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The 1% is built into the exchange rate used to convert the foreign currency to the USD.
It is NOT separately listed as a different line item like you explained - that is for those cards carry forex fee, such as the 3% of Citi's or the 2.7% of the AMEX cards. However, the 1% is defined as a Network processing fee, by Visa or MC, and is NOT classified as a forex fee at all. Yes, I believe Chase absorbs that fee, so as CapOne. However FIA cards dont absorb that. So as the converted Schwab 2x to BofA's 123, also does not absorb that. You will notice the translation is more expensive, largely due to this 1% "network fee".
Originally Posted by MDtR-Chicago
(Post 23159014)
There was a lawsuit a few years ago - https://www.ccfsettlement.com/home/ - about how the fees for foreign transactions were hidden by the card networks. To my recollection, that hidden 1% Mastercard fee was required to be clearly published as part of the card's FTF now...
What you should be seeing now is a transaction post in USD based on the published exchange rate used my Mastercard on the settlement (posting) date of the transaction, not the actual purchase date. So if I bought something for GBP 10 on 1-June-2014 that posted to my account on 3-June-2014, using https://www.mastercard.com/global/cu...ion/index.html I should see: 10/0.595912 = USD $16.78 on my statement. If you're seeing a difference between the Barclay card and a Visa card, it should be because of a combination of Visa using a different published exchange rate and/or the transaction posting on a different date. This all supposes you take the transaction in the LOCAL currency. If you instead ask the merchant to process in USD directly, you are subject to a Dynamic Currency Conversion (DCC) fee charged by the merchant's bank, which can easily be 3%+ on top of any other fees. We have an entire thread on DCC: http://www.flyertalk.com/forum/credi...er-thread.html If you're seeing something different from what the Mastercard conversion tool predicts, it would be interesting to see if there is a pattern. Maybe Barclays is bending the rules. (Or they are still passing along that hidden 1%) |
Originally Posted by MDtR-Chicago
(Post 23159014)
What you should be seeing now is a transaction post in USD based on the published exchange rate used my Mastercard on the settlement (posting) date of the transaction, not the actual purchase date...
...If you're seeing something different from what the Mastercard conversion tool predicts, it would be interesting to see if there is a pattern. Maybe Barclays is bending the rules. (Or they are still passing along that hidden 1%) |
Originally Posted by Khiaao
(Post 23057967)
Reached the $3,000 worth of charges and 40,000 points credited right away, no waiting for a payment and the following billing cycle like AMEX did me
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Originally Posted by duranza
(Post 23166100)
Were all your charges travel related in order to get the $400 cash back? (40k miles)
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Originally Posted by duranza
(Post 23166100)
Were all your charges travel related in order to get the $400 cash back? (40k miles)
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Originally Posted by duranza
(Post 23166100)
Were all your charges travel related in order to get the $400 cash back? (40k miles)
No it was not. mixed. |
Can I get the Arrival+ if I have/had the Arrival?
Hi,
I've tried to look for this on the board but haven't been able to find the answer (though the question has been asked with other questions, just haven't seen a response!). I'm stilll a newbie to this and made the rookie mistake of applying for the normal Arrival last year because I was wary of annual fees. I've gotten more into things and realized it's ok to cancel cards, etc. so I'm wondering if I can cancel my Arrival (not plus), wait 6 months and then apply for the Arrival+ and get the bonus? I'm not worried about getting accepted, I'm just wondering if I can get the bonus again (though to be fair I haven't had the + bonus, just the regular one). Any advice is much appreciated! |
Originally Posted by pszczolkam
(Post 23167968)
Hi,
I've tried to look for this on the board but haven't been able to find the answer (though the question has been asked with other questions, just haven't seen a response!). I'm stilll a newbie to this and made the rookie mistake of applying for the normal Arrival last year because I was wary of annual fees. I've gotten more into things and realized it's ok to cancel cards, etc. so I'm wondering if I can cancel my Arrival (not plus), wait 6 months and then apply for the Arrival+ and get the bonus? I'm not worried about getting accepted, I'm just wondering if I can get the bonus again (though to be fair I haven't had the + bonus, just the regular one). Any advice is much appreciated! Hope that helps |
I had this card since Aug 2013, cancelled in March 2014
when is the next time I can churn? I tried looking around but did not find a definite answer. Some says you can churn while card being open, some says every 6 month to 8 month after card closes, just wondering if anyone with personal experience can step in here? Thank you all ps, cheers to my first post and many moreee |
Originally Posted by Khiaao
(Post 23158982)
Not separate i emailed them and thats what they said "
MasterCard and Visa charge a 1% currency conversion fee for any transaction not completed in U.S. dollars; this will be included in the amount billed to your statement" Most issuers who don't eat the ISA have a 1% FTF. We need more data and also to make sure you're comparing the exchange rate to the MC published rate. It's illegal to "bundle" a FTF without breaking out the fee into a separate line item on the statement. |
Originally Posted by patrick.barnes
(Post 23173055)
The CSR are sort of right, but the terms clearly state 0%.
