Question
We just got 8 pages of small print from Visa [I guess that it's from Visa--there's no name on it. It came with our monthly credit card bill from Chase - was Bank One for British Airways. It states that they may add up to 3 % on international charges. Were these charges this high when BA was with Bank One or First USA before that? The 3% along with the rise of the euro and the British pound is really making us rethink any trip across the pond.
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We just got 8 pages of small print from Visa [I guess that it's from Visa--there's no name on it. It came with our monthly credit card bill from Chase - was Bank One for British Airways. It states that they may add up to 3 % on international charges. Were these charges this high when BA was with Bank One or First USA before that? The 3% along with the rise of the euro and the British pound is really making us rethink any trip across the pond.
Could a 3% bump on your CC charges in Europe reall ybe whats stopping you? On a $4,000 ( maybe 3k on CC ) we are talking under $100 in intl charges? On a cheaper trip its even less. I guess I dont see the big deal for the 3%. The 1.35 to 1 Euro to USD is much more significant. Also those disgusting 21% VAT taxes on rooms other items is much worse.
Ken in Phx
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just use any Capital One CC, or a credit union CC.
VISA is only charging Chase 1% when you use your CC overseas. BA miles are not worth paying Chase 2% profit on every charge.
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Could a 3% bump on your CC charges in Europe reall ybe whats stopping you? On a $4,000 ( maybe 3k on CC ) we are talking under $100 in intl charges? On a cheaper trip its even less. I guess I dont see the big deal for the 3%. The 1.35 to 1 Euro to USD is much more significant. Also those disgusting 21% VAT taxes on rooms other items is much worse.
Ken in Phx
Is $120 for nothing a big deal? Not compared to your car payment. But I don't care to tossing money away and get nothing back.
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Visa is imposing the 3% to on all of its cards. You will see this by June 1. Mastercard will follow on October 1. Amex is still 2% but they bump their exchange rate so high that it is closer to 10%.
It is just a fact of life now.
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Is $120 for nothing a big deal? Not compared to your car payment. But I don't care to tossing money away and get nothing back.
I guess the question isnt whether you would like to lose the 100-120 bucks it whether it would stop you from traveling because of the cost. I am saying a 1-2 week trip europe shouldnt hinge on the extra 2% charged. Its more important that your CC company using a real exchange rate. That will end up costing you more than the 2% ever could.
Ken in Phx
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Visa is imposing the 3% to on all of its cards. You will see this by June 1. Mastercard will follow on October 1.
The above is an oversimplification that is not a correct statement of fact.
My understanding is that Visa is dropping their 1% foreign exchange fee for transactions in a foreign currency and replacing it with a 1% foreign transaction fee for any transaction done in a foreign country even if no foreign currency exchange is involved. So in effect that means no change for transactions done that involve currency conversion. Still going to be a 1% Visa charge for that. However, Visa is also are giving themselves the option to change the exchange rate they charge, but it remains to be seen what they will do in that regard. Probably will not benefit the cardholder though.
Any other charges being added are being done by your individual card issuer (i.e., bank) NOT VISA. Some banks/issuers add or will add additional percentage charges, some aren't. Got to check with the issuer of your particular Visa or MC card to find out.
As far as I know, so far at least, Capital One, and USAA don't add any charges and have not announced plans to add any charges to the 1% charges imposed by Visa/MC.
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Visa is imposing the 3% to on all of its cards. You will see this by June 1. Mastercard will follow on October 1. Nope. Nope. And nope.
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Yes, yes, and yes....Read it and weep:
http://www.usatoday.com/travel/news/2005-04-21-card-fees_x.htm
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Yes, yes, and yes....Read it and weep:
http://www.usatoday.com/travel/news/2005-04-21-card-fees_x.htm
Instead of just posting a link, you might want to actually read the article.
"Starting this month, Visa replaced its 1% charge for changing foreign currencies into dollars with a 1% "transaction fee" that applies to all purchases in another country, regardless of whether the sale is completed in dollars or in a local currency. MasterCard charges 1% for foreign currency transactions and nothing if the international purchase is made in dollars, but it has announced a similar fee change effective Oct. 1"
VISA is not adding a 3% fee to anything.
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Lets get used to use cash. :)
Instead of just posting a link, you might want to actually read the article.
"Starting this month, Visa replaced its 1% charge for changing foreign currencies into dollars with a 1% "transaction fee" that applies to all purchases in another country, regardless of whether the sale is completed in dollars or in a local currency. MasterCard charges 1% for foreign currency transactions and nothing if the international purchase is made in dollars, but it has announced a similar fee change effective Oct. 1"
VISA is not adding a 3% fee to anything.
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Lets get used to use cash. :)
And why would you do that when there are still no fee cards out there that will give you the interbank rate (more or less) plus 1% foreign transaction fee, minus 1% cash back rewards. Still ends up being a better rate than exchanging cash or even using cash obtained from an ATM, imo.
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And why would you do that when there are still no fee cards out there that will give you the interbank rate (more or less) plus 1% foreign transaction fee, minus 1% cash back rewards. Still ends up being a better rate than exchanging cash or even using cash obtained from an ATM, imo.For example, Capital One's Go Cash card has no fee of its own, passes on Visa's 1% fee and has a 1% cash back feature. Easier than carrying a bid wad of cash to pay hotels, etc.
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Yes, you are right. I am just kidding. If I can use credit card, even I need to pay 2% or 3% service charge (I would not apply a card just to be used oversea.). I will still use credit cards instead cash for sure.
For example, Capital One's Go Cash card has no fee of its own, passes on Visa's 1% fee and has a 1% cash back feature. Easier than carrying a bid wad of cash to pay hotels, etc.