Comments on: Capital One Credit Card Foreign Exchange Fees http://www.maximizingmoney.com/cash-bonus-offers/capital-one-credit-cards-to-start-charging-foreign-exchange-fees/ Stretching Your Money to its Maximum Potential Sat, 11 Feb 2012 12:43:28 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: David P http://www.maximizingmoney.com/cash-bonus-offers/capital-one-credit-cards-to-start-charging-foreign-exchange-fees/comment-page-1/#comment-30524 David P Fri, 05 Jun 2009 01:18:13 +0000 http://www.maximizingmoney.com/credit-cards-offer-deals/capital-one-credit-cards-to-start-charging-foreign-exchange-fees/#comment-30524 BofA says they charge 3% over the rate published on their site, but that rate is about 6.5% worse for buying Euros than the yahoo finance listed exchange rate that is close to what AMEX lists. (I wonder if they *buy* Euros from us at that rate?) So, I am not surprised that CapOne uses the "foreign exchange rate in effect" loophole: *They* choose the rate that *they* put in effect. BofA says they charge 3% over the rate published on their site, but that rate is about 6.5% worse for buying Euros than the yahoo finance listed exchange rate that is close to what AMEX lists. (I wonder if they *buy* Euros from us at that rate?) So, I am not surprised that CapOne uses the “foreign exchange rate in effect” loophole: *They* choose the rate that *they* put in effect.

]]> By: corinna sun http://www.maximizingmoney.com/cash-bonus-offers/capital-one-credit-cards-to-start-charging-foreign-exchange-fees/comment-page-1/#comment-26142 corinna sun Thu, 09 Apr 2009 07:33:39 +0000 http://www.maximizingmoney.com/credit-cards-offer-deals/capital-one-credit-cards-to-start-charging-foreign-exchange-fees/#comment-26142 Same thing happened on me. I used Capital One and AMEX on the same day while I was in India on Dec.2009. When I reviewed the statement I found the two cards has different conversion rate. AMEX was better than C.O. even with the 2% charge. I thought I was wrong, so I didn't bother to call C. O. After I read your e-mail it seems like we need to find out the truth about Capital One's free exchange rate from foreign purchasing. Same thing happened on me. I used Capital One and AMEX on the same day while I was in India on Dec.2009. When I reviewed the statement I found the two cards has different conversion rate. AMEX was better than C.O. even with the 2% charge. I thought I was wrong, so I didn’t bother to call C. O. After I read your e-mail it seems like we need to find out the truth about Capital One’s free exchange rate from foreign purchasing.

]]> By: Paul Arbet http://www.maximizingmoney.com/cash-bonus-offers/capital-one-credit-cards-to-start-charging-foreign-exchange-fees/comment-page-1/#comment-20356 Paul Arbet Sun, 25 Jan 2009 17:06:36 +0000 http://www.maximizingmoney.com/credit-cards-offer-deals/capital-one-credit-cards-to-start-charging-foreign-exchange-fees/#comment-20356 I obtained a Capital One Platinum card for purposes of foreign travel. While in South Africa, I would occasionally also use my AMEX card for certain purchases. When I used my Capital One for a purchase on 12/29/08, an exchange rate of 9.3395 RAND/US Dollar was listed. That same day, the exchange rate of 9.4502 RAND/US Dollar was calculated on my Amex statement. (my exchange rate for AMEX include the 2.0% conversion fee - note increasing to 2.7% on Jan 11, 2009). At first I thought that perhaps the exchange rate fluctuated throughout the day and that caused my AMEX with conversion fees to outperform the Capital One. Upon looking closer at the multiple purchases made that same day on my Capital One, although the rate shifted slightly throughout the day, it was not enough to account for the large difference in the two cards. In short, I now question whether there is value behind using the Capital One for foreign purchases. I obtained a Capital One Platinum card for purposes of foreign travel. While in South Africa, I would occasionally also use my AMEX card for certain purchases. When I used my Capital One for a purchase on 12/29/08, an exchange rate of 9.3395 RAND/US Dollar was listed. That same day, the exchange rate of 9.4502 RAND/US Dollar was calculated on my Amex statement. (my exchange rate for AMEX include the 2.0% conversion fee – note increasing to 2.7% on Jan 11, 2009). At first I thought that perhaps the exchange rate fluctuated throughout the day and that caused my AMEX with conversion fees to outperform the Capital One. Upon looking closer at the multiple purchases made that same day on my Capital One, although the rate shifted slightly throughout the day, it was not enough to account for the large difference in the two cards. In short, I now question whether there is value behind using the Capital One for foreign purchases.

]]> By: MaximizingMoney.com http://www.maximizingmoney.com/cash-bonus-offers/capital-one-credit-cards-to-start-charging-foreign-exchange-fees/comment-page-1/#comment-2036 MaximizingMoney.com Tue, 19 Feb 2008 04:21:20 +0000 http://www.maximizingmoney.com/credit-cards-offer-deals/capital-one-credit-cards-to-start-charging-foreign-exchange-fees/#comment-2036 Capital One Foreign Exchange Fees Policy Capital One's foreign exchange fee policy is currently indicated in their Frequently Asked Questions as follows: 17. Does Capital One charge fees for foreign currency transactions made with a credit card? Capital One does not charge a fee for using your credit card for foreign currency transactions. Foreign purchases will be converted at the foreign exchange rate in effect at the time of posting the charge. At this time, there are no indications that Capital One has changed this policy and they still do not charge or pass along any foreign exchange fees. (Updated February 18, 2008). Capital One Foreign Exchange Fees Policy

Capital One’s foreign exchange fee policy is currently indicated in their Frequently Asked Questions as follows:

17. Does Capital One charge fees for foreign currency transactions made with a credit card?

Capital One does not charge a fee for using your credit card for foreign currency transactions. Foreign purchases will be converted at the foreign exchange rate in effect at the time of posting the charge.

At this time, there are no indications that Capital One has changed this policy and they still do not charge or pass along any foreign exchange fees. (Updated February 18, 2008).

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