What Credit Card to Use??

[lbeck]

I've traveled to Europe and was surprised to see the non-us charges added to my credit card invoice.  I understand that there are differences on credit card usage fees depending on the venue of transaction...so...... what's the most economical card to use in Ecuador/PERU:???

[LHT28]

Do you mean a Foreign transactions fee??

not sure what you are referring to

if you purchase something outside of the USA  they will bill your card in local currency

Your credit card  provider  will add a fee for your convenience 😉

Find a CC with no FTF

[wheezedr]

Just use a credit card with no foriegn transaction fees.  Check your current ones and if none of them are free of fees then look for a card that is.  I carry multiple to protect against one or another not working for some reason.  Also decline when asked if you would like the locals to do the conversion, let your bank do it.

[lbeck]

Maybe I'm not using the correct terminology.  I'm probably talking FTF.  I only know that after returning from some of my other foreign travels I would see transactions for purchases that were billed at a higher dollar rate than my exchange-rate calculations determined at the time of purchase.

 

 A friend that travels overseas frequently uses a Morgan Stanley credit card where the money is taken directly from his investments and there is no fee.  I don't have that option.  I do have two Visa credit cards, a Visa ATM card, an American Express card and a Master Card.  So I'm trying to do my homework ahead of my trip this time since we'll be gone for 16 days and likely spending hundreds of dollars.  I don't like to carry lots of cash, but would it be better to pay the currency exchange rate and get local currency at a bank?

[LHT28]

40 minutes ago, lbeck said:

Maybe I'm not using the correct terminology.  I'm probably talking FTF.  I only know that after returning from some of my other foreign travels I would see transactions for purchases that were billed at a higher dollar rate than my exchange-rate calculations determined at the time of purchase.

 

 

What exchange rate calculations are you using ?

Usually the ones shown on sites like Oanda & FX are for those trading  in $100,000.  not people spending a few hundred

 

You could use a debit card & use an ATM  to get local cash but there are fees with that as well  depending on your bank

in  the US  they have  many cc with  NO FTF   I would shop around for one of those if you will be spending a lot

 

[wheezedr]

It is not whether it is Visa, MC, or AE.  It is the terms of the particular account.  My Visa card that I like to use at home has Foriegn fees so it slips to the back of my wallet when out of the US and another Visa which does not have any FTF’s moves forward.  That is why you have to check the specifics of each card.  In a similar fashion my bank ATM card passes along fees for cash withdrawals out of network but my Schwab card covers them.  No brainer as to which I use.

[Stateroom_Sailor]

There's a $95 annual fee, but I recommend the Bank Of America Premium card.  It comps $100 a year in airline incidentals, and comped travel insurance on your cruises (must pay the fare 100% with it).  Only 15K towards airvac, but the rest of the insurance is decent.  No FTFs!

 

Edited February 2, 2019 by Stateroom_Sailor

[Porteerfield]

On 2/2/2019 at 10:43 AM, Stateroom_Sailor said:

There's a $95 annual fee, but I recommend the Bank Of America Premium card.  It comps $100 a year in airline incidentals, and comped travel insurance on your cruises (must pay the fare 100% with it).  Only 15K towards airvac, but the rest of the insurance is decent.  No FTFs!

 

Not bad. Good info bro. Thanks!

[Voelfgar]

My Delta AMEX card has no foreign Transaction fees. It is the primary card I use when traveling outside the US.

[angie7911922]

Yours 🙂

 

Seriously, it doesn't matter what you use (AE, Mastercard, Visa) - but you want to find one with no foreign trasaction fees on it. (read the fine print). Some of these have annual fees. Then you need to decide how much you travel outside the US. If your foreign fees don't equal the amount of the annual fees, you may be better off to just pay the foeign transaction fees. Good Luck researching!

[erby2283]

I use Barclay Card - there are different types to choose from but I earn points which can be used as travel credits  - or just as cash back - and no FTF's. No annual fee either but I pay it off every month.

[Tourist1292]

We use Chase Saphire. They have 3 different levels from no annual fee to $450 per year. Not only it has no FTF fee, you earn bonus on travel and dining expenses plus it includes travel insurance.

[GlennaRoseGoes]

On 1/31/2019 at 6:42 PM, lbeck said:

Maybe I'm not using the correct terminology.  I'm probably talking FTF.  I only know that after returning from some of my other foreign travels I would see transactions for purchases that were billed at a higher dollar rate than my exchange-rate calculations determined at the time of purchase.

 

Some merchants will ask if you want to pay in USD (familiar! Comfortable!) or local currency. Also choose local.....their bank’s own exchange rate that displays the price in dollars can be really high.

[LuckyStar]

On 1/30/2019 at 11:01 PM, lbeck said:

I've traveled to Europe and was surprised to see the non-us charges added to my credit card invoice.  I understand that there are differences on credit card usage fees depending on the venue of transaction...so...... what's the most economical card to use in Ecuador/PERU:???

 

We used Capital One for our month in Europe.  Couldn't have asked for a better experience.  We called them ahead of time and told them our plans so they were prepared for anything that might happen.  We had to call them once, for a minor issue and they were very helpful. 

[Jasalth]

I also highly vote for Capital One. 

 

Actually in preparation for almost a month in Europe I opened a Capital One 360 Checking Account and put $ into it every paycheck (which I still do since well planning Europe again..). Their checking actually earns interest with no minimum balance and has all the no FTF's as all other Capital One stuff. You don't even need to contact them about travel plans. 

