Old Feb 3, 15, 9:55 am
A FlyerTalk Posting Legend, Moderator: American Express, Citi, Diners Club, Signatures
Join Date: Jun 2003
Location: Miami & London
Programs: AA & Marriott Perpetual Platinum; HH Gold
Posts: 41,988
1. The date of purchase is irrelevant. Transactions are always priced when posted, but the rate used is not necessarily the rate established on the posting date. Read your card agreement to see what they use.

2. When you use a card denominated in USD to make a purchase in another currency you are instructing the issuer to purchase that currency on your behalf. You need to look at purchase rates, not fictitious mid-market rates which represent an average of buying and selling rates at an arbitrary time. (It is well established that the published daily fixes were illegally manipulated.) Foreign exchange markets never close, the transaction network can price whenever they choose, and I would expect them to do this in a way which maximizes their profit. I would like to think that competition between MasterCard and VISA would create an incentive for one to offer better rates than the other, but this has little marketing value for consumer cards because they cannot demonstrate a savings that is meaningful for individuals. It could be useful for wooing corporate clients.

3. If you think you have evidence that Chase is adding an undisclosed foreign transaction fee don't write about it here. Hire a lawyer because they are violating a binding explicit antitrust agreement not to do this.
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