topic Re: No foreign exchange fees card recomendation in Credit Cards

No foreign exchange fees card recomendation

Anonymous — Thu, 20 Jan 2011 01:54:27 GMT

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!

Re: No foreign exchange fees card recomendation

trumpet-205 — Thu, 20 Jan 2011 02:13:01 GMT

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.

Re: No foreign exchange fees card recomendation

Red1Blue — Thu, 20 Jan 2011 02:45:42 GMT

I use capone card for international travel

Re: No foreign exchange fees card recomendation

clocktick — Thu, 20 Jan 2011 03:55:43 GMT

@Red1Blue wrote:
I use capone card for international travel

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

Re: No foreign exchange fees card recomendation

Anonymous — Thu, 20 Jan 2011 04:07:30 GMT

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.

Re: No foreign exchange fees card recomendation

Anonymous — Thu, 20 Jan 2011 04:22:09 GMT

@clocktick wrote:
@Red1Blue 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...

Re: No foreign exchange fees card recomendation

Lel — Thu, 20 Jan 2011 04:48:28 GMT

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).

Re: No foreign exchange fees card recomendation

Anonymous — Thu, 20 Jan 2011 05:12:22 GMT

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?

Re: No foreign exchange fees card recomendation

RHAL — Thu, 20 Jan 2011 05:40:03 GMT

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

Re: No foreign exchange fees card recomendation

Anonymous — Sat, 22 Jan 2011 00:41:00 GMT

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.

Re: No foreign exchange fees card recomendation

Anonymous — Sun, 23 Jan 2011 17:57:56 GMT

James,

As long as you hold an EU passport and have an EU address, you should be able to get a CC with HSBC, ING, or other big banks there...if you are going for work or school, talk to the company and see what they say - you aren't the only one that's done this!

You may also want to open a bank account with these banks and get a debit card there.

Also, one other recommendation, consider using a "free" debit card the whole time! USAA doesn't charge ATM fees anywhere in the world (and they refund any bank that does). Therefore, you would only pay the foreign transaction fee.

Personally, I would try opening a bank account there, and then a CC - and keep it when you move back! Their interest rates are better than ours after all.

good luck!

Re: No foreign exchange fees card recomendation

Anonymous — Mon, 24 Jan 2011 02:02:44 GMT

@Lel wrote:
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.

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).

I've been in Germany in Poland this past summer for two to three weeks. I used my US-based CCs constantly (swipe) without any problem at all. Probably 60+ transactions. Is this a rumor or do you have actual proof?

Re: No foreign exchange fees card recommendation

yumz89 — Mon, 24 Dec 2012 04:29:33 GMT

I just applied for the discover miles card and its pending now. I have a ton of inquiries and I'm afraid I won't be approved. I need the card because of the exchange fees. (plus I get a 75$ Amazon gift card)

Re: No foreign exchange fees card recomendation

pdog661 — Mon, 24 Dec 2012 04:38:21 GMT

@Anonymous wrote:
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.

I have the amex plat. No foreign fees on the plat card at this time.

edit: The the plat is also chipped. You just need to tell the csr you need the chip in your card, and they will make sure you get that correct verision of the card.

Re: No foreign exchange fees card recommendation

Anonymous — Mon, 24 Dec 2012 04:39:27 GMT

No foreign transaction fee cards I like are

1) Chase Sapphire Preferred

2) Any of the cards issued by Capital one

3) New Discover It

Re: No foreign exchange fees card recomendation

mikka1 — Mon, 24 Dec 2012 04:57:58 GMT

BofA Travel Rewards

1) It has 0 foreign-transaction fee

2) It has a chip in it

3) It gives ~1,5% cashback on everything

BTW, Germany is quite a peculiar country in terms of CC acceptance. It largely depends on a specific region, but in Berlin there are lots of places that accept local EC-cards only (not Visa/MC). If you have a chance to open at least one local card, let it be EC card (debit or credit).

Re: No foreign exchange fees card recomendation

HiLine — Mon, 24 Dec 2012 05:01:27 GMT

I was going to recommend BofA's BankAmericard Travel Rewards, too. If you have a checking account with them you earn 1.65%. The card also comes with ShopSafe, which I've heard is useful for dealing with imperfectly reliable merchants, such as those in a foreign country.

Re: No foreign exchange fees card recomendation

jsucool76 — Mon, 24 Dec 2012 15:43:23 GMT

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