Question: Credit Card with Best / Worst Exchange Rate?
Apr 22nd 2003, 2:37 am
#1
Guest
Posts: n/a
Re: Question: Credit Card with Best / Worst Exchange Rate?
On 22 Apr 2003 07:47:52 -0700, [email protected]
(testingForEchoes) wrote:
>I've read suggestions that one of the best ways to get a good exchange
>rate (EUR to USD) is to use your credit card to pay for goods while in
>Europe and let the credit card company handle the conversion.
>Is there one particular credit card company that gives a good rate? a
>bad rate?
>Has anyone had experience with American Express' cc's? How do they
>rate?
It's not the credit card company; Visa and Mastercard charge
about 1% on conversions. But the issuing bank may tack on a
couple of extra percent, thereby making some money they really
don't deserve since Visa and Mastercard do all the work. The nly
thing you can do is seriously question the conversion process.
Visa and Mastercard are currently on the short end of some court
cases charging that they did not properly notify cardholders of
even their minimal charge and they are being required to make
restitution.
************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *
(testingForEchoes) wrote:
>I've read suggestions that one of the best ways to get a good exchange
>rate (EUR to USD) is to use your credit card to pay for goods while in
>Europe and let the credit card company handle the conversion.
>Is there one particular credit card company that gives a good rate? a
>bad rate?
>Has anyone had experience with American Express' cc's? How do they
>rate?
It's not the credit card company; Visa and Mastercard charge
about 1% on conversions. But the issuing bank may tack on a
couple of extra percent, thereby making some money they really
don't deserve since Visa and Mastercard do all the work. The nly
thing you can do is seriously question the conversion process.
Visa and Mastercard are currently on the short end of some court
cases charging that they did not properly notify cardholders of
even their minimal charge and they are being required to make
restitution.
************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *
Apr 22nd 2003, 2:47 am
#2
Guest
Posts: n/a
Question: Credit Card with Best / Worst Exchange Rate?
I've read suggestions that one of the best ways to get a good exchange
rate (EUR to USD) is to use your credit card to pay for goods while in
Europe and let the credit card company handle the conversion.
Is there one particular credit card company that gives a good rate? a
bad rate?
Has anyone had experience with American Express' cc's? How do they
rate?
rate (EUR to USD) is to use your credit card to pay for goods while in
Europe and let the credit card company handle the conversion.
Is there one particular credit card company that gives a good rate? a
bad rate?
Has anyone had experience with American Express' cc's? How do they
rate?
Apr 22nd 2003, 3:35 am
#3
Guest
Posts: n/a
Re: Question: Credit Card with Best / Worst Exchange Rate?
> Is there one particular credit card company that gives a good rate? a
> bad rate?
The conversion rates appear to be set by the companies who provide CC
services to the places you're buying from. Last month's trip to London
shows rates from roughly $1.58 to the £ (our hotel) to $1.62 (fast food
restaurant) on the same card on the same day, for example.
More to the point, any surcharges cards may apply to international
charges should be watched out for and avoided. There aren't any on
either of the cards we used (Pulaski and Huntington), whereas the one we
left at home (WaMu) is fine until you leave the country.
> bad rate?
The conversion rates appear to be set by the companies who provide CC
services to the places you're buying from. Last month's trip to London
shows rates from roughly $1.58 to the £ (our hotel) to $1.62 (fast food
restaurant) on the same card on the same day, for example.
More to the point, any surcharges cards may apply to international
charges should be watched out for and avoided. There aren't any on
either of the cards we used (Pulaski and Huntington), whereas the one we
left at home (WaMu) is fine until you leave the country.
Apr 22nd 2003, 3:59 am
#4
Guest
Posts: n/a
Re: Question: Credit Card with Best / Worst Exchange Rate?
Watch out for the surcharge for currency conversion. I have MBNA master
card, supposedly only 1% conversion fee, nothing on top of that.
"testingForEchoes" wrote in message
news:[email protected]...
> I've read suggestions that one of the best ways to get a good exchange
> rate (EUR to USD) is to use your credit card to pay for goods while in
> Europe and let the credit card company handle the conversion.
> Is there one particular credit card company that gives a good rate? a
> bad rate?
> Has anyone had experience with American Express' cc's? How do they
> rate?
card, supposedly only 1% conversion fee, nothing on top of that.
