Best credit card for international purchases
GLSmyth
for most of my expenses by using a credit card. However, I do not
know whether or not my card offers the best deal as far as exchange
rate, transaction fees, etc., is concerned. I would be fine getting a
card for the single purpose of using on the trip if I knew somewhere
that would give me a comparison of these variables, but have not been
able to find this information.
Any suggestions on cards or where I can go to find a comparison would
be very helpful.
Cheers -
george
ra...@vt.edu
The credit card comapnies just lost a big law suit about foreign exchange
rates. They are probably all going to be close to the daily exchange
rate plus a small percentage now.
I found that an ATM only card, not a credit card branded type, was
very useful in getting cash from foreign ATMs in Europe in general.
Mine worked pretty much everywhere about 1.5 years ago, and those
work *very* close to the inter bank exchange rates.
Bill Ranck
Blacksburg, Va.
George L Smyth
> The credit card comapnies just lost a big law suit about foreign exchange
> rates. They are probably all going to be close to the daily exchange
> rate plus a small percentage now.
>
> I found that an ATM only card, not a credit card branded type, was
> very useful in getting cash from foreign ATMs in Europe in general.
> Mine worked pretty much everywhere about 1.5 years ago, and those
> work *very* close to the inter bank exchange rates.
>
> Bill Ranck
> Blacksburg, Va.
Bill -
My only concern with using ATM is the availability of the machines. I
will begin and end my trip in Glasgow and assume that my Bank of
America card will be recognized. However, when I head off to Skye and
Lewis/Harris I am guessing that I might run into trouble finding
ATMs. Not so? I have read that ATM machines are the best bet, but am
"assuming" that they are only available in the larger cities.
Cheers -
george
Rod Speed
Nope, they are available everywhere now.
Whether those in the smaller places will accept your card is another matter entirely tho.
Your bank should be able to tell you whether their card is accepted in places like Skye etc.
George L Smyth
> > Bill -
>
> > My only concern with using ATM is the availability of the machines. I
> > will begin and end my trip in Glasgow and assume that my Bank of
> > America card will be recognized. However, when I head off to Skye and
> > Lewis/Harris I am guessing that I might run into trouble finding
> > ATMs. Not so? I have read that ATM machines are the best bet, but am
> > "assuming" that they are only available in the larger cities.
>
> Nope, they are available everywhere now.
>
> Whether those in the smaller places will accept your card is another matter entirely tho.
>
> Your bank should be able to tell you whether their card is accepted in places like Skye etc.
It sounds like the best thing may be to plan this out, instead of just
looking for some place when I start to run low.
Cheers -
george
John Weiss
>
> My only concern with using ATM is the availability of the machines. I
> will begin and end my trip in Glasgow and assume that my Bank of
> America card will be recognized. However, when I head off to Skye and
> Lewis/Harris I am guessing that I might run into trouble finding
> ATMs. Not so? I have read that ATM machines are the best bet, but am
> "assuming" that they are only available in the larger cities.
ATMs are attached to virtually every bank over there as well as in
standalone kiosks. They all handle Visa and MasterCard debit cards. Not a
problem!
Just make sure YOUR bank doesn't charge a fee for international use...
You'll pay the 0.8-1.0% Visa or MasterCard fee (similar to credit card
fee), and that's enough.
George L Smyth
> ATMs are attached to virtually every bank over there as well as in
> standalone kiosks. They all handle Visa and MasterCard debit cards. Not a
> problem!
>
> Just make sure YOUR bank doesn't charge a fee for international use...
> You'll pay the 0.8-1.0% Visa or MasterCard fee (similar to credit card
> fee), and that's enough.
Bank of America (my bank) has an arrangement with Barclays, which is
good. However, once well outside of Glasgow it appears that Perth and
Inverness are the only other places they have machines. I'd rather
not carry a large amount of money with me, so while these will be
helpful, it looks like a credit card will be very helpful. If I can
figure out which card will be most exchange-fee-friendly then that
will allow me to fill in those times between the two locations.
Cheers -
george
clams_casino
>I am going to be traveling to Scotland this summer, and expect to pay
>for most of my expenses by using a credit card.
>
Can't comment on the best card, but be sure to notify your credit card
company that you will be traveling overseas. I've heard about CC
companies freezing cards when there is possibility of it being stolen &
used away from your typical usage area.
