Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
credit card for foreign travel
Old 06-03-2005, 02:20 PM   #1
Full time employment: Posting here.
 
Join Date: Mar 2005
Posts: 557
credit card for foreign travel

This topic is a follow up to the credit card rewards topic. I have noticed that all of the cards that I have (the usual suspects -- mc/visa/etc) have recently sent notice that all foreign (non us dollar) transactions will be converted with a 3% premium added for the conversion.
Any thoughts on the best card to travel with/best conversion rate?
__________________

__________________
uncledrz is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: credit card for foreign travel
Old 06-03-2005, 02:41 PM   #2
 
Posts: n/a
Re: credit card for foreign travel

The last time I checked, all the MBNA family of credit cards were free of surcharges.* *To get the authoritative word, you might want to ask some of the folks at www.flyertalk.com.* There are a lot of extremely seasoned foreign travelors there.* Their anal retentiveness concerning $$ matters (secondary to frequent flyer miles, of course) would put most of the dryer-sheet folk here to shame!
__________________
  Reply With Quote
Re: credit card for foreign travel
Old 06-03-2005, 02:53 PM   #3
 
Posts: n/a
Re: credit card for foreign travel

Oops, just read Nord's message about MBNA's conversion fee change. The only reason I kept my MBNA card account open was for overseas travel--bye bye MBNA. Nevertheless, the flyertalk recommendation still goes.
__________________
  Reply With Quote
Re: credit card for foreign travel
Old 06-03-2005, 02:54 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: credit card for foreign travel

Used to be a credit card was your best bet, you got just about the best conversion rates available.

Might check out american express and see if they offer a good rate and no surcharges.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: credit card for foreign travel
Old 06-03-2005, 03:32 PM   #5
Full time employment: Posting here.
sailor's Avatar
 
Join Date: May 2005
Location: Atlanta suburbs
Posts: 881
Re: credit card for foreign travel

Quote:
Originally Posted by th
Used to be a credit card was your best bet, you got just about the best conversion rates available.

Might check out american express and see if they offer a good rate and no surcharges.
Nope - the whole mass mailing of x % conversion fee started with Amex conversion fees for Turkey. Most CC companies did have such a fee, but Amex settled in a case, where the fees were not clearly stated. So now everybody is mailing you the piece of info so you can't sue them.
I've got a notice from the class action suit that I can try to get some of the conversion fee back.

__________________
sailor is offline   Reply With Quote
Re: credit card for foreign travel
Old 06-03-2005, 03:33 PM   #6
Recycles dryer sheets
 
Join Date: Oct 2004
Posts: 408
Re: credit card for foreign travel

My local credit union has a 1% conversion charge. I am going to be using it in just 9 days
__________________
LovesLife is offline   Reply With Quote
Re: credit card for foreign travel
Old 06-03-2005, 03:35 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: credit card for foreign travel

Info...

http://tripso.com/archives/2005/04/7...for_cre_1.html

Apparently capital one cards dont charge the fee.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: credit card for foreign travel
Old 06-06-2005, 10:37 AM   #8
Full time employment: Posting here.
 
Join Date: Mar 2005
Posts: 557
Re: credit card for foreign travel

Thanks all for the good information.

Looks like I'll have a bit of work to do, but considering that the add on charge for foreign transactions is 3%, I think I'll spend the time and see if I can't find a card that doesn't put on this additional charge for doing absolutely nothing!

Uncledrz
__________________
uncledrz is offline   Reply With Quote
Re: credit card for foreign travel
Old 06-06-2005, 10:42 AM   #9
Thinks s/he gets paid by the post
BigMoneyJim's Avatar
 
Join Date: Feb 2003
Location: DFW
Posts: 2,627
Re: credit card for foreign travel

ACK! 3%? To have their computers multiply? I'm glad this thread came up. I had no idea they'd charge a fee...especially this much!
__________________
BigMoneyJim is offline   Reply With Quote
Re: credit card for foreign travel
Old 06-08-2005, 05:00 AM   #10
Full time employment: Posting here.
 
Join Date: Mar 2004
Location: No Where for Very Long
Posts: 747
Re: credit card for foreign travel

Are you a member of a Credit Union? Many CU cards do not charge the foreign currency fee. Best check the fine print though.