"testingForEchoes" wrote in message
news:[email protected]...
> I've read suggestions that one of the best ways to get a good exchange
> rate (EUR to USD) is to use your credit card to pay for goods while in
> Europe and let the credit card company handle the conversion.
> Is there one particular credit card company that gives a good rate? a
> bad rate?
> Has anyone had experience with American Express' cc's? How do they
> rate?
Apr 22nd 2003, 5:20 am
#5
Guest
Posts: n/a
Re: Question: Credit Card with Best / Worst Exchange Rate?
"testingForEchoes" wrote in message
news:[email protected]...
> I've read suggestions that one of the best ways to get a good exchange
> rate (EUR to USD) is to use your credit card to pay for goods while in
> Europe and let the credit card company handle the conversion.
> Is there one particular credit card company that gives a good rate? a
> bad rate?
> Has anyone had experience with American Express' cc's? How do they
> rate?
Don't travel with only an American Express card. At least in France
many/most smaller merchants, hotels, and restaurants do not accept it.
news:[email protected]...
> I've read suggestions that one of the best ways to get a good exchange
> rate (EUR to USD) is to use your credit card to pay for goods while in
> Europe and let the credit card company handle the conversion.
> Is there one particular credit card company that gives a good rate? a
> bad rate?
> Has anyone had experience with American Express' cc's? How do they
> rate?
Don't travel with only an American Express card. At least in France
many/most smaller merchants, hotels, and restaurants do not accept it.
Apr 22nd 2003, 6:51 am
#6
Guest
Posts: n/a
Re: Question: Credit Card with Best / Worst Exchange Rate?
[email protected] (testingForEchoes) wrote in message news:...
> I've read suggestions that one of the best ways to get a good exchange
> rate (EUR to USD) is to use your credit card to pay for goods while in
> Europe and let the credit card company handle the conversion.
>
> Is there one particular credit card company that gives a good rate? a
> bad rate?
>
> Has anyone had experience with American Express' cc's? How do they
> rate?
American Express claims to have the best rate. They used to charge an
additional 1/2% commission, then raised it to 1%. Perhaps that's still
their policy.
VISA and MasterCard are in litigation now, seemingly losing on the
issue of charging excessive rates to cardholders without adequate
notice. (The law requries that all fees be assimilated to interest and
the APR shown. On a recent cash advance, that yielded an interest rate
over 50% when I drew 300 euros...)
Credit union cards seem to have lower rates than others: in addition
to the VISA MCard ripoff, your card issuer tacks on between 1 and 3%
too. You notice it when you buy something abroad and then return it
same day, and the rates are wildly different. If you complain, of
course they cancel the excess. Or should.
> I've read suggestions that one of the best ways to get a good exchange
> rate (EUR to USD) is to use your credit card to pay for goods while in
> Europe and let the credit card company handle the conversion.
>
> Is there one particular credit card company that gives a good rate? a
> bad rate?
>
> Has anyone had experience with American Express' cc's? How do they
> rate?
American Express claims to have the best rate. They used to charge an
additional 1/2% commission, then raised it to 1%. Perhaps that's still
their policy.
VISA and MasterCard are in litigation now, seemingly losing on the
issue of charging excessive rates to cardholders without adequate
notice. (The law requries that all fees be assimilated to interest and
the APR shown. On a recent cash advance, that yielded an interest rate
over 50% when I drew 300 euros...)
Credit union cards seem to have lower rates than others: in addition
to the VISA MCard ripoff, your card issuer tacks on between 1 and 3%
too. You notice it when you buy something abroad and then return it
same day, and the rates are wildly different. If you complain, of
course they cancel the excess. Or should.
Apr 22nd 2003, 7:36 am
#7
Guest
Posts: n/a
Re: Question: Credit Card with Best / Worst Exchange Rate?
> I've read suggestions that one of the best ways to get a good exchange
> rate (EUR to USD) is to use your credit card to pay for goods while in
> Europe and let the credit card company handle the conversion.
If you want the best exchange rate, get a credit union ATM card, and
only use your credit card for large items like hotel, airfare, and rental
car. Most credit cards I've seen add 1-2% on to the charge. The
bank is the one doing this. Call up a prospective bank and ask them
to send you the brochure of regulations & fees. Do not trust the
person on the phone to tell you of the fees. One bank told me that
there were no fees, but when I got their brochure I discovered that
the fee was actually 2%. As another poster suggested, credit union
Visa/MC may have the lowest fees.