Evelyn C. Leeper
I'm sure they have them in Edinburgh as well.
In fact, I can't believe that the only Barclays ATMs are in those four
cities.
That said, I'd try for a card from a credit union rather than a
bank--they are much less likely to charge exorbitant fees.
--
Evelyn C. Leeper
Heretic: someone who disagrees with you about
something neither of you knows anything about.
John Weiss
> good. However, once well outside of Glasgow it appears that Perth and
> Inverness are the only other places they have machines. I'd rather
> not carry a large amount of money with me, so while these will be
> helpful, it looks like a credit card will be very helpful. If I can
> figure out which card will be most exchange-fee-friendly then that
> will allow me to fill in those times between the two locations.
Equivalent grades of Visa and Master Card are essentially the same with
respect to access and fee structure. A "Platinum" card may have a lower
network fee (e.g., 0.8% vs 1.0%). If you're shopping for a card, you'll
have to ask each bank about each version of each card you apply/qualify
for, because the agreements can vary a bit (or a lot).
Shawn Hirn
<cd79a977-a4ce-4112...@e6g2000prf.googlegroups.com>,
GLSmyth <george...@gmail.com> wrote:
You should check the web site called http://www.bankrate.com which is
highly recommended by Consumer Reports for people who are shopping for a
credit card or other bank services. This web site is a great resource
for comparing the benefits and costs of various credit cards.
GLSmyth
> You should check the web site calledhttp://www.bankrate.comwhich is
> highly recommended by Consumer Reports for people who are shopping for a
> credit card or other bank services. This web site is a great resource
> for comparing the benefits and costs of various credit cards.
Right, bankrate.com was the first place I went, but I did not find any
information there concerning exchange rate comparisons.
Cheers -
george
SMS
There are two types of fees. Visa/MC add their own 1% fee. You can't
escape this (except perhaps with Capital One). Many banks add their own
surcharges and fees, and many do not. The difference can be quite large.
Articles on the subject are at:
"http://www.indexcreditcards.com/internationaltransactionfees/"
"http://www.bankrate.com/brm/news/cc/20010416a.asp"
In general, check out credit unions, smaller community banks, and places
like USAA (if you qualify). Remember, equivalent grades of Visa and
Master Card are not the same in terms of fees, it all depends on the
institution that issues the card.
Capital One, if they still have the deal listed in the first reference,
seems to be the best deal of major bank, especially if they really eat
the 1% transaction fee charged by Visa/MC.
You have to read the terms and conditions of each credit card offer.
There will be a row for "Foreign Transactions," i.e. for BofA "
Transaction fee for any transaction made in a foreign currency: 3% of
the U.S. Dollar amount of each such transaction. This fee will be in
addition to any other applicable fee." For Citibank: "3% of each
purchase after it is converted into US dollars." Capital One doesn't
seem to have a row in their terms and conditions for foreign transaction
fees, so maybe they really do have none.
Also take into account the rewards you get on a card, versus the fees.
I.e. even if Citibank is 0% (eating the Visa/MC 1% fee) I still do
better with my current card that has no added fee (only the Visa/MC 1%
fee) because the rewards program is so much better ($500 unrestricted
domestic ticket after $25,000 dollars in charges, or essentially 2%).
One really sneaky thing to watch out for is foreign merchants that
charge you in U.S. dollars using a service that adds yet another fee.
They're supposed to ask you if you want to be charged in U.S. dollars,
but they make it sound like a free benefit to you, when in reality it
adds several percent to the transaction.
You also want to avoid using a Mastercard or Visa debit card, and stick
with using a basic ATM card with the PLUS and/or Cirrus logo. Also, use
a bank that refunds ATM fees charged by other banks (there are lots of
credit unions and smaller banks that do this, up to a certain dollar
amount per month). If you use a Mastercard or Visa debit card you'll be
dinged with more fees.
GLSmyth
[clip]
A lot of excellent information, thank you, that is very helpful.
Cheers -
george
imascot
> There are two types of fees. Visa/MC add their own 1% fee. You can't
> escape this (except perhaps with Capital One). Many banks add their own
> surcharges and fees, and many do not. The difference can be quite large.
>
And American Express charges a 2% fee.
J.