Credit card charges?

[Sid74]

Hi,

We are going for our first ever trip to Disney World in 6 weeks, and I have been trying to figure out what we should do about paying for things.

We have a hsbc mastercard that we will be using for the majority of our spending, it seemed easier than taking lots of either currency or travellers cheques, but now I am wondering about charges.

Am I right in thinking that our credit card company will make a charge every time we use our card? So if I pay for dinner and then buy something in a shop I will be charged a fee for each time?

We can't get one of the nationwide cards, so are stuck with this one for this trip.

Would we be better off getting charging added to our disney hotel room key card, and paying it all off in one go, or won't it make a difference?

Please help as I feel like I am really getting in a state over all this

 

[penlanspice]

You should call HSBC and ask, my cc and normal bank both charge me for each payment I make. In May I ended up paying about 60 pounds in charges.

If they charge you a fee you would be much better off charging everything to your room and paying at the end. This would probably be a better option for you anyway as you wouldn't need to carry your cc around the parks.

 

[rickhasco]

Hi
You would normally be charged for every individual transaction. You tend to get hit with a loaded exchange rate plus a % Commission Fee too.
It's a shame you can't get the Nationwide Card BUT could you apply for a Nationwide Debit Card/Current Account instead ??
That way, you put all your holiday money in the Bank Account and withdraw from ATM's only when you need. You don't get charged a fee and the rate works out better than if you were to have exchanged Currency pre holiday at local travel bureau.
Alternatively, try Post Office Credit Card as this is Commission Free.Can you tell I work for a Bank ??
Enjoy your holiday

 

[wayneg]

Here is link to the fees for your card
http://www.hsbc.co.uk/1/2/interest-...ssionid=0000EOo2KS2DOjJTrUNb-YXu07Z:12c58n73a
If I have read it right You will be charged 2.75% on everything you spend, does not matter if its one big transaction or hundreds of little ones, you still pay the 2.75%. What it means is instead of getting $2.02 to the £ you will get $1.96 after they take off the 2.75%. Still as good as taking cash or travellers cheques but a lot safer.
Is there no chance of getting a Nationwide or Post office card? would save you 2.75% on everything you spend, although its not a missive amount its better in your pocket than theirs, I just saved £45 ish on this last trip with Nationwaide.

 

[Sid74]

Thanks for the replies.

No, there is no chance of getting either a Nationwide of Post Office credit card at the moment unfortunately, maybe for the next trip

So, do I understood it correctly, it won't matter whether I do it in a series of small transactions over the 2 weeks, or larger ones by using my room key for charging and then paying it in chunks, I will basically be paying the same amount of money in charges?

How do the credit card company take the charges? Do I get billed at the end of my holiday, or do they take it off as I use it?

Sorry for the dim questions, but we normally go to DLP and pay for everything in cash, but as this is substantially longer I wanted to make sure that my DH didn't look at a big stack of cash as a spending challenge, or something to carry around in his pocket, "just to keep it safe"

I will be taking $200-$300 in cash, the kids have got their spending money in cash and disney dollars, but I will be responsible for paying for food and other stuff and I feel safer if it is not visible how much money I am carrying around with me all the time.

 

[ford family]

There is no visible charge.
Each dollar transaction is converted to sterling at a rate 2.75% worse than the commercial rate.
If you assume that the FX rate is 1.95 rather than 2.02 then you will not notice the charge.
That refers to purchases. I do not know how it differs if you use a credit card to take out cash as I've never done it.

ford family

 

[Sid74]

Thanks for the clarification ford family, that really helps

So, it really doesn't matter how I pay for things, so long as I think of the exchange rate as a bit lower than it actually is, I should be fine?

How do I find out what rate of exchange they are using? Do I need to ask the bank?

I don't intend to take money out of my credit card, just use it to pay for things, as I know that they like to really make you pay through the nose for cash machine transactions.

That does make me wonder about getting cash out of the machines though. DH gets paid whilst we are away, and we were going to withdraw some money, will we get charged for this? Do the banks charge for taking money out abroad using a debit card like they do when you pay with a credit card? Or would we be better off using the debit card to pay for stuff? We have a maestro card from hsbc.

Thanks.

 

[wayneg]

Yes you have understood it correctly.
On your statement it will say something like

03/09/07 Disney LBV $100 @1.96 £51.02


If it was a Nationwide or Post office with no fees it would be

03/09/07 Disney LBV $100 @2.02 £49.50

 

[wayneg]

Thanks for the clarification ford family, that really helps

So, it really doesn't matter how I pay for things, so long as I think of the exchange rate as a bit lower than it actually is, I should be fine?

How do I find out what rate of exchange they are using? Do I need to ask the bank?

I don't intend to take money out of my credit card, just use it to pay for things, as I know that they like to really make you pay through the nose for cash machine transactions.

That does make me wonder about getting cash out of the machines though. DH gets paid whilst we are away, and we were going to withdraw some money, will we get charged for this? Do the banks charge for taking money out abroad using a debit card like they do when you pay with a credit card? Or would we be better off using the debit card to pay for stuff? We have a maestro card from hsbc.

Thanks.

The exchange rate is what all the banks use. Lots of sites have it, BBC page is here http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/currency/default.stm
You pay that less 2.75%
You will be charged 2.5% for cash with a minimum fee of £2.50. There is aslo a charge for using the machine that is given to you before you accept taking your money. Its about another $2-3, I believe some are free but don't know which, the ones in Disney have a fee.
Don't use a debit card without checking with your bank, I used mine by mistake last year for a £1 ice cream, got charged £1.50 fee by Halifax for using it. Glad I only did it once.

 

[CoralCayTownhome]

You may find that some credit card companies use www.xe.com for the exchange rate (which is usually pretty good) then take their fee of that. I have an Egg card I use and normally get a great rate even after the fee

 

[paulh]

Its about another $2-3, I believe some are free but don't know which, the ones in Disney have a fee.
.

we just returned and used disneys atm`s,using our nationwide debit card and there was no charge(there used to be).If your passing a publix there atms have no charge as well
Some CC are now charging 2.95% think barclycard comes to mind
Also watch for the " do you want to be charged in £,As the rate is poor
Sanford duty free ask you this when you buy.
Just make sure your charged in dolars
If putting on room key, would surgest only having one of the keys to have it on.stops everone in room just leaving $10,000+ on table while you go for a swim in pool
Plus you get the addvantage off express checkout on your last day
Paulh

 

[wayneg]

Some CC are now charging 2.95% think barclycard comes to mind
Also watch for the " do you want to be charged in £,As the rate is poor
Sanford duty free ask you this when you buy.
Just make sure your charged in dolars

Yes a few have increased recently, I think one of the worst is the card we used to use, Lloyds TSB now 3%.

I read this on BBC website, gladly still never been asked, always been charged in $'s.