Casimer
> rate (EUR to USD) is to use your credit card to pay for goods while in
> Europe and let the credit card company handle the conversion.
If you want the best exchange rate, get a credit union ATM card, and
only use your credit card for large items like hotel, airfare, and rental
car. Most credit cards I've seen add 1-2% on to the charge. The
bank is the one doing this. Call up a prospective bank and ask them
to send you the brochure of regulations & fees. Do not trust the
person on the phone to tell you of the fees. One bank told me that
there were no fees, but when I got their brochure I discovered that
the fee was actually 2%. As another poster suggested, credit union
Visa/MC may have the lowest fees.
Casimer
Apr 22nd 2003, 11:04 pm
#8
Guest
Posts: n/a
Re: Question: Credit Card with Best / Worst Exchange Rate?
thank you for all of your replies. I'll check with the credit union
consider getting a card from them.
I'll also check with the cards I have about the specifics of their
fees.
consider getting a card from them.
I'll also check with the cards I have about the specifics of their
fees.
Apr 23rd 2003, 4:30 am
#9
Guest
Posts: n/a
Re: Question: Credit Card with Best / Worst Exchange Rate?
On 22 Apr 2003 07:47:52 -0700, [email protected]
(testingForEchoes) wrote:
>I've read suggestions that one of the best ways to get a good exchange
>rate (EUR to USD) is to use your credit card to pay for goods while in
>Europe and let the credit card company handle the conversion.
>Is there one particular credit card company that gives a good rate? a
>bad rate?
>Has anyone had experience with American Express' cc's? How do they
>rate?
Are you really thinking of getting a new credit card on this basis?
I'd suggest you call the issuing banks of the cards you have and ask
them.
(testingForEchoes) wrote:
>I've read suggestions that one of the best ways to get a good exchange
>rate (EUR to USD) is to use your credit card to pay for goods while in
>Europe and let the credit card company handle the conversion.
>Is there one particular credit card company that gives a good rate? a
>bad rate?
>Has anyone had experience with American Express' cc's? How do they
>rate?
Are you really thinking of getting a new credit card on this basis?
I'd suggest you call the issuing banks of the cards you have and ask
them.
Apr 23rd 2003, 4:35 am
#10
Guest
Posts: n/a
Re: Question: Credit Card with Best / Worst Exchange Rate?
On Wed, 23 Apr 2003 10:31:05 -0700, "Peter L"
wrote:
>I actually got an MBNA credit card for my travel to Europe in June just for
>this purpose. They charge a flat 1% foreign exchange rate.
Sounds good, but I want to be clear on this: is that 1% in
addition to the system charge of about 1%, or is that the total
loss on foreign purchases? Others have indicated the latter.
************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *
wrote:
>I actually got an MBNA credit card for my travel to Europe in June just for
>this purpose. They charge a flat 1% foreign exchange rate.
Sounds good, but I want to be clear on this: is that 1% in
addition to the system charge of about 1%, or is that the total
loss on foreign purchases? Others have indicated the latter.
************* DAVE HATUNEN ([email protected]) *************
* Tucson Arizona, out where the cacti grow *
* My typos & mispellings are intentional copyright traps *
Apr 23rd 2003, 5:31 am
#11
Guest
Posts: n/a
Re: Question: Credit Card with Best / Worst Exchange Rate?
"grey" wrote in message
news:[email protected]...
> On 22 Apr 2003 07:47:52 -0700, [email protected]
> (testingForEchoes) wrote:
> >I've read suggestions that one of the best ways to get a good exchange
> >rate (EUR to USD) is to use your credit card to pay for goods while in
> >Europe and let the credit card company handle the conversion.
> >
> >Is there one particular credit card company that gives a good rate? a
> >bad rate?
> >
> >Has anyone had experience with American Express' cc's? How do they
> >rate?
> Are you really thinking of getting a new credit card on this basis?
> I'd suggest you call the issuing banks of the cards you have and ask
> them.
I actually got an MBNA credit card for my travel to Europe in June just for
this purpose. They charge a flat 1% foreign exchange rate.
news:[email protected]...
