It seems every few days we receive new CC rules and they are all adding more fees.

I recently read that fraud protection only applies to credit, not debit, cards? Does that mean I am not covered for mistakes, errors, fraud, non-delivery, etc on my debit card (that's the one without fees).

And I also read that especiallly in Zimbabwe charges are apt to be put through in USD instead of Zimbabwe currency and that there's no redress.

I am thinking to pay the MBNA fees (Amtrak card) and take traveller's checks for Africa next month.

Sylvia

<<fraud protection only applies to credit, not debit, cards>>

My understanding is the Federal required protection applies only to credit cards, but your debit card issuer may voluntarily offer similar protection.

dennis

The big issue with debit cards is that because the money gets pulled directly from your bank account, a big fraudulent charge can trigger all kinds of fees. While you might be able to get those fees refunded, it's more like to be a hassle than simply disputing a fraudulent charge on a credit card.

For example, my bank account usually has about $1000-2000 in it (I keep most cash in savings at another bank for their better rate). My credit cards and electric bill all pull directly from my bank account via ACH, and I write a monthly rent check. If somebody puts a $2000 fraudulent charge on my debit card, I might get nailed with a monthly fee for going under my $500 minimum balance, an overdraft fee, and a returned check fee if my rent check bounced. My autopay ACH transactions might also not go through, causing my credit cards to charge me late fees and interest, and the electric company to charge me late fees.

Some banks may have protections against all these things for debit transactions, but I strongly prefer to just stick with a credit card, because I've never had a problem disputing a transaction there.

I use a Merrill+ Visa for foreign transactions. Every time I compare the rate to Amex SPG, the Amex is higher by 2 to 2.5%.

I phoned Visa. My Fidelity CheckCard debit card has the same kind of fraud protections as my other credit cards. And 1% foreign exchange fees.

Sylvia

I just got mine yesterday. It is some generic MBNA card, although it was originally a Barnes & Noble Mastercard. They are probably changing over all the cards that they had not done previously.

Pity, as now I will have to start looking for a different card.

BillJ

The Fidelity debit card is issued by PNC and has no reward feature. The Fidelity credit card is issued by MBNA and has a 1.5% rebate that is deposited into the Fidelity cash account. Unfortunately, MBNA has now added a 3% foreign exchange fee that makes the rebate useless. As far as I know, the only rebate card with a 1% foreign fee is CapitalOne.

MBNA has offered several different Fidelity-branded cards over the last few years, not all of which have the 1.5% rebate, and not all of which have the 3% fee. Please be more specific when making posts about your Fidelity MBNA card. And CapitalOne is 0%, not 1%.

<<Every time I compare the rate to Amex SPG, the Amex is higher by 2 to 2.5%.>>

This is also my experience, and what one would expect inasmuch as American Express USA adds a 2% fee and Merrill+ adds nothing. In my analysis Merrill+ conversions of British pounds to US Dollars are always exactly the same as the interbank rate to a fraction of a cent. Bear in mind, however, that exchange rates are based on the date the transaction is processed, not the purchase date. It is easy to see the processing date on the Merrill+ statement, but American Express shows only one date and that is typically the purchase date. This makes precise matching of transactions difficult.


dennis

My friend who was in Japan recently confirmed this for me the other day. He graphed his purchases (all on his company Amex) against the interbank rates, and every purchase was almost exactly 2% above the interbank rate for the date the transaction POSTED, not the date of the purchase.

To be more specific ...

Fidelity Investment Rewards -- my account is from 2004 and does not now have the 3% fee, but soon will, according to MBNA. I have planned to stop using it. Does anyone have different information?

CapitalOne Go Cash and No Hassle Cash -- acording to CapitalOne both are 0% and always have been. The representative I spoke with did not know if VISA adds a fee, but when I got the cards I was told that VISA would add 1% to the interbank rate. Has this changed?

Visa or MC? Do the rewards deposit directly into your Fidelity account or do you have to request them?

As far as I know, CapitalOne eats the 1% fee. My charges on my CapitalOne No Hassle Cash Rewards Visa in Guatemala and Belize in February were all at or below the interbank rate. Others have reported the same thing in other countries.

See the wiki:

http://www.flyertalk.com/wiki/index....reign_Exchange

MC; rewards deposited directly; mother's maiden name not available (for future reference)

The Commerce Bank Debit/ATM card for ATM withdrawals is now working in China. I successfully withdrew money today at a China Construction Bank ATM.

Note 1: The POS Debit transactions have always worked for purchases.

Note 2: Commerce Bank interest rates suck so having an account only makes sense if you either live abroad (like me) or travel abroad extensively.

Note 3: 0% foreign transaction fee for CapOne confirmed on 5/10/06

www.commerceonline.com