Also, many foreign merchants will add back the "discount" (the % the merchant agrees to give the bank for immediate payment of the charge.) It never hurts to ask the merchant to list the "Visa/Mastercard" fee as a seperate line item, then, after returning home, ask your CC bank to "charge back" (charge the merchant) the fee.

Here in Thailand, it is illegal to add discount fees into the price... but 99% of the merchants do it anyway...

TIT (This is Thailand...)

Lance
__________________

Lancelot is offline   Reply With Quote
Re: credit card for foreign travel
Old 06-16-2005, 09:37 AM   #11
Full time employment: Posting here.
 
Join Date: Mar 2005
Posts: 557
Re: credit card for foreign travel

Update on the credit card and foreign currency matter.

Called a number of banks and most charge the 3% additonal fee. My credit union, however, did not, so I got a card with it.

An article on this issue with some guidance:
http://www.tripso.com/cgi-bin/mt-sea...reign+currency

Uncledrz
__________________
uncledrz is offline   Reply With Quote
Re: credit card for foreign travel
Old 06-16-2005, 09:43 AM   #12
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 1,318
Re: credit card for foreign travel

Quote:
Originally Posted by sailor

I've got a notice from the class action suit that I can try to get some of the conversion fee back.

Yeah, I sent in my paperwork for that class action -- Amex.

I received my settlement a few weeks back. [Drumroll please....]

Just cashed a check for 62 cents!

Penfed seems to be offering a good Visa card deal with 1.25% cash back. Anybody got one of those cards? I'll check out their overseas charge policy
__________________
ER for 10 years; living off 4.3% of savings (and a few book royalties ;-)
ESRBob is offline   Reply With Quote
Re: credit card for foreign travel
Old 06-16-2005, 09:47 AM   #13
Thinks s/he gets paid by the post
charlie's Avatar
 
Join Date: Mar 2004
Location: Dallas
Posts: 1,211
Re: credit card for foreign travel

Yea, I recently got a 1.25% cash back card from PenFed. No
problems so far and I have not used it abroad. My guess is
that they won't screw you on foreign usage because of their
large military base of customers.

Cheers,

Charlie
__________________
charlie is offline   Reply With Quote
Re: credit card for foreign travel
Old 06-16-2005, 10:20 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Mar 2004
Posts: 1,318
Re: credit card for foreign travel

Thanks, Charlie,
I just went ahead and set it up. The 1.25% also seems good compared to points programs that increasingly feel mean.

Penfed said there is a 1% surcharge on foreign purchases, which is charged to them by Visa and they just pass it along. I talked to Visa, and they said 'some banks choose to pay it for you, others charge premiums on top of it.' Seems it might be hard to beat the 1% unless the bank has a way to get it from you some other way -- but at least its better than paying 3%.

Also, Penfed will auto-deduct the monthly credit card payment out of my Penfed savings account which saves me from having a late fee -- always a problem for me in the past.
__________________
ER for 10 years; living off 4.3% of savings (and a few book royalties ;-)
ESRBob is offline   Reply With Quote
Re: credit card for foreign travel
Old 06-16-2005, 01:26 PM   #15
Thinks s/he gets paid by the post
wildcat's Avatar
 
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
Re: credit card for foreign travel

May want to ask Dougdo. He posted a little thread on his blog about how he pays overseas. Basically says he hits the ATM's for cash and has the least amount of resistence when it comes to paying for stuff in US dollars I suppose it depends on where you go. American Express will convert currency for you prior to a trip for like $3.
__________________

__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
wildcat is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Your unsecured (credit card) debt dies when you die (usually) JustCurious FIRE and Money 77 11-22-2010 10:05 PM
Credit Card conundrum. CCdaCE FIRE and Money 21 08-25-2006 07:33 PM
Fraudulent credit card usage after phonedog, Pioneer Telephone free4now FIRE and Money 1 05-02-2006 06:50 PM
Credit Card Travel Rewards yakers FIRE and Money 1 01-17-2006 12:10 PM
Credit card selection Skylark Young Dreamers 27 03-12-2004 02:10 PM

 

 
All times are GMT -6. The time now is 04:56 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.