BigDavyG

I know this subject has been touched upon in the past but I was wondering if anyone had any info on this.
Right now my US credit card gives me spot rate on all transactions carried out in a foreign currency, then at the end of each billing period a 3% fee is levied on each FX transaction.
I'm not sure if this fee is levied by the card issuer (eg chase, citibank, capital one, etc) or the service provider (visa, mastercard, etc), but regardless is anyone aware of a card that offers more favourable terms ???

Answers on a postcard please

Bob

don't know if it's a visa/mastercard thing, though I don't think it is...though it could very well be the card being issued by the issuer...depends who your using, we don't have that extra tacked on...

BigDavyG

I don't seem to have it with my UK cards so you're prob right about visa/mastercard, though they don't give me spot but its still better than a 3% levy.

Bob

aye, I don't have it on any of my UK cards either...

I do know a lot of people get surprised when travelling abroad by extra fee's that they dont' realise they have though

BigDavyG

The con I almost got stung with when I was home at christmas was shops applying their own exchange rate and converting the £ sale into dollars then putting it through the machine.
If they do they I lose my spot rate, and even though it is put through in $'s the 3% fee would still have been charged.

Talk about getting at both ways

Bob

yeah, they do like it give it to you don't they

dunroving

I recently was levied a surcharge by my UK Barclaycard/Visa for using it here in the States ... first time that's happened, I think (don't use it too much).

Jerseygirl

I always use my Nat West Visa when I am in the UK, so that I don't get dinged for extra fees. The balance is paid off automatically from my Nat West checking account.

BigDavyG

Great.
Mind if I borrow it when I go home ???

Jerseygirl

Sure, help yourself.

BigDavyG

I usually do

ladygwennie

A little off topic, but has anyone been back to uk since the whole chip and pin? Im just curious to know how they deal with non uk credit cards back home.

Jerseygirl

So I've heard.

kevntrace

I was there at Easter. No problems - they can still use the scan & signature method.

Jerseygirl

We've been through all this before, a couple of months ago if you want to do a search. At the moment you can sign for your transactions at most stores, but I think someone said from this June or July it will be just chip and pin. Don't know how they are going to enforce this on overseas visitors though.