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Credit cards...hidden prices????


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#1 alrager

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    Posted 19 July 2007 - 12:04 PM

    I have a question. I charged some money to Mexico on my credit card and I
    was charged an extra couple hundred dollars from my credit card company to
    convert it from dollars to pesos. My credit card company charges me extra 3 or 4% for purchases made in other countries.

    Has anyone else experienced this problem with using their credit card in Mexico.

    I called and complained to my credit card company and they refunded me the money but I am worried about my guests using credit cards in Mexico now.

    I wanted to warn them if it has happened to any of you....or is it just my
    stupid credit card.

    Amy R.

    #2 MsShelley

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      Posted 19 July 2007 - 12:06 PM

      I have never heard of this, I am going to check into that for my credit card companies...

      #3 DreaW

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        Posted 19 July 2007 - 12:07 PM

        neverheard of this and never had it happened...
        What credit card are you using if you don't mind me asking

        #4 rodent

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          Posted 19 July 2007 - 12:13 PM

          Most of them charge a fee, but I thought it was usually 1-2%. I heard you can asked to be billed in dollars when you use a CC. I looked into this a bunch before going to London. For that trip, the best thing to do was to get money out of the ATMs. We actually paid no fees & got a great conversion rate. We used credit cards for gas once because we were running out of cash & did get a 1-3% fee. I'm surprised you got it removed. What did you say?

          Does anyone know the best way to pay in mexico? When I was there, I brought some cash. I paid for an excursion with CC. I don't think there was a fee, but this was 8 years ago. I think the fees are more recent. We couldn't find a single ATM with money it in, so I could never get more. Luckily I found a $20 on the bathroom floor. We didn't get any pesos. I don't think its necessary.

          #5 alrager

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            Posted 19 July 2007 - 12:14 PM

            The credit card was a Citi Mastercard. I am glad to hear that others so far hasn't had the problem...maybe it is just my stupid credit card.

            Amy R.

            #6 rodent

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              Posted 19 July 2007 - 12:15 PM

              I think the difference would be if they billed you in pesos or dollars

              #7 StephanieMN

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                Posted 19 July 2007 - 12:16 PM

                We used to have to do this at my last job when we ordered stuff from the UK. The fee wasn't that high so maybe try another card.

                #8 CourtneyV

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                  Posted 19 July 2007 - 12:19 PM

                  Wow, no I've never heard of that before! Only the exchange rate, which is to be expected. I'm glad they refunded it!
                  Happily Married since May 9, 2008
                  Proud Mama to Evelyn Eileen since June 8, 2010

                  #9 calyx6

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                    Posted 19 July 2007 - 12:20 PM

                    Most of my credit cards tack on some kind of conversion fee. They convert from the local currency to the dollar using that day's official conversion rate and then tack on 1 to 3% depending on the card. It's probably still better to use your credit card than to exchange money through the hotel or at the airport; even with the "convenience" fee the rate may still end up better. You may want to tell your guests to check with their credit card company to see what their exchange rates are. There might also be a discrepancy in what you think you should be charged and what you are charged depending on whether the foreign business charged the credit card company in dollars or the foreign currency - one way incurs more fees than the other. I forget which is which.

                    -V-
                    Tulum - November 3, 2007

                    #10 rodent

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                      Posted 19 July 2007 - 12:25 PM

                      Yes, the 1-3% fee is definitly better than the exchange rates you'd get at the airport or train station. I think there is a capitol 1 card that doesnt charge a conversion fee. Its pretty standard though, thats why I'm so surprised they removed it. The fee isn't a big deal if you are just paying for a few things on the trip, but what do people do when they are paying for big stuff for the wedding? 1-3% could make a difference.




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