Another credit card WWYD question.

[eliza61]

I'm so mad at myself, I made a stupid mistake. LOL. I believed a bank employee without doing the reseach.

So, we're going to Europe this summer for vacation and I was thinking of getting a capital one cc for the trip because they have no foreign transaction fees.
Background: I have an american express card and a chase visa. these are my two primary cards. The amex I use for every day and the visa I use for big stuff. for example I put the trip on the chase visa.

anyhow I'm in TD Bank making a deposit into our vacation fund and just chatting with the teller about the vacation. One of the desk employees (you know the employees that open accounts for you etc) and she says they are having a cc promotion,. low intro rate, balance transfer etc etc. I say I don't need that but I need one that has no foreign transaction fees. She says our platimum card does not. Ok, sign me up. I figure my accounts are there, making paying the bill easy.

Get the card, in the disclosure, sure enough 2.5% foreign transaction fee.

grrrr. I'm not really mad at the bank employee because it's my fault for not double checking.

Would you go ahead and close it (I just read the other thread) and get a capital one card?

Truthfully not worried about a ding to my fico score. No mortgage, no car payment, not planning on buying a new any thing that I can't pay off in a few months. Just replaced the a/c so that sucka better last for a while.

9 days in Europe with kids, food and souveneers all on a card with 2.5% fees can add up.

10 lashes with a wet pixie stick for me.

 

[Shelly F - Ohio]

I would go back to the bank and complain. Explain the only reason you open was the fact you were told by so and so that there is no fee. And see what happens. Since you can name a person and hold them accountable see what the bank manager can do for you.

 

[Minnie Momma]

I would make it a point to talk to the bank manager and let them know of the employees mistake. I am quite sure they would rather not give out false information.

If the other card has no international transaction fee and you are OK "taking a hit"; go ahead and save some money!

 

[shwn]

Man, how frustrating...I'm sorry that happened to you.

I would also recommend canceling and getting a new card with no foreign transaction fee. Those fees really can add up on a longer trip. I would also recommend getting a card with a "chip" in it, as some places in Europe (unmanned kiosks mostly) only take cards with a chip in them now.

I would also look into the Hyatt Visa Credit Card. There are no foreign transaction fees and a "chip. There is a an annual fee, but you get two free nights at ANY Hyatt in the world and $100 statement credit after first purchase. I don't know your plans for Europe, but that would be a great way to use those free nights (e.g. Park Hyatt Paris or Milan). Also each year you get a free night in certain hotels, that more than pays for the yearly fee.

Good luck to whatever you choose and enjoy your trip!!!

 

[punkin712]

I'm fairly certain that Chase eliminated foreign transaction fees as part of a Class Action lawsuit a few years ago. You may want to check with them before you open up another credit card account.

 

[malibuconlee]

Man, how frustrating...I'm sorry that happened to you.

I would also recommend canceling and getting a new card with no foreign transaction fee. Those fees really can add up on a longer trip. I would also recommend getting a card with a "chip" in it, as some places in Europe (unmanned kiosks mostly) only take cards with a chip in them now.

I would also look into the Hyatt Visa Credit Card. There are no foreign transaction fees and a "chip. There is a an annual fee, but you get two free nights at ANY Hyatt in the world and $100 statement credit after first purchase. I don't know your plans for Europe, but that would be a great way to use those free nights (e.g. Park Hyatt Paris or Milan). Also each year you get a free night in certain hotels, that more than pays for the yearly fee.

Good luck to whatever you choose and enjoy your trip!!!

Chip and pin.......that's what I was going to suggest as well. I have a friend that occasionally travels to France for work. Eventually when they get the go ahead she will spend the better part of 6 months traveling back and forth for training. She has decided she will most likely get a bank account there because of the whole chip system and many places not taking her credit card.

 

[MomToOne]

I'm fairly certain that Chase eliminated foreign transaction fees as part of a Class Action lawsuit a few years ago. You may want to check with them before you open up another credit card account.

The lawsuit was about undisclosed transaction fees (they hid them in the exchange rate they gave you). They didn't remove them - they just disclose them now in the credit card agreements. All of my Chase cards (and I have several LOL) have a foreign transaction fee. You need to check each and every credit card agreement to determine which cards have them and which ones don't. Typically, the Chase cards that do not have transaction fees are the ones with higher annual fees (like the Southwest Premier card - it doesn't have a transaction fee - while the regular Southwest one does).

Here is a list of the Chase no transaction fee cards from their website: https://creditcards.chase.com/no-foreign-transaction-fee-credit-cards.aspx

There may be one or two others too (the Disney Premier card maybe? ETA: Never mind, looks like they added a transaction fee onto that card)

I got a no-annual fee Visa card from my credit union that doesn't have a foreign transaction fee.

I would call the bank manager to let them know about the mis-information you were given. Not in an angry way, just in a "FYI - want to make sure it doesn't happen to anyone else" way. Then close the account and open a new one. If your credit score is good, it shouldn't cause a big drop - the thing that will impact you is the second inquiry for a new card, not the closing of this card. And that should only last a few months, and the drop should only be a few points.

I had a similar problem with a checking account I opened last week at a Chase branch - I was told that it had 2 specific features that it turns out it didn't actually have...of course, when they are pushing papers in front of you non-stop to sign, it's hard to figure that out. In my case, I've figured out how to work around the lack of one feature (my credit union comes to the rescue again!), and one was a nice-to-have but not a necessity so I'm just letting it go....

 

[geckodani]

I'd cancel it and open up a Cap1 (I have one for just that reason, as I travel to Canada frequently).

 

[DiznyDi]

I also would do as the others have suggested; go back to the issuing bank and bring the mis-information to the attention of the mgr. I would then immediately have the bank make any/all necessary calls to close the account.

Don't hit yourself too hard with that wet pixie stick. I've trusted the spoken word over the written word too.

 

[pixiewings71]

I would go back to the bank and talk to the manager, then if they couldn't reverse the fees I would get the Capital One and then cancel this one. Best of luck!

 

[TinkTock]

You might also call up Capital One and the banks you currently have credit cards with all on the same day to check what their exchange rate is. I've often wondered if they don't "make up" some of the lost 2.5% foreign transaction fee by giving a worse exchange rate. Does anyone know?

 

[Shelly F - Ohio]

Hey wanted to mention as I was looking into the SWA cc I see their card has no foreign transaction fee. And they offer 50K in miles to new customers.

 

[lost*in*cyberspace]

I travel internationally fairly often and have found Capital One card is great because of the no foreign transaction fees. FYI, sometimes foreign retailers will ask if you want your transaction in local currency or US dollars, which will save you on transaction fees. You have to figure out if the exchange rate they offer makes this worth it.

You also should see if you can get a chip and pin cc card. A lot of places in Europe (especially subway/train stations, small convenience stores, gas stations, fast food places, etc.) will not accept your magnetic strip cc card, even when they are supposed to.

Always notify your cc company (except AMEX; they never seem to care), before international travel.

 

[lost*in*cyberspace]

Hey wanted to mention as I was looking into the SWA cc I see their card has no foreign transaction fee. And they offer 50K in miles to new customers.

The 50,000 miles is awarded after you spend $2,000 on the card in the first three months. The variable APR is rather high, 15.24%, rising indefinitely to 29.9% after just one late payment and has a $99 annual membership fee. Not the greatest terms.