Comments on: Best International Credit Card

By: Jeff

Jeff — Mon, 27 Jul 2009 00:48:29 +0000

The exchange rate that the credit card companies use should be virtually the same for all of them as it goes through a clearing house.

Just use the Capital One credit card when out of the US and you won’t get charged the foreign transaction fee, which varies fro 1 to 4% with the other companies. Check your contract or call them to verify.

The one problem to avoid is letting a foreign vendor charge you in dollars, as the car rental company National tried to do with me in England. They “converted” the pound at the rate of $1.70 and told me it would cost me such and such dollars. At the time, the posted rate online was $1.64. Always pay in the local currency and you will get a better exchange rate.

By: Carl

Carl — Sun, 26 Jul 2009 02:25:39 +0000

Aside from the transaction fee, does anyone know if one credit card gives a better exchange rate than the others?

Thanks

By: Mary Beth

Mary Beth — Fri, 10 Jul 2009 01:13:09 +0000

Sean,
I checked out the Schwab high yield investor checking but the fine print says it does not cover foreign exchange fees from ATM withdrawals. You say though that you have received refunds for those fees? We’re going to London in August and thought it might be the best way to beat our bank’s 2.5% finance charge for FX on ATM withdrawals. Would you agree?

By: Vicki

Vicki — Tue, 30 Jun 2009 11:56:23 +0000

Most of this is very interesting but does anyone have information on getting an “international card” to use in South Korea? South Korean seems to do things very differently than others…..

By: Jeff

Jeff — Fri, 05 Jun 2009 18:21:10 +0000

Thanks for informing us, Sean. I have the Capital One Money Market debit card. They pay around 2% on your money in the account, which you hook up with your usual bank or credit union checking account in order to transfer money to them. I am not aware of a refund on the ATM machine fees, but it is their own card, not a VISA debit card, so you will NOT pay any international transaction fees.

By: Sean

Sean — Fri, 05 Jun 2009 08:50:29 +0000

Although it’s not a credit card, the Charles Schwab High Yield Investor Checking Account pays all international and domestic transaction fees (including ATM and Visa exchanges fees both domestic and international). After vacationing in Europe for over two months, I got a refund (always at the end of the month) in over $200 in ATM/Visa exchange fees.

Again, it’s not a credit card, but I think it’s much better given that few places accept credit cards in Europe. Check it out at http://www.schwab.com

By: jason

jason — Sun, 31 May 2009 19:53:26 +0000

Your information in the chart is out of date. Discover sent out a mailing to me last month stating that they will start charging a 2% transaction fee for all foreign transactions starting on 6/1/09.

By: Justin

Justin — Fri, 27 Mar 2009 13:18:11 +0000

See KingAsa’s post just above yours. The best card is obviously the Charles Schwab card. There’s no currency conversion fee, and you actually get 2% back.

BTW, the table at the top of this article is not correct about Capital One. Capital One does in fact have a 0-5% DCC fee.

By: Claire

Claire — Fri, 27 Mar 2009 01:42:56 +0000

Hi, what will be the best way to access an ATM while in England to get pounds…? Are there some credit cards better than others, or debit cards…..that don’t have any fees for those transactions….thks.

By: KingAsa

KingAsa — Thu, 19 Mar 2009 01:35:54 +0000

This site has a pretty comprehensive list of credit cards and bank ATM fees for international use:
http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

By: Jim

Jim — Sun, 15 Mar 2009 02:51:18 +0000

Hi Justin, you are correct, it is USD-centric. As for international credit cards based in Euros, I’m afraid I don’t know because I’m unfamiliar with credit cards outside the country.

By: Justin

Justin — Sat, 14 Mar 2009 22:13:42 +0000

Mr. Wang, you should change the title of this article to: “Best International USD-based Credit Card for Americans” The credit cards you list are generally not available to non-US residents, AFAIK.

Also, Capital One does have a UK division, but from what I hear, that particular Capital One Visa card does not waive the foreign conversion fees. You might want to clarify that so Brits don’t waste their time and get a nasty surprise.

BTW, I’ve been looking for an international credit card similar to Capital One, but based in euros so the payment can be made in euros. Any recommendations?

By: Justin

Justin — Sat, 14 Mar 2009 22:05:05 +0000

DCC fees CAN be charged to a Capital One Visa; I’ve just confirmed it.

Holiday Inn told me my bill was 85 euros (as expected), they handed me a receipt to sign, and I signed it w/out reading it because I simply trusted them. I inspected the receipt later, and see that I was charged 112.20 USD. The cash register receipt in fact states that a 3.5% commission was applied. After looking at what the wholesale exchange rate commission was for that day and doing the math, I discovered that Holiday Inn actually charged 5.2% above the real exchange rate. The credit card statement didn’t even show the euro amount.

Anyway, the point is, Capital One cards are not immune from this scam – but Amex and Discovercard is. Examine your receipts, and refuse to sign if a USD amount appears on the receipt.

By: Jeff

Jeff — Sun, 01 Mar 2009 20:24:49 +0000

I want to confirm Jim’s findings about CapitalOne. We ONLY use that card for purchases when overseas (including Canada and Mexico, because the others charge a minimum of 1% as a foreign-transaction fee), BUT I want to mention again that because Europe is changing to the “Smart card” (as Ken noted, above), even the CapitalOne card may not work. But it is still the best bet if you want to avoid the extra fees. (Don’t forget to take a debit card and a back-up credit card – kept hidden). You will DEFINITELY need the debit card tied to your checking account.

By: Jim

Jim — Sat, 28 Feb 2009 22:02:23 +0000

No, they didn’t offer the card when I was looking.