topic Re: BoA Accelerated Amex No Foreign Exchange Fee in Credit Cards

BoA Accelerated Amex - No Foreign Exchange Fee

Anonymous — Tue, 29 Mar 2011 15:13:41 GMT

Hey guys,

Didnt know if this is new or not but when calling BoA to notify them of me going to England, I asked what the foreign exchange fee is and they said there is none with this card. Always thought it was 3% but I guess not. Just a heads up to anyone that didnt know.

Re: BoA Accelerated Amex No Foreign Exchange Fee

DI — Tue, 29 Mar 2011 15:14:32 GMT

@Anonymous wrote:
Hey guys,

Didnt know if this is new or not but when calling BoA to notify them of me going to England I asked what the foreign exchange fee is and they said there is none with this card. Always thought it was 3% but I guess not. Just a heads up to anyone that didnt know.

That is awesome! So now, I really never have to carry another Capital One card again. Thanks for the post!! D.I.

Re: BoA Accelerated Amex No Foreign Exchange Fee

Anonymous — Tue, 29 Mar 2011 15:17:40 GMT

Exactly! I couldnt help myself while talking to the rep and said the same thing about Cap One. She just giggled

Re: BoA Accelerated Amex No Foreign Exchange Fee

DI — Tue, 29 Mar 2011 15:28:10 GMT

Do you think BOA's Rep mislead you? They probably don't charge a foreign exchange fee, but that doesn't mean AMEX don't. This is what I found under the account terms and agreements on BOA's website.

Foreign Transactions

American Express (1) converts charges made in foreign currencies to U.S. dollars using a rate selected on the business day prior to the day on which the charges are processed by American Express and (2) applies a 1% commission to the converted amount. See the Credit Card Agreement for details.

https://www.bankofamerica.com/credit-cards/tncview.action?cid=2054708&aolnEnv=disclosures.bankofamerica.com&card_name=%20Bank%20of%20America%26reg;%20Accelerated%20Rewards%26reg;%20American%20Express%26reg;%20Card

Re: BoA Accelerated Amex No Foreign Exchange Fee

Anonymous — Tue, 29 Mar 2011 15:31:18 GMT

Just called again. They said there was no fee whatsoever. Is it possible to have different terms with this card? It was a pc.

Re: BoA Accelerated Amex No Foreign Exchange Fee

DI — Tue, 29 Mar 2011 15:41:20 GMT

I did a PC to this card so that my CL appear on my credit reports. I need to investigate the NFEF further.

Re: BoA Accelerated Amex No Foreign Exchange Fee

Anonymous — Tue, 29 Mar 2011 15:44:14 GMT

If you find anything different let me know. I hope the reps I spoke to knew what they were talking about.

Re: BoA Accelerated Amex No Foreign Exchange Fee

Tazman81 — Tue, 29 Mar 2011 15:45:38 GMT

@Anonymous wrote:
Just called again. They said there was no fee whatsoever. Is it possible to have different terms with this card? It was a pc.

I would certainly get this in writing. Or when you talk to the rep, explain to them what it says on the website about the 1% fee. I doubt this reps "word" will hold true over the terms outlined in writing.

Re: BoA Accelerated Amex No Foreign Exchange Fee

DI — Tue, 29 Mar 2011 15:55:52 GMT

I sent them an email so that it would be in writing if true.

Re: BoA Accelerated Amex No Foreign Exchange Fee

Walt_K — Tue, 29 Mar 2011 15:57:10 GMT

@Tazman81 wrote:
@Anonymous wrote:
Just called again. They said there was no fee whatsoever. Is it possible to have different terms with this card? It was a pc.
I would certainly get this in writing. Or when you talk to the rep, explain to them what it says on the website about the 1% fee. I doubt this reps "word" will hold true over the terms outlined in writing.

Agreed. Though I highly doubt you will be able to get it in writing because the rep is most likely mistaken. I doubt the rep is intentionally misleading you, just confused about the difference between BofA charging a foreign exchange fee and the fee that Amex is charging for use of their network.

Re: BoA Accelerated Amex No Foreign Exchange Fee

Walt_K — Tue, 29 Mar 2011 16:04:44 GMT

@DI wrote:
I sent them an email so that it would be in writing if true.

