Best card for foreign exchange?
Mar 7, 2007 | 9:29 pm
#1081
Join Date: Apr 2000
Location: Cary, NC, USA - AA Plt 3mm/DL Dia 2mm, Hil/Dia Life, Bonvoy/Titanium Life, Spire
Posts: 3,261
Reimbursement for foreign conversion fees
I've read a lot of this thread since I do have foreign transactions charges. I did a search here and elsewhere on FT for "settlement", but did not notice any posts about the class action lawsuit to recover some of the foreign conversion charges that Diners Club, MasterCard and Visa have made us pay since 1996. I received an extra form in my mastercard and visa bills last month, but no one here seems to have mentioned it yet. If it is covered elsewhere, the moderator can move or close my post. If you are interested in recovering some of the foreign conversion charges and it seems many of you have had substantial charges, see the link below.
https://www.ccfsettlement.com/claim/
-outoftown
https://www.ccfsettlement.com/claim/
-outoftown
Mar 10, 2007 | 7:04 am
#1082
Join Date: Mar 2007
Location: Northern VA
Programs: Marriott Plat, HHonors Diamond, Hyatt Globalist, UA Premier Platinum
Posts: 244
Charles Schwab seems to be good, but lately it depends on your luck and it becomes a YMMV situation. Someone claimed not being charged any fee, while others said 1%. I've also heard that Discover card is free of charge.
Mar 10, 2007 | 8:37 am
#1083
Join Date: Feb 1999
Location: T82
Programs: AA Gold, HH Gold
Posts: 2,845
Thanks for the link, outoftown. I didn't know anything about this and haven't been sent anything by any of my issuing banks.
I think I'll submit my claim manually on paper...not comfortable with putting my bank account numbers online.
I think I'll submit my claim manually on paper...not comfortable with putting my bank account numbers online.
Mar 10, 2007 | 9:12 am
#1084
Join Date: Feb 2003
Location: Khyber Pakhtunkhwa
Posts: 1,949
BMW Visa now assesses a foreign transaction fee
Older account holders may be grandfathered in some manner, but new applications are not.
Mar 10, 2007 | 9:17 am
#1085
Join Date: Feb 2003
Location: Khyber Pakhtunkhwa
Posts: 1,949
Capital One NoHassle GoCash (1% + 0.25% bonus)
would be the best choice for now since Capital One doesnt even pass along the 1% FOREX fee that MC and VISA charge them.
This is better than PenFed 1.25% cashback since PenFed passes along the 1% fee, so just 0.25% cashback on overseas purchases.
This is better than PenFed 1.25% cashback since PenFed passes along the 1% fee, so just 0.25% cashback on overseas purchases.
Mar 10, 2007 | 12:08 pm
#1086
FlyerTalk Evangelist
Join Date: Jul 2003
Location: Florida
Posts: 30,343
Received letter from FIA (who handles Schwab Visa), effective May 1, they charge 2% that is in addition to the 1% of the Visa fee. So Schwab Visa eventually becomes inline with all other MBNA/BofA cards which charge at least 3%. I updated the Wiki accordingly.
Mar 18, 2007 | 6:31 pm
#1087
Suspended
Join Date: Jan 2006
Location: Alabama / Georgia
Programs: DL, HHonors, AA, US, Aloha Pass, BA, CO, HawaiianMiles, Chairman, Centurion, AXP, MR, MHC Gold
Posts: 3,467
It really does not matter if Discover charges a fee or not as they are not accepted any where except the US/CAN/CAR.
Mar 18, 2007 | 7:17 pm
#1088
Join Date: Dec 2002
Location: Taichung, Taiwan
Programs: Hilton Gold, Marriott Gold
Posts: 97
-Jeff
Mar 18, 2007 | 10:21 pm
#1089
Join Date: Jan 2003
Location: NYC
Posts: 8,688
http://www.discovercard.com/discover...shtml#general1
Mar 19, 2007 | 10:19 am
#1090
Join Date: Apr 2000
Location: Chicago Illinois
Programs: 1MM UA
Posts: 1,753
Settlement
I've read a lot of this thread since I do have foreign transactions charges. I did a search here and elsewhere on FT for "settlement", but did not notice any posts about the class action lawsuit to recover some of the foreign conversion charges that Diners Club, MasterCard and Visa have made us pay since 1996. I received an extra form in my mastercard and visa bills last month, but no one here seems to have mentioned it yet. If it is covered elsewhere, the moderator can move or close my post. If you are interested in recovering some of the foreign conversion charges and it seems many of you have had substantial charges, see the link below.
https://www.ccfsettlement.com/claim/
-outoftown
https://www.ccfsettlement.com/claim/
-outoftown
Thanks outoftown. My search found your post only. It is certainly not clear what we will get back, but a lot of money seems to be at stake. ($135 Million
in the settlement notice). Luckily I keep all my charge records back to 1996, so now I have some work to do.
Note - The deadline for submitting the form is January 2008
Two more questions I have:
1. How do the credit cards charge their fees? I've studied my statements from time to time, and haven't figured it out. I haven't yet read this long thread, and I'm sure when I do, that will help.
2. What did the companies do wrong to lead to this settlement? I have
no idea.
Mar 20, 2007 | 7:07 am
#1091
Join Date: Jan 2003
Location: NYC
Posts: 8,688
Two more questions I have:
1. How do the credit cards charge their fees? I've studied my statements from time to time, and haven't figured it out. I haven't yet read this long thread, and I'm sure when I do, that will help.
2. What did the companies do wrong to lead to this settlement? I have
no idea.
1. How do the credit cards charge their fees? I've studied my statements from time to time, and haven't figured it out. I haven't yet read this long thread, and I'm sure when I do, that will help.
2. What did the companies do wrong to lead to this settlement? I have
no idea.
Read the wiki to learn more about how the fees work without reading this whole thread.
2. They encouraged customers to use the cards overseas without disclosing that they were charging 1-3% fees.
Mar 20, 2007 | 10:16 am
#1092
Join Date: Feb 2007
Programs: DL Plat, Marriott Gold
Posts: 1,314
I was calling specifically about the Delta SkyMiles card, but I think he may have said it's for all personal cards.
Last edited by MarqFlyer; Mar 20, 2007 at 10:17 am Reason: List specific type of card I called about.
Mar 20, 2007 | 1:37 pm
#1093
Join Date: Oct 2005
Location: KJBK
Programs: USD
Posts: 148
HSBC MC now charging 3%?
I just received an offer in the mail for an HSBC (USA) Cash or Fly Rewards Mastercard. In the fine print, the offer states that a 3% fee will be imposed on foreign currency denominated transactions.
Not too long ago HSBC was charging only 1%.
Not too long ago HSBC was charging only 1%.
Mar 20, 2007 | 3:23 pm
#1094
Suspended
Join Date: Nov 1999
Posts: 24,150
when I got this card a few months ago they didnt say anything to me, nor have I gotten anything in the mail about it as yet. The reason I got it was for the 1%
Mar 20, 2007 | 8:44 pm
#1095
Suspended
Join Date: Jan 2006
Location: Alabama / Georgia
Programs: DL, HHonors, AA, US, Aloha Pass, BA, CO, HawaiianMiles, Chairman, Centurion, AXP, MR, MHC Gold
Posts: 3,467
HSBC USA is not know for integrity, run, run while you still can.