Citibank Plus - No Fee No Overseas Transaction Fee Account

[travelislife]

Cool, so I can have $5000 in the account, press "credit" on an eftpos machine overseas for a say NZ$1000 transaction, and there won't be any fees (if I'm understanding it correctly)?

Correct.

Filler.

 

[thehound]

Hi everyone,
I've had one of these for years but haven't used it overseas since 2013. Can someone remind me - when I get cash out from an atm, do I hit 'credit' or is it 'savings' or 'cheque'? I have a strange recollection it might be one of the latter but the above post suggests credit is the go.

 

[DeKa]

Hi everyone,
I've had one of these for years but haven't used it overseas since 2013. Can someone remind me - when I get cash out from an atm, do I hit 'credit' or is it 'savings' or 'cheque'? I have a strange recollection it might be one of the latter but the above post suggests credit is the go.

It's a savings account, so that would be savings.

You use Credit on an EFTPOS machine to send the transaction via the Visa network to get the zero transaction or FX fees.

 

[DeKa]

Cool, so I can have $5000 in the account, press "credit" on an eftpos machine overseas for a say NZ$1000 transaction, and there won't be any fees (if I'm understanding it correctly)?

Edit: for context, I'm renting a car in NZ and it turns out the company charges nz$5000 to a credit card as a bond, then refunds it when returned. Trying to figure out how to minimise currency conversion fees, as my 28deg card has a $2k limit.

I would be putting a pre-auth on any other Credit Card you can (doesn't matter - you won't be settling with it) and then settle on the day or return with Citi Plus. Saves tying up all those funds for a few weeks.

 

[RooFlyer]

Cool, so I can have $5000 in the account, press "credit" on an eftpos machine overseas for a say NZ$1000 transaction, and there won't be any fees (if I'm understanding it correctly)?

Edit: for context, I'm renting a car in NZ and it turns out the company charges nz$5000 to a credit card as a bond, then refunds it when returned. Trying to figure out how to minimise currency conversion fees, as my 28deg card has a $2k limit.

I recall seeing another thread discussing the use of debit cards for 'guarantees' for hotels and rental cars. Suggest you have a look for that, but I think the upshot is don't use debit cards for this purpose, as it apparently takes a very long time (many weeks) for the funds to go back to the card. With a credit card of course, the funds aren't actually removed unless required at the end. Not so with a debit card apparently - but have a look for the thread for more accurate info.

$5K seems an extraordinary large amount.

 

[RooFlyer]

I used the Citi Plus card throughout Europe recently, from the UK to Russia. On return , I checked a number of the transactions - both ATM and purchases - looking at the charge in A$ made by Citi to the spot rate on that day. The difference was almost always <1%, and often about 0.5%. Brilliant.

 

[k_sheep]

$5K seems an extraordinary large amount.

Off topic, but yes. Serves me right for not reading all the T+Cs in minute detail before confirming. Tying up $5k for a few weeks will still be cheaper than 2% (merchant fee) plus 3% currency conversion fee to take out the money, then another 3% to put it back on! All this for a sub $200 rental.

And it's not a pre-auth unfortunately DeKa

 

[thehound]

Off topic, but yes. Serves me right for not reading all the T+Cs in minute detail before confirming. Tying up $5k for a few weeks will still be cheaper than 2% (merchant fee) plus 3% currency conversion fee to take out the money, then another 3% to put it back on! All this for a sub $200 rental.

And it's not a pre-auth unfortunately DeKa

With such a cheap rental, can you not rent with another provider who only pre-authorise your credit card?

 

[k_sheep]

With such a cheap rental, can you not rent with another provider who only pre-authorise your credit card?

Minimum $250 cancel fee. Maybe I should be posting in the "Travel mistakes you've made recently" thread

 

[Flashback]

Minimum $250 cancel fee. Maybe I should be posting in the "Travel mistakes you've made recently" thread

You mean like this?
The dumbest travel-related mistake you ever made? - Page 64 - FlyerTalk Forums

Do you have time to apply for a 28 Degrees card? If you get the limit you need, you could simply use that and it wouldn't tie anything up, unless you were planning to also use it.

Surely the money you'd lose on interest for the 5k would almost make it worth paying the % fee if not?

 

[medhead]

Cool, so I can have $5000 in the account, press "credit" on an eftpos machine overseas for a say NZ$1000 transaction, and there won't be any fees (if I'm understanding it correctly)?

Edit: for context, I'm renting a car in NZ and it turns out the company charges nz$5000 to a credit card as a bond, then refunds it when returned. Trying to figure out how to minimise currency conversion fees, as my 28deg card has a $2k limit.

Do not use a debit card for the car rental as it can take a long time (days to weeks) for the pre-authorised amount to be reversed. There are no currency conversion fees for such pre-authorised amounts.

 

[serfty]

As noted by the OP this is not about a pre-authorisation.

It's actually a debit to the account with a credit applied on return.

 

[medhead]

As noted by the OP this is not about a pre-authorisation.

It's actually a debit to the account with a credit applied on return.

How is that even legal?

Which car rental company so we know who to avoid?

 

[k_sheep]

How is that even legal?

Which car rental company so we know who to avoid?

Apollo - is a campervan.

http://www.australianfrequentflyer....ns/made-any-travel-mistakes-lately-50449.html ... more thinking this one Flashback

 

[anat0l]

How is that even legal?

Which car rental company so we know who to avoid?

I thought that was quite common.

Some companies take a bond and some others take a preauthorisation - either way it withholds a certain amount from the target account from being spent; in the case of debit cards it withdraws that amount from the funds tied to the card.

 

[kpc]

About to head off to Russia in 3 weeks...have already notified 28 degrees MC that we will be using credit card in Russia (high fraud risk so cards often blocked if you don't!). How about the Citibank Plus card? It is a debit card so do I really need to inform Citibank as well if I'm planning to use it to withdraw cash in Russia? Do you guys select "savings" or "credit" at the ATM (I have been selecting "savings" - does it matter?) Thanks

 

[Cruiser Elite]

Savings savings savings

 

[burmans]

About to head off to Russia in 3 weeks...have already notified 28 degrees MC that we will be using credit card in Russia (high fraud risk so cards often blocked if you don't!). How about the Citibank Plus card? It is a debit card so do I really need to inform Citibank as well if I'm planning to use it to withdraw cash in Russia? Do you guys select "savings" or "credit" at the ATM (I have been selecting "savings" - does it matter?) Thanks

I have had an issue once before when I did not pre-warn on a debit card so yes suggest warning (though I've also had cases when it was all fine). And yes, savings all the way.

 

[Mr_Orange]

About to head off to Russia in 3 weeks...have already notified 28 degrees MC that we will be using credit card in Russia (high fraud risk so cards often blocked if you don't!). How about the Citibank Plus card? It is a debit card so do I really need to inform Citibank as well if I'm planning to use it to withdraw cash in Russia? Do you guys select "savings" or "credit" at the ATM (I have been selecting "savings" - does it matter?) Thanks

Savings and tell them before you leave.

 

[ermen]

I choose Credit.
Seems to work.