Your cardmember agreement almost assuredly has some provision in it that says it can't be superceded in this manner. But if you do get such an e-mail, and then use the card overseas, and are charged the fees, maybe you can convince BofA to refund them as a good customer relations decision if you can produce the e-mail. In my opinion, this is likely confusion on the part of the CSR. Anyone who uses this card overseas is going to get charged the 1% and would be much better off using a different card like a Cap One card if they have one. This is not worth the headache trying to fix it after you get hit with the fees. Especially when you are on notice after reviewing the terms and conditions that it does indeed have the fee.

Re: BoA Accelerated Amex No Foreign Exchange Fee

trumpet-205 — Tue, 29 Mar 2011 16:24:32 GMT

Only cards issued by Capital One and Penfed Promise card have no foreign exchange fee. Other banks will charge it because Visa/MC/AMEX/Discover will collect at least 1% foreign exchange fee from card issuer.

Either get it in paper or don't trust the rep.

Re: BoA Accelerated Amex No Foreign Exchange Fee

Anonymous — Tue, 29 Mar 2011 16:58:02 GMT

@Walt_K wrote:
@DI wrote:
I sent them an email so that it would be in writing if true.
Your cardmember agreement almost assuredly has some provision in it that says it can't be superceded in this manner. But if you do get such an e-mail, and then use the card overseas, and are charged the fees, maybe you can convince BofA to refund them as a good customer relations decision if you can produce the e-mail. In my opinion, this is likely confusion on the part of the CSR. Anyone who uses this card overseas is going to get charged the 1% and would be much better off using a different card like a Cap One card if they have one. This is not worth the headache trying to fix it after you get hit with the fees. Especially when you are on notice after reviewing the terms and conditions that it does indeed have the fee.

Thanks guys. Ive also sent them an email with the link to the contract agreement. Ill report back when I get a response.

Re: BoA Accelerated Amex No Foreign Exchange Fee

Walt_K — Tue, 29 Mar 2011 17:33:17 GMT

@trumpet-205 wrote:
Only cards issued by Capital One and Penfed Promise card have no foreign exchange fee. Other banks will charge it because Visa/MC/AMEX/Discover will collect at least 1% foreign exchange fee from card issuer.

Either get it in paper or don't trust the rep.

This is incomplete. There are several other card that don't have any foreign transaction fee. For example, Amex Platinum card waives the fee. Also Citi's Thank You Premier and Thank You Prestige cards have no fee from either Citi or Mastercard/Visa. There's a fairly current breakdown here: http://www.creditcards.com/credit-card-news/foreign-exchange-fees-going-up-1267.php Of course, things always change and you should check your card agreement.

Re: BoA Accelerated Amex No Foreign Exchange Fee

vish1 — Tue, 29 Mar 2011 18:13:28 GMT

@trumpet-205 wrote:
Only cards issued by Capital One and Penfed Promise card have no foreign exchange fee. Other banks will charge it because Visa/MC/AMEX/Discover will collect at least 1% foreign exchange fee from card issuer.

Either get it in paper or don't trust the rep.

I dun agree with this. My chase BA visa sig also doesnt have foreign transaction fee. In addition to this Cap1/Penfed also issue cards through networks like visa/mc/amex/discover so they also have to pay the same fee as other banks do to visa/mc/etc

Re: BoA Accelerated Amex No Foreign Exchange Fee

Walt_K — Tue, 29 Mar 2011 18:18:53 GMT

@vish1 wrote:

@trumpet-205 wrote:
Only cards issued by Capital One and Penfed Promise card have no foreign exchange fee. Other banks will charge it because Visa/MC/AMEX/Discover will collect at least 1% foreign exchange fee from card issuer.

Either get it in paper or don't trust the rep.
I dun agree with this. My chase BA visa sig also doesnt have foreign transaction fee. In addition to this Cap1/Penfed also issue cards through networks like visa/mc/amex/discover so they also have to pay the same fee as other banks do to visa/mc/etc

Not sure if I am understanding you correctly, but it seems like you are saying that Capital One still levies a foreign transaction fee that is charged by the network provider, i.e. visa/mastercard. That is not the case. Cap One may be charged a fee by visa/mastercard, no idea how they have worked that out on the back-end, but even if they are, they don't pass it on to the customer.

