Check the credit card fine print

Just got an update of new charges from my Visa from FIA. They are now
charging 2% fee for *ALL* out of US charges and not just those requiring
currency conversion. An important consideration in this group.

--
"Distracting a politician from governing
is like distracting a bear from eating your baby."

--PJ O'Rourke

On 4/22/2009 10:29 AM, Kurt Ullman wrote:
Just got an update of new charges from my Visa from FIA. They are now
charging 2% fee for *ALL* out of US charges and not just those requiring
currency conversion. An important consideration in this group.

I just got a change notice from BoA (I think) and they are doing
the same thing, except their charge is 3%!

Are there any cards which don't rip you off on this stuff
anymore? I also need to know for my upcoming Med cruise.

Bill

In article , Bill
wrote:

On 4/22/2009 10:29 AM, Kurt Ullman wrote:
Just got an update of new charges from my Visa from FIA. They are now
charging 2% fee for *ALL* out of US charges and not just those requiring
currency conversion. An important consideration in this group.

I just got a change notice from BoA (I think) and they are doing
the same thing, except their charge is 3%!

Are there any cards which don't rip you off on this stuff
anymore? I also need to know for my upcoming Med cruise.

Bill

Maybe one through a local bank. I could more or less understand the
one for exchanging currency. I'd have to do that with cash, but just to
get it transmitted back on shore. I'll be taking along more cash my next
run through the Caribbean.

--
"Distracting a politician from governing
is like distracting a bear from eating your baby."

--PJ O'Rourke

Kurt Ullman wrote:

In article , Bill
wrote:

On 4/22/2009 10:29 AM, Kurt Ullman wrote:
Just got an update of new charges from my Visa from FIA. They are now
charging 2% fee for *ALL* out of US charges and not just those requiring
currency conversion. An important consideration in this group.

I just got a change notice from BoA (I think) and they are doing
the same thing, except their charge is 3%!

Are there any cards which don't rip you off on this stuff
anymore? I also need to know for my upcoming Med cruise.

Bill

Maybe one through a local bank. I could more or less understand the
one for exchanging currency. I'd have to do that with cash, but just to
get it transmitted back on shore. I'll be taking along more cash my next
run through the Caribbean.

My local credit union also charges 3% for currency conversions. The
charge when it is a currency conversion has been a problem for a long
time. Before I leave, I call each card to see what they charge (and
also to explain that I actually am going to be somewhere outside the
US so that they don't refuse the charge. Mostly I use a debit card now
to get cash in foreign countries.

On 4/23/09 2:35 PM, in article ,
"Rosalie B." wrote:

Mostly I use a debit card now
to get cash in foreign countries.

Is the foreign exchange charge less if you use a debit card?

American Express recently increased its conversion charge to 2.7% on the
hybrid card I have.

In news wrote:

Mostly I use a debit card now to get cash in foreign countries.

When you say "debit card", do you mean an ATM card you use to get cash
from machines?

--
Bert Hyman St. Paul, MN

"Bert Hyman" wrote in message
...
In news wrote:

Mostly I use a debit card now to get cash in foreign countries.

When you say "debit card", do you mean an ATM card you use to get cash
from machines?

--
Bert Hyman St. Paul, MN

American Express Gold or Platinum waives the fees.

Your mileage may vary. Visa and MasterCard always charge the banks a
currency conversion fee. But many banks that issue DEBIT cards do not pass
the fee along to customers using an ATM, PINned POS, or a signature debit.

The actual currency conversion to dollars is usually an excellent exchange
rate.

BUT...

I just got a notice from Bank of America concerning my RCI Platinum Credit
Card. A 3% Foreign Transaction Fee will be applied to all transactions
outside of the US, even if they are priced in dollars! Allowing a non-US
merchant to price a transaction in dollars is already a bad idea. The
exchange rate is horrible. This new policy may cost you a total of 6-7%
extra to use dynamic currency conversion.

http://www.signonsandiego.com/uniont...22convert.html

The link above is a balanced story on the use of dynamic currency
conversion. I'm not debating BofA's policies, if I don't like them I'll stop
using the card.


"Rosalie B." wrote in message
news
Kurt Ullman wrote:

In article , Bill
wrote:

On 4/22/2009 10:29 AM, Kurt Ullman wrote:
Just got an update of new charges from my Visa from FIA. They are now
charging 2% fee for *ALL* out of US charges and not just those
requiring
currency conversion. An important consideration in this group.

I just got a change notice from BoA (I think) and they are doing
the same thing, except their charge is 3%!

Are there any cards which don't rip you off on this stuff
anymore? I also need to know for my upcoming Med cruise.

Bill

Maybe one through a local bank. I could more or less understand the
one for exchanging currency. I'd have to do that with cash, but just to
get it transmitted back on shore. I'll be taking along more cash my next
run through the Caribbean.

My local credit union also charges 3% for currency conversions. The
charge when it is a currency conversion has been a problem for a long
time. Before I leave, I call each card to see what they charge (and
also to explain that I actually am going to be somewhere outside the
US so that they don't refuse the charge. Mostly I use a debit card now
to get cash in foreign countries.

Bert Hyman wrote:

In news wrote:

Mostly I use a debit card now to get cash in foreign countries.

When you say "debit card", do you mean an ATM card you use to get cash
from machines?

I have a hybrid card from Master Card which is really a debit card in
that it takes the money from my account, but looks like a credit card.
I only use it to get cash from an ATM when I'm abroad because it gives
me the current exchange rate and I don't have to wait until it gets
processed. I almost never use an ATM at home.

In Rosalie B.
wrote:

Bert Hyman wrote:

In news wrote:

Mostly I use a debit card now to get cash in foreign countries.

When you say "debit card", do you mean an ATM card you use to get cash
from machines?

I have a hybrid card from Master Card which is really a debit card in
that it takes the money from my account, but looks like a credit card.

My bank wanted to give me one of those but after a bit of whining I was
able to talk them into letting me keep my ATM-only card.

If someone commits fraud with your debit card number, they can clean out
your checking account (plus any overdraft "protection") in no time.

Sure, you can get your money back -eventually, but in the meantime,
your checking account is still empty.

I only use it to get cash from an ATM when I'm abroad because it gives
me the current exchange rate and I don't have to wait until it gets
processed.

It's really the only sensible way to get cash away from home.

I still used credit cards for anything over the equivalent of about
US$20; vacations are too short to worry about (relatively) small
surcharges.

I almost never use an ATM at home.

--
Bert Hyman St. Paul, MN