Most issuers who don't eat the ISA have a 1% FTF. We need more data and also to make sure you're comparing the exchange rate to the MC published rate. It's illegal to "bundle" a FTF without breaking out the fee into a separate line item on the statement. 05/03 www.scavi.va Citt del Vat 36.13 05/05 EURO 26.00 X 1.389615384 (EXCHG RATE) So if there is a 1% in there, Chase eats it. According to xe.com, the rate on 05/05 was 1.38757... Can anyone post what it looks like for Barclays? I haven't used mine abroad yet. Seems like if Barclays does charge the 1%, then it effectively only earns 1.2% on all purchases. Someone please tell me if I'm dead wrong and way off base here. |
Originally Posted by mh1361
(Post 23174443)
So this is how a foreign transaction looked on my CHASE statement:
05/03 www.scavi.va Citt del Vat 36.13 05/05 EURO 26.00 X 1.389615384 (EXCHG RATE) So if there is a 1% in there, Chase eats it. According to xe.com, the rate on 05/05 was 1.38757... Can anyone post what it looks like for Barclays? I haven't used mine abroad yet. Seems like if Barclays does charge the 1%, then it effectively only earns 1.2% on all purchases. Someone please tell me if I'm dead wrong and way off base here. (Incidentally, I had no problem using the chip + PIN at a machine at the tube station.) |
Originally Posted by mh1361
(Post 23174443)
Can anyone post what it looks like for Barclays? I haven't used mine abroad yet. Seems like if Barclays does charge the 1%, then it effectively only earns 1.2% on all purchases. Someone please tell me if I'm dead wrong and way off base here.
02/24 02/26 XXXXXXXXXXX ISR $33.52 117.90 [email protected] 02/24 02/26 YYYYYYYYYYYYY ISR $10.24 36.00 [email protected] I couldn't find an official MC rate for ILS transactions, but the xe.com rates on 2/24 (3.5173574177) and 2/25 (3.5182105261) are close enough. Of course, Barclays seems to be using slightly different rates for every charge, so YMMV a bit from any published rate. |
Originally Posted by wvvm
(Post 23175040)
I used my Arrival in London this weekend. My online transaction info doesn't specify an exchange rate, but a 36 GBP charge on Jul 5 posted as $61.80 (1.7166666 exchange rate). That matches the rate for Jul 5 that is listed here: http://www.exchangerates.org.uk/Poun...sion-page.html
(Incidentally, I had no problem using the chip + PIN at a machine at the tube station.)
Originally Posted by st1575
(Post 23175324)
Here's how two February charges from Israel appeared on the statement:
02/24 02/26 XXXXXXXXXXX ISR $33.52 117.90 [email protected] 02/24 02/26 YYYYYYYYYYYYY ISR $10.24 36.00 [email protected] I couldn't find an official MC rate for ILS transactions, but the xe.com rates on 2/24 (3.5173574177) and 2/25 (3.5182105261) are close enough. Of course, Barclays seems to be using slightly different rates for every charge, so YMMV a bit from any published rate. |
Originally Posted by mh1361
(Post 23175348)
Ok, so in these cases there's no 1% extra being charged. Any clue why it would be different for Costa Rica (CRC)?
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