Credit card for international travel

[bolbim33]

I know that BANK ONE charges an extra 2% on purchases made out of the US. MBNA to my knowledge has no extra surcharge. AMEX is I believe about 1%?

I guess it also depends on what type of card it is.

Anyhow, offer your suggestions and experiences. Is CITIBANK good?

 

[dbzwukan]

When I had sony citibank visa, there were no extra charges. sucks now that they got switched to bank one, do you have a link to bank one's oversea policy?

 

[SuepaFly]

I just used my B of A Mastercard. MasterCard and Visa are widely accepted. No extra charges and you get the day by day exchange rate.

I didn't run into any troubles, just do not use your debit card to make actual purchases. Lots of theft and fraud happened to the group and if your debit card gets screwed, then you have no cash. Just make sure to give the CC company a call and tell them that you will be overseas (the dates) so they don't shut it down in the event they notice an overseas charge.

 

[kami333]

Visa or MC with a pin. Europe is moving away from the signing business.

 

[silverpig]

Visa or MC. Hardly anyone outside the US takes American Express. I can't remember the last time I saw an AE card or a place that takes AE and I live in Vancouver...

 

[rufruf44]

MBNA issued Visa or MC is your best bet.

 

[bolbim33]

Ok, so I know Visa/MC is already the best. So which bank that issues Visa/MC is the best?

So far, i've got MBNA. That was my guess.

Citibank is a very "international" card....any more thoughts on that?

For all cards, you get the day by day exchange rate. It's just that some banks choose to tack on some extra surcharges whereas others don't.

 

[dullard]

I use my MBNA mastercard when travelling abroad. Quite some time ago, MBNA tried to get me to switch to their Quantum mastercard. At the time I (mistakenly) thought I was done travelling abroad and turned it down (I also was disgusted with MBNAs political contributions at the time). The Quantum card is the step above platnum and with MBNA it is heavilly geared towards international use.

Scratch that. Looks like it is now geared as more of a personal assistant card.

 

[bolbim33]

Ok, so now....

I want a card that's good for international use, but has some sort of rewards back (ie. miles, cash back, points, etc etc)

MBNA is good, but most of their cards don't have any reward system...just low APR's and and other goodies. Maybe the EBAY card will do.

 

[DaWhim]

The hidden cost of overseas credit card transactions
By Linda Sherry

Credit cards are handy for travelers abroad not only for convenience, but because you generally receive an optimum exchange rate on foreign currency conversions. If, for instance, you buy a sweater or a five-course meal in Paris and pay for it with your U.S. credit or debit card, the charge in European currency is converted to dollars before it?s posted to your statement.

On all credit card currency conversions, the MasterCard and Visa networks take a 1% commission. These commissions on purchases or cash advances abroad are hidden in the total amount converted into U.S. dollars. Cardholders usually don?t realize they are paying a commission on currency conversions because the fee is not broken out separately in their credit card or bank statements.

In recent years, a number of card issuers have begun to add their own currency conversion fee on top of the MasterCard/Visa commission. In this year?s Credit Card Survey, Consumer Action found that the average issuer fee among surveyed banks that charge the optional fee is 1.86%. (See chart with this story.)

Currency conversion fees are men-tioned in the fine print of cardholder agreements that accompany new cards, but are little known among consumers. Some banks, such as Chase, Bank of America and Wells Fargo Bank, now list their currency conversion fee separately on credit card and bank statements. But many issuers continue to follow MasterCard and Visa and roll their fee into the overall amount of the converted purchase or withdrawal.

The lack of disclosure of MasterCard and Visa currency conversion fees has prompted lawsuits around the country. In mid February it was reported in the national media that there had been a tentative ruling in a California suit, Adam A. Schwartz vs. Visa International. The Wall St. Journal and other newspapers reported that the ruling, still sealed when Consumer Action News went to press, upheld the plaintiff?s charge of deceptive practices under California law and ruled that Visa should have required that its member banks openly disclose currency conversion fees. It was reported that under the ruling, Visa?and MasterCard by precedent?may be forced to pay back $500 million in fees collected from people who used their cards abroad.

Currency conversion fees

This chart lists optional issuer currency conversion fees charged by banks and does not include the usual 1% commission taken by MasterCard or Visa when charges and cash advances are converted to the cardholder?s homeland currency. (*American Express, not affiliated with MasterCard/Visa, has a 2% conversion fee.)


American Express* 2%
Bank of America 2%
Bank One / First USA Bank 2%
Chase 2%
Citibank 2%
Columbus Bank & Trust 2%
First National Bank of Omaha (FNBO) 2%
FNBO/Emigrant Savings Bank 1% - 2%
First Tennessee Bank 1%
HSBC Bank USA/Household Bank 1%
Huntington Direct Bank 2%
People?s Bank 2%
Providian 1% - 3%
Simmons First National Bank 3%
Sovereign Bank 2%
US Bank 2%
Wells Fargo Bank 2%

 

[dr150]

MBNA have the lowest FX surcharges of any credit card issuer.

Get the MBNA Amtrak card. It's free. It gives you United miles on a 1:1 basis, plus other less valuable awards. This card is universally regarded as the best free awards card.


Amtrak Card LINK

 

[bolbim33]

thanks! anandtech to the rescue again!

 

[elanarchist]

Originally posted by: boLbim33
I know that BANK ONE charges an extra 2% on purchases made out of the US. MBNA to my knowledge has no extra surcharge. AMEX is I believe about 1%?

I guess it also depends on what type of card it is.

Anyhow, offer your suggestions and experiences. Is CITIBANK good?

My Citibank card gives me 1% cash back, so in effect its only a 2% surcharge overseas. Still not as good as MBNA though.

 

[machintos]

MBNA is the way to go

 

[RossMAN]

Bump for Albis

 

[phreakah]

i used both my citibank visa and my wamu visa check card when i was in taiwan.. got the exact exchange rate and no service charge.. it was awesome.. i even went to an ATM and used my wamu card with no service charge 😀