Rate Charged by Providian + 0-5% -- Optional "Dynamic Currency Conversion" Fee** Added by Some Merchants = 1-6% -- Total Fee Charged To determine the approximate fee you'll be charged for making an international purchase take the total value of your foreign purchase and multiply it by the US Dollar exchange rate. Take this figure and multiply it by the total transaction fee listed above. The final amount is what you will pay Providian, Visa/MasterCard, or the merchant respectively for using this card abroad. dynamic currency conversion" (DCC) fees charged by some international merchants which can add 3% or more to the total purchase. AmericanExpress cards cannot have "dynamic currency fees" added. The usual DCC fee added is between 3-5% but varies from merchant to merchant. HSBC Fees HSBC has different foreign transaction fees for the different cards issued by their bank. Some of their cards do not add fees to those already charged by Visa or MasterCard for making purchases in foreign countries. Click here for more information about the fees collected by some credit card companies for making international purchases. Take this figure and multiply it by the total transaction fee listed above. The final amount is what you will pay HSBC, Visa/MasterCard, or the merchant respectively for using these cards internationally. dynamic currency conversion" (DCC) fees charged by some international merchants which can add 3% or more to the total purchase. AmericanExpress cards cannot have "dynamic currency fees" added. The usual DCC fee added is between 3-5% but varies from merchant to merchant. Click here for more information about the fees collected by some credit card companies for making international purchases. The EverBank International Foreign Foreign Transaction Fee Breakdown: 1% -- Standard Rate Charged by Visa or MasterCard + 0% -- Additional Rate Charged by EverBank + 0-5% -- Optional "Dynamic Currency Conversion" Fee** Added by Some Merchants = 1-6% -- Total Fee Charged To determine the approximate fee you'll be charged for making an international purchase take the total value of your forei... |
| sfgate.com Friday, May 14, 2004 Updated: 12:07 AM PDT ' I'm guessing that the best way to hail a cab or a bartender in Athens will not be by waving an American flag." Sorensen Capital group He's already got more money than god, but that isn't stopping Steve Young (above, right) from embarking on a second career in business. Gov's Balancing Act Schwarzenegger unveils revised budget containing spending cuts and (as promised) no new taxes. Wedding Date's Still On Same-sex marriage opponents lose bid to halt gay nuptials, scheduled to begin Monday in Massachusetts. Researchers say they've found evidence of impact greater than the one that probably caused the dinosaurs' extinction. Wars' $50 Bil Price Tag "It's a big bill," says Wolfowitz, who estimates the cost of conflicts in Iraq and Afghanistan. No Plea From Anderson Using a wheelchair, the haggard-looking suspect is arraigned in the murder of Xiana Fairchild. Giants Left Stranded G-men leave 12 men on base, including two in the bottom of the 9th, and drop series to Philly. Sex, Drugs, And Then 5 Deaths Playboy Playmate tells how she got involved with 2 suspects, but left in just the nick of time. Pixar Growth Plan Wins Fans 20-year proposal for Emeryville site gets flak from activists, but city says go for it. |