Question
The new Capital One customer agreement came with my statement yesterday -- it included statements on Exchange Rate and Foreign Transaction Charge.
The Exchange Rate section for MC reads:
MCI ... conversion rate is either 1) a wholesale market rate or 2) a government mandated rate....
The Foreign Transaction Charge section reads:
For each transaction made in a country other than the US ... we will assess you a finance charge as previously disclosed to you as part of the TILA account disclosures or as we will disclose to you if required by applicable law. This fee will be based on the US dollar amount of the transaction.
I don' t have a current TILA statement so called and was told that the terms are there, but at least for my account not being implemented, i.e. there is not a foreign transaction finance charge.
So, it looks like Cap One will be at 0% on foreign transactions after Visa/MC drop their fee.
Tom