When I found myself needing to buy something overseas unexpectedly, I had to call the issuers and ask about the fees. Oddly enough, the only card without a % fee above the exchange rate was my visa debit card from small "Bank A". The visa debit card from "Bank B" *cough*chase*cough* said that 'Visa' imposed a 1% surcharge. uh huh. So I went with Bank A. Well when I looked at the statement from visa debit card at Bank A, no such 'visa' surcharge. I can only believe it was a Chase surcharge, or they have a crappier card agreement with visa.
highmktgoods
Senior Member
posted: Nov. 15, 2006 @ 5:56p
richfish13 said: Capital One
Cap One is overall a very bad credit card company for many people. But their strong point is for exactly this reason... No fees overseas.
kronus said: When I found myself needing to buy something overseas unexpectedly, I had to call the issuers and ask about the fees. Oddly enough, the only card without a % fee above the exchange rate was my visa debit card from small "Bank A". The visa debit card from "Bank B" *cough*chase*cough* said that 'Visa' imposed a 1% surcharge. uh huh. So I went with Bank A. Well when I looked at the statement from visa debit card at Bank A, no such 'visa' surcharge. I can only believe it was a Chase surcharge, or they have a crappier card agreement with visa.
We would definitely want to see a longer list than just the plain "Bank A", ain't it?
kronus said: When I found myself needing to buy something overseas unexpectedly, I had to call the issuers and ask about the fees. Oddly enough, the only card without a % fee above the exchange rate was my visa debit card from small "Bank A". The visa debit card from "Bank B" *cough*chase*cough* said that 'Visa' imposed a 1% surcharge. uh huh. So I went with Bank A. Well when I looked at the statement from visa debit card at Bank A, no such 'visa' surcharge. I can only believe it was a Chase surcharge, or they have a crappier card agreement with visa. Visa does charge a 1% fee. This may or may not be a line-item on your statement - it may be all bundled together with the exchange rate and show up as one total on your statement. So I wouldn't say that just because you don't see it on your statement, you're not charged the 1%. Look at the full terms of the card - I believe it has to be disclosed there. Many banks/card issuers only charge the 1% from Visa/MC, and some (like the OP's card apparently) add 1-3% on top of the original 1% fee. Very few banks actually eat the 1% fee from Visa so you're not charged anything above the exchange rate. The most notable of these is Capital One.
Cap One is overall a very bad credit card company for many people. But their strong point is for exactly this reason... No fees overseas.
sadly - cap one now charges 2.5% on foreign transactions. most cus - as far as i know - charge only the 1% charged by Visa/MC
busterbaxter
Senior Member - 1K
posted: Nov. 18, 2006 @ 2:53p
Estragon said: highmktgoods said: richfish13 said: Capital One
Cap One is overall a very bad credit card company for many people. But their strong point is for exactly this reason... No fees overseas.
sadly - cap one now charges 2.5% on foreign transactions.
is this a recent change by Cap1? This is the first one I heard about that. They used to be the only credit card company that does not charge any foreign transaction fee. If this is true, I will not bother with an application then.
id say the majority of credit cards do this. read the fine print
btuttle
Senior Member
posted: Nov. 18, 2006 @ 7:27p
Estragon said: highmktgoods said: richfish13 said: Capital One
Cap One is overall a very bad credit card company for many people. But their strong point is for exactly this reason... No fees overseas.
sadly - cap one now charges 2.5% on foreign transactions. most cus - as far as i know - charge only the 1% charged by Visa/MC
Where did you get this information from? I just returned from a two week overseas trip. All transactions on my Capital One had 0% foreign transactions fees (as always). In fact the conversion rates were the virtual exchange rates for the day.
Good thing, because this is the only reason I keep this card for.
The title of this thread reminds me of a funny saying I saw a few days ago: "90% of the politicians give the rest of them a bad reputation". That is, the vast majority of credit cards assess the forex fees.
Estragon
Member
posted: Nov. 19, 2006 @ 2:00a
btuttle said: Estragon said: highmktgoods said: richfish13 said: Capital One
Cap One is overall a very bad credit card company for many people. But their strong point is for exactly this reason... No fees overseas.
sadly - cap one now charges 2.5% on foreign transactions. most cus - as far as i know - charge only the 1% charged by Visa/MC
Where did you get this information from? I just returned from a two week overseas trip. All transactions on my Capital One had 0% foreign transactions fees (as always). In fact the conversion rates were the virtual exchange rates for the day.
Good thing, because this is the only reason I keep this card for.
I believe they just changed the policy last week. I called on my cap one biz card a few days ago and that's what the csr told me. I also recently used my cap one card abroad and wasn't charged a fee - that was the main reason i keep the card - so - it's a bummer
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