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Credit cards...hidden prices????


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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.

 

smile43.gifHas 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.

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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.

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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-

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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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