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No foreign exchange fees card recomendation

Member

No foreign exchange fees card recomendation

I will be spending the next six months in Germany, and wanted to figure out what my best option would be in terms of using a credit card while abroad. I currently have a PNC VISA, WF VISA, and AMEX Zync, and scores in the low 700s. All of these cards charge foreign exchange fees, which will add up over the six months I am abroad.

 

Option 1.) Getting a european credit card. (I am lucky enough to carry an EU passport, so I should be able to easily set up a bank account there) I remember reading somewhere about AMEX being willing to issue cards to current cardholders in other denominations. Any info on this? The advantage with this would be that I could (hopefully at a prime rate) wire money directly to a German bank account, converting it to the Euro and not having to worry about conversions later on.

 

Option 2.) Getting a US credit card with no foreign exchange fees. Anyone have any advice on what cards are out there? Does anyone know where CapitalOne pulls its exchange rates from?

 

Thanks in advance for the help!

 

Message 1 of 18
17 REPLIES
Valued Contributor

Re: No foreign exchange fees card recomendation

For US, you either have Cap 1 or Penfed Promise. These cards don't charge exchange fee. Exchange rates are calculated from Visa or Mastercard not card issuers. So you need to look it up from their websites.

Message 2 of 18
Super Contributor

Re: No foreign exchange fees card recomendation

I use capone card for international travel

Message 3 of 18
Valued Contributor

Re: No foreign exchange fees card recomendation


concorduser wrote:

I use capone card for international travel


+1.  It's the only reason I'm keeping it open.

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




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Message 4 of 18
Member

Re: No foreign exchange fees card recomendation

Just read that AMEX will be dropping the foreign currency fees on the plat and cent cards. (I couldnt find a major/reliable source, else I would post it). Those cards don't really fit my lifestyle though haha.

Message 5 of 18
Frequent Contributor

Re: No foreign exchange fees card recomendation

 


clocktick wrote:

concorduser wrote:

I use capone card for international travel


+1.  It's the only reason I'm keeping it open.


 

I never knew about this but it might be something to look into as I travel quite a bit and get hit with all sorts of fees.

 

One thing to keep in mind with AmEx and int'l travel, though - LOTS of places in Europe do not accept American Express.  Just something to think about...

 

Message 6 of 18
Moderator Emeritus

Re: No foreign exchange fees card recomendation

Macy's Amex has a low FTF - 1%.  I tried to get a Cap One card for international travel last year, but was rejected.  Don't have any other international travel plans any time soon, but since Amex isn't accepted as widely as Visa and MC, I'm going to have to find a different solution when I do travel again.  There's some CUs that offer low FTF cards; I used to have a link but can't find it anymore.

 

On a related subject, I've seen some articles about how it's sometimes complicated to use US-issued cards in Europe since a lot of merchants are using chip-and-PIN technology.  As far as I know, only one CU - the UN CU, which has very limited membership eligibility - is issuing a chip-and-PIN CC at this time.  Overseas merchants still have the capability to doing an old-fashioned swipe of the card, but apparently it can be a hassle and some merchants are balking (even though this practice does violate the merchant agreement).

Message 7 of 18
Member

Re: No foreign exchange fees card recomendation

Lel, thank you very much for the tip. Based on that I think I'll try to get a card issued in Europe once I get there and open a bank account. Does anyone have any experience with doing this?

Message 8 of 18
Regular Contributor

Re: No foreign exchange fees card recomendation

Citi Thank You Premier card doesn't have them either.

My wallet? AMEX PR Gold NPSL, AMEX HH 1k, Citi Hilton Reserve VS, CSP 9.2k, Chase Freedom 6.7k, Chase Sapphire 5.2k, USAA AMEX 2k, Cap 1 Cash 1.2k, BBRZ MC 500, Barclaycard Apple 1.5k, Barclay Ring 4.5k, Bank Americard 123 5.5k, NFCU Cash 14k

Starting Score: (9/27/10)TU:602 EQ:567
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My wallet? AMEX PR Gold, Citi Hilton Gold, Cap 1 Cash, BBRZ MC, Barclaycard Apple, Bank Americard Cash
Message 9 of 18
New Contributor

Re: No foreign exchange fees card recomendation

I also use Addison Avenue Visa and Penfed Premium Travel Rewards since both have no FTF.  I love the latter card.  6 free tix in one yr with my spend.

Message 10 of 18