Foreign Transaction Fees, EMV Chips and more

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henry
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Foreign Transaction Fees, EMV Chips and more

Postby henry » Wed Mar 25, 2015 10:42 pm

I've read in a number of places that foreign transaction fees are still charged even when companies claim they do not charge them. Something about what Visa and MasterCard charge alone. I don't exactly understand all of this. Is it barged gauranteed on all Visas and MasterCards? I've heard there are some banks that refund these fees but no specifics. Is American Express not subject to this because they issue their own cards? Are AmEx's without foreign transaction fees true no-foreign-transaction-fee cards.

I was in the market for a Chip and PIN, no foreign transaction fee, no annual fee credit card. It came down to two options from HSBC and one from Barclays but now I find out that even though they are marketed as no foreign transaction fee credit cards, Visa and MasterCard will still charge a fee.

Can anybody on here clear the air? Few details on this are available online.


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Postby takeshi » Thu Mar 26, 2015 10:22 am

Are you confusing currency conversion fee and foreign transaction fee? They're two different things. A no FTF card may still incur a currency conversion fee.

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PlyrStar93
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Postby PlyrStar93 » Thu Mar 26, 2015 11:24 am

The "currency conversion" fee is actually Dynamic Currency Conversion which is function provided by Visa and MasterCard, and is incurred when merchant bills with currency other than its local currency (for example, a restaurant in England is supposed to charge you GBP, but if they bill your card USD instead of GBP, this is the case when DCC happens).

There is a discussion thread on FlyerTalk.

As what takeshi said, even if the card's term says there is no foreign transaction fee, DCC fee can still happen. I have come across this a few times two years ago.
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henry
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Postby henry » Thu Mar 26, 2015 7:38 pm

Thanks for that. So American Express isn't subject to this but they don't offer Chip and PIN cards and all free cards have FTFs.

I'll look into cards that refund the DCC

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jumbo
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Postby jumbo » Fri Mar 27, 2015 9:55 am

I have used Capital One credit card a couple of times outside US, and there was no FTF or any currency conversion fee.
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henry
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Postby henry » Fri Mar 27, 2015 3:11 pm

jumbo wrote:I have used Capital One credit card a couple of times outside US, and there was no FTF or any currency conversion fee.


THAT'S what I was talking about. Currency conversion fees. How do I beat those? Specifically, does HSBC or Barclaycard Arrival not have them?

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Postby whit » Fri Mar 27, 2015 8:11 pm

jumbo wrote:I have used Capital One credit card a couple of times outside US, and there was no FTF or any currency conversion fee.



But was there a chip and pin feature?

Does it have no annual fee?

Because I would apply if there's no annual fee..I'm not very picky about the pin and chip feature because I had no problem using swipe cards in Europe the last two trips in the last two years and probably would have no problem this year. *knock on wood*

I just don't want to pay an annual fee when I seldom travel international (one trip at max and I really just do basic activities and eat..no major $$$$ shopping)

henry
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Postby henry » Fri Mar 27, 2015 9:27 pm

whit wrote:But was there a chip and pin feature?

Does it have no annual fee?

Because I would apply if there's no annual fee..I'm not very picky about the pin and chip feature because I had no problem using swipe cards in Europe the last two trips in the last two years and probably would have no problem this year. *knock on wood*

I just don't want to pay an annual fee when I seldom travel international (one trip at max and I really just do basic activities and eat..no major $$$$ shopping)


The London tube and vending machines would not work without a chip. The vending machine even offered contactless but some error message was printed when I tried it with my chipless card. PIN is excessive because Chase Sapphire did work at both the tube and vending machines. But still.

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Postby henry » Fri Mar 27, 2015 9:29 pm

I Googled Quicksilver. Doesn't have an annual fee but also doesn't have a PIN

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Postby luvbullmarkets » Sat Mar 28, 2015 1:10 pm

henry wrote:I Googled Quicksilver. Doesn't have an annual fee but also doesn't have a PIN


Off the top of my head only Barcalycard, USAA, and Wells Fargo currently issue cards with Chip+Pin capability & no FTF's. I have the Arrival+ and Propel 365 with Chip+Pin. Both of which have annual fees.

USAA cards are only available to active military, military vets, and family of military. I do not know much about USAA and their offerings.
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