@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Your cardmember agreement almost assuredly has some provision in it that says it can't be superceded in this manner.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.
Starting Score: ~500 (12/01/2008)
@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.
@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.
@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.