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alrager

Credit cards...hidden prices????

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I used my Citi MC last year in COzumel and did not have any additional fees. Did they mention this was a new policy? I'm glad you got a refund though.

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my moms CC got charged at $30 fee for currency conversion when she put the deposit down for our wedding. however when we were in mexico last year we used CC all the time and didn't run into one fee...

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Quote:
Most credit card issuers charge currency conversion fees for foreign purchases made with their credit cards, debit and check cards, and ATM cash withdrawals.

Over the course of your travels, that can add up to a significant increase in the cost of your vacation -- money you could save by picking the right credit card.

The fees are twofold: Visa and MasterCard have a standard 1 percent charge on foreign purchases and the issuing bank adds another fee.

In the chart below, the percentage shown below each credit card issuer is the total of the fees: the amount charged by the issuer, plus the charge by Visa or MasterCard for a foreign purchase. For that 1 percent fee, Visa or MasterCard converts your foreign-currency purchase to U.S. dollars. All Visa or MasterCard cards carry that 1 percent charge.

The credit card issuer or bank often charges an additional fee, usually 2 percent, which adds up to a 3 percent total charge on foreign purchases. Bankrate contacted several credit card issuers and all refused to explain the reason for the charge.

The percentage posted under debit- and checking-card purchases is the charge assessed by both Visa or MasterCard and the credit card issuer or bank. A fee is also assessed by each card issuer and bank for ATM cash withdrawals. ATM charges vary for each card.

The table of major credit card companies and their currency-conversion-fee policies was correct as of April 2007. The data were originally collected by Bankrate researchers in October 2005. Write to editors@bankrate.com if you are aware of an update not shown here.

Please note that the percentage shown includes the 1-percent charge Visa and MasterCard charge for foreign-currency conversion.
capital 1 and discover do not charge this fee.

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I thought it ws capital 1 that didn't charge the fee, but I wasn't sure. One thing to know about capital 1 though is that they only report the credit you are using, not your available credit. It can hurt your credit score because it gives you a worse credit/debt ratio.

 

Also, you can't use a discover card in Europe. You can use it in Mexico, but its just good to know if you are heading to Europe.

 

Now that I know this, I'll try to use my Discover in Mexico to pay for trips.

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It's funny you mentioned this fee. I just looked at my cc statement today and I have a fee for $6.95 because we used my Bank of America credit card to upgrade our rooms in Tulum. On my statement it says that it is "foreign transaction fee". I would alert your guests if you think they may be using cc's.

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Thank you everyone for responded to my post and for all the helpful information. I guess I better get a Capital One card to pay for the rest of my deposit for the wedding.

 

Thanks again for all the advice and info!!!

 

Amy R.

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