Originally Posted by
godlovesugly
Just wanted to share my experiences with my new Priority Club Select Visa, a Chase card promising 0 transaction fees. Only seems interesting because I made a large purchase in euros that was immediately cancelled and refunded because of an error, and then had to make the same purchase later.
Purchase: 1/25: 164 euros = $224.11
Return: 1/25: 164 = $223.22
Purchase: 1/27: 164 euros = $225.13
According to the
VISA exchange rates, 164 euros on 1/25 converted to $223.80. On 1/27, it converted to $224.88. The page states that the rate is set daily. The amount I was charged varied (always in Chase's favor) by ~.14%, ~.26%, and ~.11%. A negligible amount, but I found it interesting.
Is this typical? Does the exchange rate actually fluctuate during the day, contrary to what VISA says, or is Chase passing on some of the International Service Assessment (ISA) fees?
Did you use the Transaction Dates or the Posting Dates?
AFAIK, Chase use Posting Dates for the conversion.
Same as FIA card - it used Posting Dates. I had some charges made in Japan that the merchant for whatever reason did not send in the charges until 6 weeks later (they were all small amount purchases at the department store's basement supermarket). Yen during that time period jumped almost 6% so the conversion was against me but C'est la vie.
FWIW, the rates with Visa also seem always a tiny bit higher than the Mean historical rates I found on XE - but the variance is so small I dont think it is worth to sweat about.