Question
I just checked and its down to 1 of 2, either the Go Miles or Go cash. Both have no annual fee. Go Cash gives back 1% so in the end when MC puts the 1% fee on all overseas transactions you arent paying it as it come sback to you but then no other benifits. Is there a min in order to get the 1% back?
Go Miles gives 5000 bonus miles and ...... I didnt look at the T&Cs, do you need a Zillion Miles to go anywhere? Are the restrictions liveable?
Since Ill be using the card basically just for my overseas transactions then getting 25,000 miles might take alittle time, even with all the trips I do overseas. Do they offer free tkts at less than the normal 25,000? Im sure theres a max on what the tkt can cost-and how much in advance you must order it-as well as Sat stays being necessary? At least that was most of the copycats had over the years and thats why I stayed away from the miles earning cards that wasnt directly apart of an airlines program (such as Citi and AA)
Ok Ill answer my own questions on the miles. Seems 8000 is the lowest and the ticket is for up to $100 so that works out to 1.25% savings and its the same 1.25% on all the levels. Looks like the rebate card it will be the extra .25% is not enough for me to go chasing more miles.
The GoCash seems to be legit not like some others where you have to charge X amount every month and then theres a sliding scale of how much you will get back. Seems this is a straight 1% on every charge no matter the amount.
Answer
Go Cash gives back 1% so in the end when MC puts the 1% fee on all overseas transactions MC no longer charges for overseas transactions, at least, not at the moment (rumors of charges later this year).
I was also looking for a card for no fee purchases outside the US. I picked the Go Cash due to concern that I wouldn't charge enough on Go Miles. CapOne was the only issuer I found which didn't charge a fee. By the way, I use Citi AA in the US. Citi wants 3% for forex.
Answer
Saw the post below on FW, so watch your snail mail for Capital One offers as they have hundreds of different ones.
"I got an Offer in the mail for a Go Cash Card with upto 3% Cash Back, No annual feed, 0% Purchase APR Till August 2005, No Transfer Fee.
This rebate applies to total annual net purchases (purchases minus credits). It does not include cash advances, transferred balances, purchase checks, access checks, convenienve checks or traveler's checks. The rebase will be based on the amount of your total annual net purchases. A .75% rebase will apply to annual purchases less than or equal to $10,000. A 1.25% rebate will apply to annual purchases of $10,000.01 to $25,000. A 3.0% rebate will apply to annual purchases of $25,000.01 to $30,0000. A %1.0 rebate will apply to annual purchases of greater than $30,0000. This rebate will be issued to you as a statement credit on an annual basis."
If you spend over 20k a year, this is better than the flat 1% Go Cash version.
Answer
This clears up some of the confusion as to whos doing what and when :
Plagiarized from WSJ :
MasterCard Will Expand Fees
On International Transactions
By JENNIFER SARANOW
Staff Reporter of THE WALL STREET JOURNAL
April 20, 2005; Page D2
Using a MasterCard abroad is about to get more expensive for many consumers.
MasterCard International Inc. says it plans to charge fees for all card transactions abroad, not just those where it converts to dollars purchases made in a foreign currency. Earlier this month, Visa USA Inc. started levying a 1% fee on every charge made outside a cardholder's country. American Express Co., meanwhile, charges a 2% fee for transactions abroad where currency conversion occurs.
MasterCard says that starting Oct. 1, it will charge issuers a fee of 0.8% on all transactions when the card holder and merchant are from different countries. The company also plans to levy an additional 0.2% whenever a merchant's foreign currency needs to be converted. The new fees apply to users of both MasterCard credit and debit cards, and include ATM withdrawals and debit-card purchases.
Previously, when someone used a MasterCard or Visa while traveling abroad, the companies added only a 1% fee for purchases that required currency conversions. The banks that issue credit cards would frequently add their own fees, resulting in total currency-conversion charges as high as 3% in some cases. But travelers previously could avoid those fees by shopping at a growing number of foreign merchants that allowed travelers to use their cards to pay in dollars. For example, a car-rental agency in Europe would figure out the cost of a rental in dollars, and charge your card that amount. Merchants, however, charge a fee for doing that.
The new MasterCard fees will be charged directly to the issuer and as a result, won't show up on credit-card bills as part of the transaction amount. If the issuers decide to pass along the fees, consumers could face fees from both the merchant and the card issuer for the same transaction if the transaction is done in dollars.
Some banks such as J.P. Morgan Chase & Co. are choosing not to pass along the new fees and plan to continue to charge consumers only for purchases where MasterCard converts the currency. However, other issuers, including MBNA Corp., HSBC Holdings PLC and Capital One Financial Corp., plan to begin charging fees for all MasterCard transactions abroad.
Answer
The conclusion is that if you're going to travel abroad before October, don't plan to charge a lot abroad and have another rewards card for the US, CapOne's regular Go Cash card seems the way to go.
Maybe even after October, as CapOne will charge 1% MC, while JPM Chase will charge their own 2% fee for foreign currency. However, Chase might be the best if you can get the foreign merchant to charge in dollars.
Answer
Well, I did read the wall street journal article but what I don't understnad is I have chase Travel Rewards mastercard and they changed the terms and conditions recently to read like all the rest of their cards with foreign currency transcations fees being charged whether the charge is in a foreign currency or dollars. So did chase make these changes but are not planning on enforcing them or did the wall street journal misunderstand what JP Morgan Chase was saying. Here is the link to the card disclosure and as you will see it says 3% no matter what currency it is charged in.Link (https://www.chasecreditcard.com/New_Token_TermsPage.asp?creative=940PTT02&target=travelrewards&splash=0&source=splash&termsformat=normal)
JC