Foreign Currency Fee on MBNA Amex Cards
Aug 29, 2005, 10:08 pm
#1
Original Poster
Join Date: Nov 2004
Location: Philadelphia
Programs: AA (Exec Plat), ANA (Plat), Club Carlson (Gld), Hilton (Diamond), IHG (Plat), SPG (Gld)
Posts: 447
Foreign Currency Fee on MBNA Amex Cards
I currently have an MBNA American Express Rewards card. I happened to be looking at a different card online from MBNA that was also American Express and noticed this:
"American Express (1) converts charges made in foreign currencies to U.S. dollars using a rate selected on the business day prior to the day on which the charges are processed by American Express and (2) applies a 1% commission to the converted amount. See the Credit Card Agreement for details."
Since I have not received my cardmember agreement yet for the card I have even though it has been almost 6 months, I am wondering does MBNA only charge 1% on foreign transactions. If so this is a great deal as Amex usually charges 2%.
Sincerely,
JC
"American Express (1) converts charges made in foreign currencies to U.S. dollars using a rate selected on the business day prior to the day on which the charges are processed by American Express and (2) applies a 1% commission to the converted amount. See the Credit Card Agreement for details."
Since I have not received my cardmember agreement yet for the card I have even though it has been almost 6 months, I am wondering does MBNA only charge 1% on foreign transactions. If so this is a great deal as Amex usually charges 2%.
Sincerely,
JC
Aug 29, 2005, 10:17 pm
#2
Original Poster
Join Date: Nov 2004
Location: Philadelphia
Programs: AA (Exec Plat), ANA (Plat), Club Carlson (Gld), Hilton (Diamond), IHG (Plat), SPG (Gld)
Posts: 447
I just went back to look at purchases I made in Canada at the end of June which I assumed had posted at a conversion rate + 2% markup fee but saw that they actually were converted at the exchange rate + slightly more than 1% (approx. 1.1%). So this is actually a really good deal and definately was not what I expected when I used the card.
JC
JC