Help with CC Fees/ paying off balance

[chimo2u]

Hi! Hoping I can get some help. I've booked my first cruise for my 25th anniversary next oct 31 on the Fantasy! So excited
When my balance comes due, I'll owe approx $4,000 USD and am wondering if I am better off paying via my PC financial MasterCard or via a money order mailed in? I believe I will have to pay a 2.5% fee on top of the balance for using my MC to pay -- does anyone know how big of a fee that works out to being? Is it usually cheaper to mail a money order? The cc is much easier and less hassle but the fee has me stumped. Of course there'll be exchange rate of the day as well
Thanks for any advice paying balances with CDN credit cards!
Marie

 

[MegaSilver]

$4,000 usd x 0.025 = $100 usd = ~$120 cad

 

[bankr63]

Hi! Hoping I can get some help. I've booked my first cruise for my 25th anniversary next oct 31 on the Fantasy! So excited
When my balance comes due, I'll owe approx $4,000 USD and am wondering if I am better off paying via my PC financial MasterCard or via a money order mailed in? I believe I will have to pay a 2.5% fee on top of the balance for using my MC to pay -- does anyone know how big of a fee that works out to being? Is it usually cheaper to mail a money order? The cc is much easier and less hassle but the fee has me stumped. Of course there'll be exchange rate of the day as well
Thanks for any advice paying balances with CDN credit cards!
Marie

Depends on who your bank is, or wherever you plan on buying your US$ money order. Most Canadian banks charge exactly the same rate for over the counter exchanges as the CC companies (based on my experience with TD and Scotia, and assumption that others charge the same). So the fee is a wash. If you get a money order from somewhere like Western Union, I expect the fee may actually be higher.

Putting it on your PC Financial will gain a load of points that you can use for groceries, so there is that advantage there. As mentioned on a few other threads there are 3 different Chase Bank credit cards that don't charge an exchange and offer points/cash back, so that could be an even bigger advantage if you have one (Amazon or Marriott Visa, Sears MasterCard)

 

[mort1331]

Depends on who your bank is, or wherever you plan on buying your US$ money order. Most Canadian banks charge exactly the same rate for over the counter exchanges as the CC companies (based on my experience with TD and Scotia, and assumption that others charge the same). So the fee is a wash. If you get a money order from somewhere like Western Union, I expect the fee may actually be higher.

Putting it on your PC Financial will gain a load of points that you can use for groceries, so there is that advantage there. As mentioned on a few other threads there are 3 different Chase Bank credit cards that don't charge an exchange and offer points/cash back, so that could be an even bigger advantage if you have one (Amazon or Marriott Visa, Sears MasterCard)

Your PC,MC will only get you 1% back on your payment, not equal to the 2.5%you will payout. MO should only be at the most $20 plus what the exchange rate is. So IMO the MO is the way to go.

 

[suziespice]

I just put everything on my PC mastercard.. I figure everywhere charges a fee for conversion..and this way I get points!

 

[lost*in*cyberspace]

I just put everything on my PC mastercard.. I figure everywhere charges a fee for conversion..and this way I get points!

Not true. Lots of credit cards do not charge foreign transaction fees.

 

[bankr63]

Not true. Lots of credit cards do not charge foreign transaction fees.

If "lots" is exactly 3 in Canada (that anyone has ever posted here), then yes, lots.