yycworldtraveler

Amex does a double conversion for all foreign currencies other than USD. First they add a 2.5% for-ex conversion fee to change it to USD, then they convert it again to CDN adding another 2.5% foreign exchange conversion fee. That is about as bad as it gets.

My Visa and MC charge only one conversion fee of 2.5% for all currencies. I would assume that Paypal is similar. It certainly is for USD purchases.

IMO your new AMEX is the worst possible card to use on your trip to Asia, but Amex will love you for the 5% extra they get on each dollar you spend.

And BTW my card arrived on Friday...17 days after being approved.

bacan

This is incorrect. There is a double conversion into USD and then in to CAD at interbank rates but this is only increased by a single 2.5% conversion commission. Take a look at your disclosure statement or the cardholder agreement.

Braindrain

Finally got my card today.

Decided to call into their "travel insurance info" line to double-check about covering reward trips.

Upon calling in, the agent said reward trips were covered. However, I asked her to point it out in the cardholder agreement. At that point, she had no idea but was told by her higher-ups that "reward trips through Amex MR are covered".

Uh-oh!

When asking about covering reward trips on non-MR rewards, she didn't get that bit of info.

It was too late to call the underwriter but I'll have to give them a ring tomorrow morning.

yycworldtraveler

My bad...I misread the disclosure. I fail to see how a double conversion of foreign purchases can be to my benefit however. I'm still suspicious.

THB -> USD -> CDN can't be better than THB -> CDN.

Canada101

Got mine today -- activated and reached the spend threshold! Weeha!

JWL

Obviously not. However, I've read that VISA only converts a limited number of currencies directly to CDN, rest are to USD then CDN just like Amex. If that is true, I'd bet that THB wouldn't be one of the direct conversion currencies. Best to check with the other cards you would consider using for their actual policies.

superangrypenguin

Hmm I really would like some definite answers re. VISA/MC Vs Amex for foreign purchases.

Braindrain - I reported on this a few pages back

superangrypenguin

I called AMEX and I heard differently from all of you here.

My exact query was if I bought a product in Japan, I know that I will get hit 2.5% to transfer to USD and another 2.5% to CDN. Or am I wrong?

She said I am wrong

The funds do go from JPD to USD (no fee), then from USD to CDN (2.5%)

So then I said: So if I make any foreign purchase, the total transfer fee is always going to be 2.5% right?

She said yes...

jennieG

Hi,

I am reading my little booklet here that I just received with my card and on page 6, it clearly says that:

Starwood Preferered Guest members earn 2 starpoints and Gold and Platinum Preferred Guest membres earn 3 Starpoints for every eligible US dollar spent at over 940 particiapting hotels and resorts.

It was not like that before with the MBNA (I think) but I had a US SPG Amex and it was as such so maybe it is an Amex bonus.

Will let you know when I travel in a few weeks.

superangrypenguin

That has nothing to do with the card, just the regular SPG membership...

jennieG

OK. I thought that others on the thread were saying that it is only the US card ...

superangrypenguin

Yeah I thought I saw that on the US card that if you use the US AMEX card on a SPG property you get 2 pts per dollar, I have not seen any reference to the CDN version

jennieG

Just got my new Amex SPG card! May the spending begin ...

I applied promptly when the SPG email came in (Mar 30?) and was conditionally approved. Called in a week later to check but they were unable to answer why but promised to call back. Called back on April 14th to be told that the card was mailed on April 10th and it would take about 7-10 business days. The credit limit is higher than the one I had with MBNA. I have been an Amex cardholder since 1995.

I am wondering about how some have already seen the bonus points posted? where? On the spg.com site? Details pls ...

BTW Also noticed that my last MBNA SPG points just posted a week ago. I was a bit worried about them (I had over 2000 points) but all is well.

Can anyone confirm that two people in one household (different names of course) can merge accounts? I am thinking of getting hubby to apply too before the bonus is over (May 31?)

Besides the 11K bonus and the 1:1 earning, the other benefits are not so interesting (already a Gold member and going onto Platinum soon). Will see if I can use it for 30K-40K as I did with the MBNA.

Cheers
Jennie

yeunganson

I am heading Japan next week too..

The equation is not so simple.

AMEX changes from JPD to USD (loss in exchange spread), and then USD to CAD (lose another exchange spread) and finally a 2.5% fee.

MC/VISA changes from JPD to CAD (loss in exchange spread) and then slap the 2.5% fee.

So basically, using AMEX, we will lose extra money on the exchange spread between the banks. Now, how much is that exchange spread relative to the amount?? 1%? 2%?

I think couple years back, AMEX compensated the problem by just charging 1.9% fee instead of 2.5%. Why are all the good cards going only available in the USA and we keep getting stuck with more inferior products...

superangrypenguin

Hmm that's interesting info...I am probably misinformed but I could've sworn my UK purchases on my MBNA card was to USD first, time to dig up my old bill..