Re: BoA Accelerated Amex No Foreign Exchange Fee

vish1 — Tue, 29 Mar 2011 19:08:08 GMT

@Walt_K wrote:
@vish1 wrote:

@trumpet-205 wrote:
Only cards issued by Capital One and Penfed Promise card have no foreign exchange fee. Other banks will charge it because Visa/MC/AMEX/Discover will collect at least 1% foreign exchange fee from card issuer.

Either get it in paper or don't trust the rep.
I dun agree with this. My chase BA visa sig also doesnt have foreign transaction fee. In addition to this Cap1/Penfed also issue cards through networks like visa/mc/amex/discover so they also have to pay the same fee as other banks do to visa/mc/etc

Not sure if I am understanding you correctly, but it seems like you are saying that Capital One still levies a foreign transaction fee that is charged by the network provider, i.e. visa/mastercard. That is not the case. Cap One may be charged a fee by visa/mastercard, no idea how they have worked that out on the back-end, but even if they are, they don't pass it on to the customer.

Apologies for the confusion. I am NOT saying cap 1 levies any fee.

I was only trying to say that for the data in the post i replied to which read ("Other banks will charge it because Visa/MC/AMEX/Discover will collect at least 1% foreign exchange fee from card issuer.").

I was trying to say that this data point doesn't mean anything as all the banks including cap1 etc must be paying similar fee to visa/MC. Some lenders like cap1 just absorb the fee themselves.

Re: BoA Accelerated Amex No Foreign Exchange Fee

DI — Tue, 29 Mar 2011 19:47:08 GMT

Update from BOA regarding No Foreign Exchange Fee:

Please be advised that Bank of America American Express credit cards are not subject to any foreign transaction fee; however, if you make a transaction in a currency other than US dollars with your credit card, American Express will convert the charge or credit into a US dollar amount. The conversion rate will be determined using American Express currency conversion procedures.

We appreciate the opportunity to assist you online. Should you have any further inquiries, please e-mail us again. Thank you for choosing Bank of America. We value your business and look forward to serving your banking needs.

Sincerely,
Bank of America

Re: BoA Accelerated Amex No Foreign Exchange Fee

Walt_K — Tue, 29 Mar 2011 19:59:51 GMT

@DI wrote:
Update from BOA regarding No Foreign Exchange Fee:

Please be advised that Bank of America American Express credit cards are not subject to any foreign transaction fee; however, if you make a transaction in a currency other than US dollars with your credit card, American Express will convert the charge or credit into a US dollar amount. The conversion rate will be determined using American Express currency conversion procedures.

We appreciate the opportunity to assist you online. Should you have any further inquiries, please e-mail us again. Thank you for choosing Bank of America. We value your business and look forward to serving your banking needs.

Sincerely,
Bank of America

As per the T&C, Amex applies a 1% commission to the converted amount. I don't see this as saying otherwise. I'm guessing if you use this card overseas and are charged a fee and try to present this e-mail, they will call the 1% commission that Amex applies part of the American Express currency conversion process.

Re: BoA Accelerated Amex No Foreign Exchange Fee

Anonymous — Tue, 29 Mar 2011 20:46:12 GMT

@DI wrote:
Update from BOA regarding No Foreign Exchange Fee:

Please be advised that Bank of America American Express credit cards are not subject to any foreign transaction fee; however, if you make a transaction in a currency other than US dollars with your credit card, American Express will convert the charge or credit into a US dollar amount. The conversion rate will be determined using American Express currency conversion procedures.

We appreciate the opportunity to assist you online. Should you have any further inquiries, please e-mail us again. Thank you for choosing Bank of America. We value your business and look forward to serving your banking needs.

Sincerely,
Bank of America

DI, look at how huge of a different response we got. Below is what I got and there saying 3% which is the 3rd different answer I got today,

Good morning and thank you for contacting Bank of America on regards of the foreign transaction fees. Your concerns are very important to us and we will be happy to be of assistance.

We understand your concern. Bank of America assesses an international transaction fee for transactions in foreign currency or in U.S. dollars with foreign merchants in the amount of 3% of the U.S. dollar amount of the transaction and processed in foreign currency. The fee is assessed as a separate transaction fee on the posting date of the purchase or withdrawal.

To review the terms and agreement for your accounts, please go to https://www.bankofamerica.com/credit-cards/cardagreement.action.

We value you as a customer and appreciate your business. If we may be of other assistance, please contact us again. Thank you for choosing Bank of America. We hope you have an excellent weekend.

Sincerely,
Bank of America