Are you tired of travelers checks?

[Kimberlyfamilyfv]

If so there is a new solution that I have been researching to see if it works for us.


The solution is a reloadable american express travel card( looks just like a credit card. Acts just like a credit card) You can also get withdrawls from ATMs. Able to use anywhere you can use travelers checks) It costs 15.95 for the initial card. With a first time minimum transfer of 300.00 transfers available by debit or credit card. Deposits will usually post usually in about 24 hours. Funds are guarenteed just like travelers checks. It they are lost or stolen american express will replace.


After the initial deposit, the minimum transfer is 100.00 with a maximum of 2750.00 per 7 day period. With each reload it costs 5.00 dollars.

According to the website it says that you are able to rent cars and secure hotels with it.

the website is www.americanexpress.com

 

[maggiew]

I saw this on TV the other night and was going to look into it for our trip coming up. But, I am not sure now that I hear there is a $15 fee to get the card. I may just stick with traveler's checks.

Maggie

 

[Kimberlyfamilyfv]

the 15.00 dollar fee is a one time thing. The card is reuseable over and over. To reload it costs a flat fee of 5.00 most banks charge at least 1.00 dollar per hundred and even more if there are more than two signers on the checks. I would rather carry a card in my pocket that is total guarenteed and won't fall apart if you get it wet. Plus, I can keep my credit cards and my debit cards put away unless I need them. In the end it is 6 of one, and a half a dozen of the other. Its all personal choice.

 

[goofy!]

I just ordered 2 of these. However, as they were for one family, they were to be processed as one charge. To make a long story short, the risk management dept of our bank called me several hours later to ask if I had authorized 2 charges of the same "total" amount.

Uhhhh....no...

One charge came through right after I made the purchase and the other charge came through an hour later. This flagged the risk mgt team because (as our bank guy explained it) usually a mistaken double swiping of the card or such hits the account within 5 minutes of each other. Duplicate charges an hour apart apparently raises flags.

I quickly called AMEX and asked what the heck they were doing. They nonchalantly told me that with debit cards, this is normal procedure. The first time they pre-authorized the total amount, then an hour later they send the total amount through again as the actual purchase. They explained that if you use a debit card, they put a 10 day hold on the funds and also run the amount through. Our Bank guy said this was very non-standard - usually a company will send a $1.00 pre-authorization through just to make sure the card is good, then follow up with the full amount. Rarely do they send the full amount through as the first pre-authorization, another reason it raised flags in the risk mgt dept. AMEX actually wanted our bank to call them and authorize them to release the one hold immediately. Luckily, our bank only has a 1 day hold policy, (bank guy laughed and said AMEX could hold their paperwork for 10 days, but not our money) so the risk mgt guy released the one hold right away, paid the actual charge and freed up the extra "held" funds for us.

So, to make a long story short...... DON'T use a debit card to purchase these, use a regular credit card! AMEX said they don't do this with regular cc. It was all quickly resolved, but such a hassle having to deal with it. And luckily, we have such a customer service oriented credit union that denied Amex's 10 day hold and released our funds back to us asap.

And Just FYI on the fees- since we are leaving within 2 weeks, we didn't feel comfortable using the free 10 business day shipping. And even though they say a family can order up to 4 cards per family, they charge the $14.95 per card. Also, even if the cards are going to the same place, the $9.95 4-6 Business day shipping fee is charged per card. So, for our 2 cards, we were charged over $49.00 in fees. In hindsight, the convenience of both my husband and myself having separate cards was not worth the extra fees. Next time, I will order earlier (to save shipping) and will only get 1 card for the family.

 

[bg4]

from amex web site: http://www10.americanexpress.com/sif/cda/page/0,1641,18740,00.asp

What fees apply to the TravelFunds Card?
$14.95 Issuance fee per Card
$5.00 Reissue fee per Card
$9.95 Express Delivery fee
$2.50 ATM fee
$5.00 Reload fee
$10.00 Cancellation fee
$15.00 Shortage fee
$5.00 Paper Transaction History Request

So if I understand this correctly $15 issuance and $2.50 per ATM withdrawal plus any other ATM fee imposed (anywhere from $0 to $2.50) - free to use like a credit card.

If I bought $500 travelers checks the fee is $5 (or free from AAA)

If I buy a travel card fee is $15 and if I make five $100 withdrawals add another $12.50 for a total of $27.50 - forget it.

I will stay with combo of travlers checks, ATM withdrawals and credit card use. Sorry - this is too expensive.

 

[Kimberlyfamilyfv]

THANK YOU for your input you have changed my perspective on this . I think I will go free travelers checks from the credit union.

 

[D&R love Disney]

Thanks for all the information. I was thinking of getting one of these cards but with all the fees I'm not going to bother. I'll go back to AAA and get free travellers checks.

 

[ajksmom]

AAA has a "travel money card" that sounds similar to what all of you are referring to. I just went and took a quick look at what info was on AAA site about it. Sounds cheaper- here's the link.AAA travel money card

Just scroll down the page to see the info.

edited to add-
this is not the members only section of AAA. it says there is a charge for travelers checks and for AAA members there is no charge, so if you are a member look into whether you would be charged the activation fee, etc.

 

[gonga]

Maybe I'm stupid but I never understood the benefit of travelers cheques. If you use an AmEx or other card for travel and bring a small amount of cash for tips, drinks etc....is it not the same? If you lose your credit card it is replaced immediately, no matter where you are. So why go thru the inconvenience of travelers cheques???

We do not believe in credit card debt, so when we charge we do have the money to pay the bill (same as taking money in exchange for travelers cheques). Isn't it better to just use a credit card? Espically if you already have an AmEx card, why get a AmEx cash card...sounds like a marketing gimmick IMHO.

 

[Bobb-O]

Originally posted by gonga
Maybe I'm stupid but I never understood the benefit of travelers cheques.

Agree that this AmEX debit card is a gimmick and expensive to use too. I always go with the cheapest way to use my money.

My cash budget for a week at HRH is $200/day or around $1500. What I do is get $500 in travelers checks, charge $500 and withdraw $500 from ATM's. For no specific reason than tradition. Travelers checks still have their purpose. If you cannot get to ATM, don't want to pay high transaction fee, network is down, etc. and credit card is not an option then Trav. Checks is only solution. I do not want to put all my money options in one basket.

 

[shazaam1028]

I was just looking into this card this morning and after seeing all the fees, I'll stick with traveler's checks.

Also it's states on Amex website that using this card for hotel or rental card purchases may put a hold on funds larger than the actual charge and the overage in funds will not be available until after the hotel/car company takes off the hold and puts through the actual charge. I'll stick with my regular charge for the rental car.