Author Topic: Foreign Transaction Fee (Read 26221 times)

corny · « **on:** June 05, 2008, 07:28:58 PM »

does anyone know of a credit card that has little or no oversea charges?
[besides for capital one because i was told its bad for your credit since they do not give your credit lmit to the credit bureau]

Dan · « **Reply #1 on:** June 06, 2008, 12:24:01 AM »

I believe AMEX charges 2%.
Considering that changing cash also costs at least 2% it is a no-brainer for me to use my Starwood card as much as possible when overseas.

jackie · « **Reply #2 on:** June 06, 2008, 10:50:27 AM »

HSBC Cash or Fly charges 1% but gives 1% cash back so you come out even (at least this is what they charged last year, check with them to make sure).

AsherO · « **Reply #3 on:** June 06, 2008, 01:36:12 PM »

Capital One sucks, but I don't understand why you're saying it's bad for your credit, please explain.

ash · « **Reply #4 on:** June 06, 2008, 01:38:17 PM »

i hate them and hate is a strong word

AsherO · « **Reply #5 on:** June 06, 2008, 01:41:03 PM »

Hate is a strong word indeed.

corny · « **Reply #6 on:** June 06, 2008, 01:45:52 PM »

Quote from: AsherO on June 06, 2008, 01:36:12 PM

Capital One sucks, but I don't understand why you're saying it's bad for your credit, please explain.

since they do not give your credit limit to the credit bureau [as you can see in your credit report] the credit bureau assumes that the most you spent is your credit limit, and they have it down that you used up 100% of your credit limit which is really bad for your credit.
this is what i was told, im not sure if this is a fact if anyone knows more about this please add

coralsnake · « **Reply #7 on:** June 06, 2008, 02:23:16 PM »

Everyone I can think of charges a fee except for Capital One.
Amex is 2% - it says it on your statement.
AA MC is 3% and Chase CO card is also 3% (if I remember correctly).

corny · « **Reply #8 on:** June 06, 2008, 03:23:06 PM »

and does amex charge an exchange fee?
and can i use a amex in most countrys?
because when i was in israel they would only eccept visa and m.c.

Dan · « **Reply #9 on:** June 06, 2008, 03:40:16 PM »

Quote from: corny on June 06, 2008, 03:23:06 PM

and does amex charge an exchange fee?
and can i use a amex in most countrys?
because when i was in israel they would only eccept visa and m.c.

As already stated, they charge 2%.
I used AMEX in Israel a lot. I'm sure that there are stores there that won't take it just like there are stores in the US that don't take it, but AMEX is definitely worldwide.

And just for the record, I too can't stand Capital One.

Dan · « **Reply #10 on:** June 06, 2008, 03:41:50 PM »

Quote from: jackie on June 06, 2008, 10:50:27 AM

HSBC Cash or Fly charges 1% but gives 1% cash back so you come out even (at least this is what they charged last year, check with them to make sure).

With Starwood I always do better than the 2%, so it's still a net-win, and much better than exchanging cash and losing all of the consumer protections that AMEX offers.

corny · « **Reply #11 on:** June 06, 2008, 03:58:37 PM »

Quote from: Dan on June 06, 2008, 03:40:16 PM

As already stated, they charge 2%.
I used AMEX in Israel a lot. I'm sure that there are stores there that won't take it just like there are stores in the US that don't take it, but AMEX is definitely worldwide.

And just for the record, I too can't stand Capital One.

oh i tought there was a charge for using it oversea and a exchange fee
alright thanks

Dan · « **Reply #12 on:** June 06, 2008, 04:15:02 PM »

Quote from: corny on June 06, 2008, 03:58:37 PM

oh i tought there was a charge for using it oversea and a exchange fee
alright thanks

The 2% is the only charge

Eli · « **Reply #13 on:** June 06, 2008, 04:58:01 PM »

I have a bank account with TD in CT and they only charge 1%. I thought that was a pretty good deal. I checked and it applies to customers of TD in NY as well. And TD is merging with Commerce (or merged already) so this 1% fee may carry over. I know it's a debit card and not a credit card, but if you are going away, you can save some money by using your TD debit card istead. But like Dan said, if you're smart about your points/miles you will usually get more than 1% for each point so it's probably worth it to use a regular credit card at 2%.

Quote

An International Service Assessment Fee of up to 1% (as described in the Deposit Account Agreement) applies to international ATM/Debit Card transactions. This is not an ATM fee and will not be reimbursed.

Dan · « **Reply #14 on:** June 06, 2008, 05:04:37 PM »

Quote from: Eli on June 06, 2008, 04:58:01 PM

I have a bank account with TD in CT and they only charge 1%. I thought that was a pretty good deal.

It's OK, but you're not getting rewards or the AMEX protections.

corny · « **Reply #15 on:** June 08, 2008, 01:24:19 AM »

Quote from: jackie on June 06, 2008, 10:50:27 AM

HSBC Cash or Fly charges 1% but gives 1% cash back so you come out even (at least this is what they charged last year, check with them to make sure).

now its 3%
http://www.disclosure.hsbccreditcard.com/media/disclosure?cmd_lpage=&indicator=HS005&media=H5IM112FAX0803000460XXTHX
so i think i will go with amex

jef4320 · « **Reply #16 on:** June 12, 2008, 07:57:23 AM »

I just looked at my credit score and there was a limit reported on my Capital One account

jef4320 · « **Reply #17 on:** June 12, 2008, 07:59:03 AM »

I only use the Capital One card while out of the US

moish · « **Reply #18 on:** June 12, 2008, 01:28:33 PM »

Quote from: Dan on June 06, 2008, 12:24:01 AM

I believe AMEX charges 2%.
Considering that changing cash also costs at least 2% it is a no-brainer for me to use my Starwood card as much as possible when overseas.

i wouldnt call it a no brainer with your amex youre guaranteed to always pay 2% over the current rate however with changing money theres a good chance especially whats been going on in israel that a few days after you change, the rate will drop and youre going to get a heck of a lot better than what amex would give you at that time (for all you laymen - if when you come to israel the rates 3.4 so if you change money or if you use amex you will lose 2% with amex itll be the purchase price + 2% and with changing money youll get lets say 3.39 now a few days later the rate drops to 3.3 so with amex youre still paying the current rate PLUS 2% whereas if you originally changed your money you would be alot better and this is been happening a lot recently)

Dan · « **Reply #19 on:** June 12, 2008, 01:39:53 PM »

Quote from: moish on June 12, 2008, 01:28:33 PM

i wouldnt call it a no brainer with your amex youre guaranteed to always pay 2% over the current rate however with changing money theres a good chance especially whats been going on in israel that a few days after you change, the rate will drop and youre going to get a heck of a lot better than what amex would give you at that time (for all you laymen - if when you come to israel the rates 3.4 so if you change money or if you use amex you will lose 2% with amex itll be the purchase price + 2% and with changing money youll get lets say 3.39 now a few days later the rate drops to 3.3 so with amex youre still paying the current rate PLUS 2% whereas if you originally changed your money you would be alot better and this is been happening a lot recently)

That's a silly argument, rates can always go up or down and nobody knows which way it will go or else they'd be millionaires! If you know when rates will go up or down then go into the foreign exchange trade!

Besides when exchanging money you are charged a percentage up front, even if you don't use all of that money, while on a CC you are only charged 2% on what you spend, and then you get Starpoints that at least for me are always worth more than 2%.

Besides, I had 2 charges in Israel that I rightfully disputed and won, and 1 item that I didn't like and returned to AMEX with the Starwood card's return privilege. If I had paid in cash those all would've been lost.