> On 22 Apr 2003 07:47:52 -0700, [email protected]
> (testingForEchoes) wrote:
> >I've read suggestions that one of the best ways to get a good exchange
> >rate (EUR to USD) is to use your credit card to pay for goods while in
> >Europe and let the credit card company handle the conversion.
> >
> >Is there one particular credit card company that gives a good rate? a
> >bad rate?
> >
> >Has anyone had experience with American Express' cc's? How do they
> >rate?
> Are you really thinking of getting a new credit card on this basis?
> I'd suggest you call the issuing banks of the cards you have and ask
> them.
I actually got an MBNA credit card for my travel to Europe in June just for
this purpose. They charge a flat 1% foreign exchange rate.
Apr 24th 2003, 12:18 am
#12
Guest
Posts: n/a
Re: Question: Credit Card with Best / Worst Exchange Rate?
I have both an MBNA Amtrak and Lufthsana card. A dinner charge is
posted in dollars, with an exchange rate of about 101% of the
dollar-euro(or pound) exchage rate. No further charges.
On my Citi or Chase bank cards, there is an additional line 2%
exchange fee for each charge.
On Wed, 23 Apr 2003 16:35:17 GMT, [email protected] (Hatunen) wrote:
>On Wed, 23 Apr 2003 10:31:05 -0700, "Peter L"
> wrote:
>>I actually got an MBNA credit card for my travel to Europe in June just for
>>this purpose. They charge a flat 1% foreign exchange rate.
>Sounds good, but I want to be clear on this: is that 1% in
>addition to the system charge of about 1%, or is that the total
>loss on foreign purchases? Others have indicated the latter.
> ************* DAVE HATUNEN ([email protected]) *************
> * Tucson Arizona, out where the cacti grow *
> * My typos & mispellings are intentional copyright traps *
posted in dollars, with an exchange rate of about 101% of the
dollar-euro(or pound) exchage rate. No further charges.
On my Citi or Chase bank cards, there is an additional line 2%
exchange fee for each charge.
On Wed, 23 Apr 2003 16:35:17 GMT, [email protected] (Hatunen) wrote:
>On Wed, 23 Apr 2003 10:31:05 -0700, "Peter L"
> wrote:
>>I actually got an MBNA credit card for my travel to Europe in June just for
>>this purpose. They charge a flat 1% foreign exchange rate.
>Sounds good, but I want to be clear on this: is that 1% in
>addition to the system charge of about 1%, or is that the total
>loss on foreign purchases? Others have indicated the latter.
> ************* DAVE HATUNEN ([email protected]) *************
> * Tucson Arizona, out where the cacti grow *
> * My typos & mispellings are intentional copyright traps *
Apr 25th 2003, 10:57 am
#13
Guest
Posts: n/a
Re: Question: Credit Card with Best / Worst Exchange Rate?
On 22 Apr 2003 07:47:52 -0700, [email protected] (testingForEchoes)
wrote:
>I've read suggestions that one of the best ways to get a good exchange
>rate (EUR to USD) is to use your credit card to pay for goods while in
>Europe and let the credit card company handle the conversion.
>Is there one particular credit card company that gives a good rate? a
>bad rate?
>Has anyone had experience with American Express' cc's? How do they
>rate?
You have gotten some excellent particulars, but I want to add one thing. My
experience with both MC and VISA is that the exchange rate itself is excellent,
and better than you will get from almost any other source. Even with a 1%
surcharge, you are getting conversion that was nearly impossible with cash
transactions prior to international ATM availability. By comparison, cash
exchange even at a bank is quite expensive.
--
"If this is coffee, please bring me some tea. If this is tea, please bring me some coffee."
- Abraham Lincoln
wrote:
>I've read suggestions that one of the best ways to get a good exchange
>rate (EUR to USD) is to use your credit card to pay for goods while in
>Europe and let the credit card company handle the conversion.
>Is there one particular credit card company that gives a good rate? a
>bad rate?
>Has anyone had experience with American Express' cc's? How do they
>rate?
You have gotten some excellent particulars, but I want to add one thing. My
experience with both MC and VISA is that the exchange rate itself is excellent,
and better than you will get from almost any other source. Even with a 1%
surcharge, you are getting conversion that was nearly impossible with cash
transactions prior to international ATM availability. By comparison, cash
exchange even at a bank is quite expensive.
--
"If this is coffee, please bring me some tea. If this is tea, please bring me some coffee."
- Abraham Lincoln
