milemonkey

If I buy foreign currency for my upcoming trip through Travelex and use my Sapphire Reserve card, is that considered a cash advance? In other words will I be charged the exorbitant interest rate as of the date of the transaction? I tried reaching out to Chase but they said they can't tell me until the charge is posted!

84fiero

From the CSR cardmember agreement:

https://www.chase.com/content/feed/p...e/COL00083.pdf

I suppose it's possible to not get charged as such if Travelex doesn't code the transaction correctly, no idea if that's likely to be the case - I'd guess not.

However even if you didn't get hit with a cash advance fee, buying foreign currency ahead like that almost always gives a very poor exchange rate. For most countries and situations it's better to just withdraw cash from an ATM on arrival (or bring currency to exchange in some circumstances). Get the no-fee, no minimum balance Charles Schwab investor checking account with fee-free debit card, no forex fees, and worldwide ATM fee reimbursement.

flyershmlyer

While I agree with you and, in general, is exactly what I do, telling someone not to be careful and to not plan ahead is not a sound advice.

STS-134

It's way better to always get foreign currency at an ATM in the destination country using a debit card linked to your checking account. Make sure that said account doesn't charge fees for ATM use at other banks, and doesn't charge foreign transaction fees for withdrawing in another country. If you have Chase Private Client, Chase meets those requirements. If not, you can transfer a bunch of investment assets to Chase and ask to be upgraded to Chase Private Client, or you can get a checking account at another bank that does not charge these fees (Schwab is a popular one).

carlitos

Yes it is considered Cash Advance. My SO (didn't ask me) lost the sim card on a trip and ended up buying a temporary replacement Sim Card at the Travelex booth close to the Train that goes to the Rental Car Center at MIA and paid with the CSR. Because they only had one Card Reader (the one used to sell currency) they charged the card without telling it was going as Cash Advance while selling a physical product. They sold a Sim Card with a machine supposed to only be used for currency conversion. So I called them and got nowhere. Of course, I disputed the transaction with Chase, sent all the receipts and proof of them selling a product with cash advance coded machines, and ask Chase to credit the cash advance fees. In the end, I only had to pay for the SIM card my SO bought and got everything else credited back. Chase told me they will deal with them for not using the credit card machines properly via a talk to their own Acquiring bank.

So be warned, if you use the CSR to get anything at Travelex, you will get hit with Cash Advance fees and your transaction will code as Cash Advance. Doesn't matter if you buy a physical product from them and not currency.

84fiero

Nowhere did I tell anyone "not to be careful" nor to "not plan ahead". I can't even fathom how "being careful" even applies here. What is there to be careful about?? Certainly advising someone not to incur confiscatory cash advance fees and a poor exchange rate is exercising caution.

Nor do I understand how I supposedly told anyone to not plan ahead? Figuring out how one will obtain local currency IS planning ahead...offering courses of action other than buying foreign currency at high expense only aids such planning. I also provided additional information about a popular and fee-free card for ATM withdrawals. It's truly baffling what fault is to be found with any of the above.