Best card for travelling overseas?

[serfty]

If your Citibank has the Visa symbol then the 2.5% fee applies. :-|

 

[oz_mark]

It is Visa that does the conversion. Today the exchange rate for Thailand:

Exchange Rates - Currency Converter| Conversion Exchange Card | Visa Corporate

Currencies fluctuate every day. The rate shown is effective for
transactions submitted to Visa on April 28, 2008.

1 Australian Dollar = 29.79 Thai Baht

(see also Exchange Rates - Currency Converter | Visa Corporate)

As far as I am aware the foreign currency exchange rate fee is 2.5% for Citibank, but Visa may charge a fee on the way through.

 

[JohnK]

If your Citibank has the Visa symbol then the 2.5% fee applies. :-|

No Visa symbol Ross. It is a plain Citibank Readicredit card. Just Eftpos, Plus, Star and NYCE logos on the back of the card.

As far as I am aware the foreign currency exchange rate fee is 2.5% for Citibank, but Visa may charge a fee on the way through.

Based on my recent experiences I would have to say that Citibank is charging 5% foreign currency commission. Either that or they are now using a very poor exchange rate before applying the 2.5% commission.

 

[serfty]

No Visa symbol Ross. It is a plain Citibank Readicredit card. Just Eftpos, Plus, Star and NYCE logos on the back of the card. ...

In that case you will need to take it up with them.

 

[oz_mark]

Careful!

The Citibank Visa and Mastercards are not equiped with a Chip. Chip and PIN technology has been implemented in the UK and Europe lately (2006) as a way of reducing fraud. Whilst most EFTPOS devices can handle both Magnetic strip (citibank) cards and CHIP, in many cases a PIN will be required.

An update: Citibank cards are being chipped and cards reissued between August and October.

 

[beardoc]

An update: Citibank cards are being chipped and cards reissued between August and October.

Interesting - it would explain why the "request for ATM Chip Card appeared a month ago on the secure email section of Citibank internet banking.

 

[pauly7]

What security improvements does the chip provide?

 

[beardoc]

What security improvements does the chip provide?

My understanding is that it is supposed to verify the PIN - the machine takes the PIN that you enter, queries the chip, and the chip either says "yay" or "nay".

I could be wrong though.

 

[bazzam]

My understanding is that it is supposed to verify the PIN - the machine takes the PIN that you enter, queries the chip, and the chip either says "yay" or "nay".

I could be wrong though.

You are correct. When I travelled to Europe earlier this year the chip cards were everywhere. Basically instead of signing a credit card receipt you enter to pin to authorise the purchase. Incorrect pin = transaction declined. It's supposed to cut down on fraud seeing as how hardly anyone checks the signature on the back of the card against the signature on the cc receipt.

 

[Chicken]

No Visa symbol Ross. Just Eftpos, Plus

Plus is Visa network, so same commission as Visa / Visa Electron / etc

 

[hedge]

Just spoke with Citibank - the overseas transaction fee is 3.3%.

The site I was told to use was: Citibank Australia

Click on the 2nd last link on the page.

 

[adrian]

Apparently GE Money is trying to sell Wizard. Hope this doesn't affect the conversion-fee-free Mastercard. As most of my credit card transactions (by amount) are overseas transactions, I use it more than any other card.

 

[mcalgy]

So am I correct in thinking that the Wizard Mastercard is fee free...so if I say pay for my hotel in the US with this as a CC transaction, I don't pay the 2%ish currency conversion fee?

Also if I put cash to put it in credit ie $1000 limit and put $1000 on it, I can take out $1000 in cash with ne fees at ATMS?

I'm travellin to the US in Nov and normally just use my ANZ CC and ATM card, and don't worry about the fees, but trying to tavel smarter this time!

 

[auriga]

So am I correct in thinking that the Wizard Mastercard is fee free...so if I say pay for my hotel in the US with this as a CC transaction, I don't pay the 2%ish currency conversion fee?

Sounds about right!

 

[serfty]

Yep, no fees ... but no points either.

You do not ordinarily get reward points for cash withdrawals so using the Wizard is a no-brainer.

However, for purchases where you would get reward points you need to ascertain wether the additional cost of cards that give reward points is worth it to you.

e.g. Having the total cost of a purchase being tax deductible would make it worthwhile to use an Amex for myself. If a purchase is not tax deductible, then it's harder to justify.

What is a reward point worth to you?

 

[New Chump]

I am hoping to run my card choice for overseas purchases by you.

Mrs NC is taking me and Miss NC (14 month old daughter who will be on our laps for the flights :shock from MEL to HKL then SIN - and a few days in Bintan - next week.

Refreshing my memory of our banks' foreign currency fees and charges has left me feeling somewhat disgusted.:evil::evil:

Our card options are:
1. Gold AMEX CC (3% foreign currency conversion fee). The card is fee free and A$1 spent = 1QFF point.
2. CBA Gold Visa (2.95% foreign currency conversion fee, plus $5 overseas ATM withdrawal fee). The card is fee free (CBA Wealth package) and A$1 spent = 0.5 QFF point.
3. Mrs NC's ANZ QFF Visa (3% foreign currency conversion fee, plus $4 ATM withdrawal fee). The card is $95 annual fee and A$1 spent = 1QFF point up to A$1,500, then A$1 spent = 0.5 QFF up to A5,000.
4. Diners (3% foreign currency conversion fee). The card is fee free and A$1 spent = 1.5QFF point. (Its a prof organisation branded Diners).


Until recently the Diners card sat unused and unloved, but due to Amex, CBA and ANZ all recently reducing points earning power, it seems to have become the most competitive, so I think I should be using my Diners again as the No.1 choice card (when it's accepted) - both overseas on our holiday and on return in Aus.

The 44 day Diners' interest free period is the major disadvantage compared to the 55 day periods for AMEX and CBA, but the higher QFF earn rate offsets this.

Having a Diners card as my No.1 choice just doesn't feel right! No one else seems to, judging by AFF postings (I appreciate many of the AFF experts choose to avoid QFF as their preferred rewards program, but it is ours). Am I missing something to be choosing Diners as my preferred piece of plastic?

Thanks in advance.

NC

 

[Chicken]

due to Amex ...... recently reducing points earning power

When???

I thought all cards are $1 = 1 point, except Rewards Maximizer and Platinum (credit / charge card)

 

[Danger]

For those travelling to South Africa, I saw this card advertised at JNB Airport today - FXDirect. I haven't looked into it but it looks much the same as a pre-paid VIsa card that ANZ and one or two other Austaralian banks are offering.