 

IMO the best part about even having their checking account was a lot of my excursions in Europe were cash only. I didn't want to carry around a ton of Euro's from the start since we were taking a lot of trains and such. Hit an ATM and take out cash. You just have to make sure to take it out not based on the ATM's exchange rates but by your card's rates. Best thing I found out about Capital One is a lot of banks will have a max daily ATM withdraw of about $500 USD, and Capital One's was $1000. Made it easy to hit a bank a few times in one day when we needed to have a larger amount out to pay someone, this didn't stop the specific ATM themselves limits though so. 

 

What you were experiencing when you thought it was higher might have been also that who ever you used the card with charged you in your home currency for "convince". This happens a LOT in Canada and you have to choose to pay in Canadian Dollars at the POS vs US Dollars or you will be really screwed. By really screwed, a dinner bill was about $75 Canadian dollars, but for my "convince" with exchange rates they would only charge me $65 USD! Just FYI the current exchange rate is about $54 USD for that $75 CAD. 

[Stateroom_Sailor]

Capital One is a good option, we also use 360 for banking, and the Spark business card.  The Capital One Venture cards also have a partnership with Hotels.com for 10% back, and the option for internatonal airline transfer partners, if cash back or travel credit is not your primary concern.

[erby2283]

On 2/25/2019 at 7:52 PM, Jasalth said:

Hit an ATM and take out cash. You just have to make sure to take it out not based on the ATM's exchange rates but by your card's rates. Best thing I found out about Capital One is a lot of banks will have a max daily ATM withdraw of about $500 USD, and Capital One's was $1000.

 

Can you explain that more in detail? I have never been to Europe and have a 12 day cruise in Aug. Trying to plan the best way to take out money while there since I don't want to carry a bunch of USD's and convert to Euros.

[LHT28]

Just now, erby2283 said:

 

Can you explain that more in detail? I have never been to Europe and have a 12 day cruise in Aug. Trying to plan the best way to take out money while there since I don't want to carry a bunch of USD's and convert to Euros.

I would  not use a credit card  for  withdrawing cash from an ATM

Not sure how US bank cards work

but here  we have a bank debit card  that I use  for ATM withdrawals

I have one strictly for travel, so if my card is compromised the thieves will only get  what is in that account ..usually less than $500

If I need to top up that account I can do so online from my bank

be sure to let you bank know you are travelling so they do not freeze your account

JMO

[erby2283]

6 minutes ago, LHT28 said:

I would  not use a credit card  for  withdrawing cash from an ATM

Not sure how US bank cards work

but here  we have a bank debit card  that I use  for ATM withdrawals

I have one strictly for travel, so if my card is compromised the thieves will only get  what is in that account ..usually less than $500

If I need to top up that account I can do so online from my bank

be sure to let you bank know you are travelling so they do not freeze your account

JMO

 

Oh, yes, I would never do a cash advance - but in that post he talked about getting a Capital One checking account and what I copied was him talking about using the ATM on that account.  Just get nervous with it being my first time and not knowing what I'm in for. I have a credit card that incurs no FTF but definitely want to be able to take out money as cheaply as possible.

[LHT28]

Just now, erby2283 said:

 

Oh, yes, I would never do a cash advance - but in that post he talked about getting a Capital One checking account and what I copied was him talking about using the ATM on that account.  Just get nervous with it being my first time and not knowing what I'm in for. I have a credit card that incurs no FTF but definitely want to be able to take out money as cheaply as possible.

I did not understand their comment on ATM & home banks rates ??

Usually  when you take cash from an ATM  the exchange rate  is based on the daily bank rate or close to it

You may get charged a fee for using the ATM  but some banks have an agreement  not to charge the fee if the bank is affiliated  with your bank

With my debit card  I can take $ form certain bank ATM's with no service fee

The other thing to check is the amount you can withdraw per day

one of our cards is $600 CAD  so you need to take into account the exchange rate

 

[LuckyStar]

3 hours ago, LHT28 said:

I would  not use a credit card  for  withdrawing cash from an ATM

Not sure how US bank cards work

but here  we have a bank debit card  that I use  for ATM withdrawals

I have one strictly for travel, so if my card is compromised the thieves will only get  what is in that account ..usually less than $500

If I need to top up that account I can do so online from my bank

be sure to let you bank know you are travelling so they do not freeze your account

JMO

You are right.  We had a Capital One credit card but did open a checking account w Cap One that we used for our withdrawals. They had a higher limit on daily withdrawals that we noticed too.  

[andykayewth]

I vote for the Amex Platinum. In nearly all cases I have gotten an huge benefit in OBC

[RocketMan275]

19 hours ago, andykayewth said:

I vote for the Amex Platinum. In nearly all cases I have gotten an huge benefit in OBC

How huge is huge?  Cruise fare and OBC provided?

I haven't found any thing from AMEX that comes close to what I can get elsewhere.

 

[Voelfgar]

But getting back to the @OP original question. Going to Peru and Ecuador, I would probably not even try and use a credit card and deal in cash. There's going to be more places that can't take any credit cards versus those that take them.

[RocketMan275]

2 hours ago, andykayewth said:

On Suites I have gotten $300-$400 in OBC. Additionally I have gotten free wine, free specialty dining, and once an upgrade. I have been booking via CabinGenius. They worked with Amex and the cruiseline to get the base benefits, plus Amex, plus other things. All other sites told me that they could not combine their bonuses with Amex.

I usually get a 8 to 10% discount using my travel agent and includes the same benefits offered by the cruise lines.  Now AMEX does offer $300 OBC but that hardly compares to a 10% discount.