American Express Membership Rewards - overseas charges

Hi everyone,

I am going to be living abroad in London from September to December this year, and I have been trying to figure out the best way to get around the transaction charges that the credit card companies charge for using your card overseas. I am currently a US Plat Card holder, which would mean 2% for everyone non US dollar charge I put through the card, as that is the AMEX standard. VISA charges 1%, however I would like to use my AMEX as that is what I use for everything. I have tried to see if it could be waived and it can't. The only option I see left is seeing if the IDC/IEC cards charge the 2% or if they are just like any other AMEX card. And even if they don't is paying 550 for a IDC Plat worth it for four months? Suggestions and information are welcome.

Thanks,

Jblackbelt

If you are going to be living in London, then you might want to consider applying (using Global Transfer for example) for a sterling denominated card - that is assuming you will have sterling income.

I am not sure how a IDC card will help (as you will still incur conversion charges for non-dollar spend), although if you were going to spending euro, I could see how a IEC card might be useful.

I hope this is helpful.

The IDC card charges even more for forex charges (2.5% instead of 2% for your current Platinum). Why do you want to put everything on your Amex? If you get a UK Platinum through global transfers, you'll have to make payments from a UK bank account. You'll also have to pay the 300GBP annual fee. If you get a Red instead you'll avoid the annual fee, but you will still have to make payments from a UK bank. You'll likely have to pay fees to transfer money between your US bank and your UK.


If you're going to be charging a LOT, get a HSBC Premier bank account in the USA, then have them open you an account in the UK. Open a UK Red card and charge stuff on there. You'll avoid the forex fees that way.

I think you posted the same question in another thread, but overlooked a reply...

http://flyertalk.com/forum/showpost.php?p=9460251&postcount=14

i appologize mia, i did not see your reply and hence why i posted a new thread. i guess the IDC/IEC cards will not help then, as most will be in sterling.

Unfortunately I will only be living in London for 4 months before returning to the US so it does not pay to do global transfer.

Anyone have any other ideas?

I agree, your question will get better discussion in its own thread. To my knowledge there is no American Express product which does not assess foreign currency fees, but also you will find that retail acceptance of American Express is not nearly as universal in London as it is in New York.

I would start by looking at this thread...

http://flyertalk.com/forum/showthread.php?t=401958

thanks mia thats exactly what I needed. I apprecaite it.

If you're not set on AmEx, most Capital One cards have no foreign transaction fees. I've been using mine in Canada and they're spot on the actual exchange rate, plus I get 1.25% cash back.

i definately may look into that. I right now THINK i have a solution. I called up my BOA rep and apparently the Bank Of America Accolades card has no foreign fees, or so they say, they want me to confirm once I have the card, and if it doesnt I can cancel if I want to. Otherwise I may go to capital one, but i prefer AMEX as if there is ever a problem there is no hassel.

... i prefer AMEX as if there is ever a problem there is no hassle.

What type of problem? If you use Accolades you would dealing with Bank of America customer service, not with American Express. Will you also have a Mastercard or VISA for the merchants who do not accept American Express?

Are you familiar with the UK Chip and PIN transaction authorization system? No USA issued card has the appropriate chip and at some shops the assistant will be confused when you present a card without such, but be politely persistent. I have never had to use a different form of payment.

Global transfers only takes about 10 days to get the card if you provide all the information electronically.

I currently have a USA Platinum and a UK Platinum + Red. The USA customer service is excellent. The UK customer service is far better than the US service.

Like I discussed earlier, if your bank offers a fee free way of transferring funds to a UK bank account, that's the best way to go.

i thought it would be amex cs...thats unfortunately....usually something like dispute resolution etc. i have a BOA platinum visa as well for whoever does not accept an AMEX.

jgsx, unfortunately i will only be there for 4 months and will not have a residence that i own since im only there for 4 months. how do you have both a US and UK? do you have residences in both the USA and UK?

Amex should be willing to give you a UK card. When I moved to the US they gave me a new US card as soon as I called - US card arrived in a couple of days. I kept my UK card for a little while until I closed all my UK accounts once I was fully settled.

It was all very simple and painless.

FWIW I never had much poroblem with places not accepting Amex in UK; maybe not quite as widespread as NA, but certainly much better than continental Europe.

the thing is im not moving, im iving abroad there for 4 months. ill be back to my US home after 4 months. so i still need my US card.

the thing is im not moving, im iving abroad there for 4 months. ill be back to my US home after 4 months. so i still need my US card.

So? Keep the US card. That doesn't change anything.

jgsx, unfortunately i will only be there for 4 months and will not have a residence that i own since im only there for 4 months. how do you have both a US and UK? do you have residences in both the USA and UK?

Nothing stops you from having both. Four months is a long time. I've only been in the UK for two months. If you're going to be in the UK for four months, surely you will have an address. You don't need to own a house to get a card.

might see if i can get one then. i didnt think it was possible to have both if you were only living there for 4 months