Question
Transactions in Foreign Currency: For billing cycles ending on or before March 31, 2005: 2% of the converted transaction amount. For billing cycles ending on or after April 1, 2005: 3% of the converted transaction amount.
Answer
That is probably when the United card becomes Chase United Card
Answer
That is probably when the United card becomes Chase United Card
Does it include the 1% currency conversion fee collected by VISA? Than it's like most cards (1% VISA/MC fee, 2% bank fee) and was slightly better before. There are issuers that do not charge any fee on top of VISA/MC 1% at all.
Answer
I think I know understand the disclosure better even though this is a guess on my part. Today I received my Bank of America checking account statement and this was provided at the bottom of the bill
"Effective April 2, 2005, if you use your Check Card or ATM Card to purchase goods or services (or to obtain cash from an ATM) in currency other than U.S. dollars, the currency conversion exchange rate used by Visa will be:
a rate selected by Visa from a range of rates available in wholesale currency markets for the applicable central processing date, which rate may differ from the rate Visa receives, or the government -mandated rate in effect for the
central processing date. Visa will no longer add a 1% adjustment factor and show it as part of the U.S. dollar amount. The Check Card Foreign Currency Conversion Adjustment fee determined by us and shown as a separate charge for each converted Check Card purchase (but not ATM cash withdrawals) will be 3% of the U.S. dollar amount."
So basically, I think what is happening is that visa has decided no longer to break out the 1% fee that they charge and instead will probably choose a rate that makes it the same as having listed the 1% fee separately and then the member banks are going to charge 3% in addition so now the foreign currency fee will be 4%. What is interesting is that Bank of America even charges a foreign currency transcation fee for cash withdrawals at foreign banks. (totally unrelated to topic) My presumption is that since the time frame is around the same that this is what Bank One/Chase is referring to. Hope this helps.
If this is true, I will stop using my Bank of America USAirways credit card overseas as well as my Bank One Credit Card seeing as my MBNA card is only the 1% that Mastercard charges. I guess this is just another reason I like mastercard better than visa (because they don't try to screw their customers over as much and their member banks as well).
Sincerely,
JC