I just received my MBNA Quantum mastercard and it states that they do not charge any ATM or foreign exchange fees. I've seen people asking about that here before.

scrog, i don't know anything about that card -- does it get you miles?

I had an NEA Platinum card with travel rewards (a wonderful plan that unfortunately is changing December 30th to just another run-of-the-mill program). For some reason MBNA changed my card to an NEA Quantum card, still with travel rewards. I think you can get a Quantum card and travel rewards with any program MBNA has, though I am not sure.

Quantum has only ONE reward program and it has a TERRIBLE rate structure (plus it costs $75).

I also agree that NEA Rewards went down hill since the upcoming change, so I cancelled and used up my points when renewal came up last month. What a shame this card lost its place as the best travel card in the industry.

I know MBNA has several reward progams--some more generous than others. Unfortunately, I know only about NEA and Quantum.

[This message has been edited by Wolverine (edited 10-07-2001).]

Most credit card issuers don't charge an "exchange fee" but ...

...include 1%, 2% or more in the exchange rate they use to convert the foreign currency.
You should compare the rate used with the interbank rate at the date of conversion.

Remember: No service is really "free of charge" ...



[This message has been edited by ahrz (edited 10-07-2001).]

I'm getting confused. My Quantum card has no annual fee and they told me it still has the same reward structure as the NEA Platinum card had. Are we talking about 2 different cards, because if we aren't I'm going to make them switch me back to the NEA Platinum seeing I didn't ask them for the new card.

I actually have 3 NEA accounts and the 2 that I never use were changed to the Quantum card, and the one I use all the time was not changed.

I just called MBNA and they assured me there is not a fee and that the same point structure still applies. They said that the Quantum card is always free, but the underlying point program (and they have many) is what you pay the fee for.

I just called them again. They said neither mastercard nor MBNA mark up the exchange rate at all (of course, I won't know for sure till I use them in London next month and see what I get charged vs the interbank rate).

Also, I'm looking at the cards now and they definately say NEA and Quantum on them.

[This message has been edited by scrog (edited 10-07-2001).]

Scrog,
WHAT I KNOW:
MBNA Quantum comes with a Reward program ($75) or none (free w/ no rewards).

NEA has the Rewards program ($45 in Dec.) or none at all (free w/ no rewards). NEA is changing their program in December.

WHAT I DON'T KNOW:
NEA Quantum doesn't seem to gel as these are two separate programs and cards.

Perhaps there is a NEW MBNA NEA Quantum card, but that doesn't sound right........if there is such a new card, I'd be interested in LEARNING about it's rewards program.

I edited my earlier post to add a few new things I found out. One thing I forgot to add was that I asked MBNA if they had any better point programs and they told me they had so many different point programs that it would be best if I called the "new account" number (800-847-7378) Monday and asked them.

I have a Fleet Platinum cash rebate Visa card that claims not to add any additional fee % in calculating the exchange rate. Thus only the 1% built-in fee from Visa that is added, whereas many cards like Citi AA add an additional 2% on top of that. This card is no annual fee and pays a tiered rebate up to 2% with a $500/calendar yr. max rebate.
Does anyone know a website that has the base exchange rate to compare recent international purchases with to determine what has actually been added. I know Visa/MC/Amex start with a much better exchange rate than an individual would generally receive elsewhere, before any built-in fees are added.

You can verify all of this by calling any bank and asking for a copy of the terms and conditions. How they calculate foreign transactions are part of that. It is interesting, MBNA does not, however bank of America told me they add 2%. It is best to call to check.

You can find the Interbank rate for any pair of currencies and any date at http://www.oanda.com/