American Express Travelfunds Card
Sep 17th, 2004, 01:01 PM
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American Express Travelfunds Card
Has anyone used one of these pre-paid cards to travel in Europe? Do you recommend it? I usually use my Mastercard but it sounds like this may avoid bank transaction fees since you load it with cash first.
Sep 17th, 2004, 01:09 PM
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One of the reasons I use a credit card instead of paying cash from an ATM for everything, is that I like that up to two month delay to pay for it! Why would I want to pay for the entire trip in advance when I can keep my money invested until the credit card bill is due and then pay in full?
Sep 17th, 2004, 01:23 PM
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Thank you Patrick, but my question is not about financial management, other than trying to avoid the hidden transaction fees the bank takes each time they convert euro to dollars on my credit card. (I do not want to change credit card companies).I would like to know if anyone has used the card and their experience with it.
Sep 17th, 2004, 01:37 PM
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Did you compare the travelcard fees with the bank fees?
Does the card expire? Does it cost to load it/reload it? Are there fees for withdrawals? Will European merchants accept it or is it just for ATMs?
The AAA / Visa travelcard had a ridiculous expense associated with it, had a low limit, usage fees, purchase fees, and reload fees. I'll take the bank markup...MBNA and CapOne don't mark up the conversions on credit cards. (VISA adds 1%). My bank doesn't add to the conversion for my ATM card but does charge $2.00/withdrawal after 3 free ones. (still cheaper than travelcard fees).
I opened a free chk acct at a bank other than where my 'real' accounts are, and will use that solely for obtaining cash at ATMs in Europe. They will rebate all ATM charges, so that only leaves any 1% conversion. (Compass Bank)
Does the card expire? Does it cost to load it/reload it? Are there fees for withdrawals? Will European merchants accept it or is it just for ATMs?
The AAA / Visa travelcard had a ridiculous expense associated with it, had a low limit, usage fees, purchase fees, and reload fees. I'll take the bank markup...MBNA and CapOne don't mark up the conversions on credit cards. (VISA adds 1%). My bank doesn't add to the conversion for my ATM card but does charge $2.00/withdrawal after 3 free ones. (still cheaper than travelcard fees).
I opened a free chk acct at a bank other than where my 'real' accounts are, and will use that solely for obtaining cash at ATMs in Europe. They will rebate all ATM charges, so that only leaves any 1% conversion. (Compass Bank)
Sep 17th, 2004, 04:58 PM
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In terms of fees the AmEx Travel funds card is way more expensive than using either your credit card (for large purchases) or ATM card (for cash for small purchases). Also, you are giving them money in advance - losing interest - rather than paying when the charges come in - often some time after you have used the service.
IMHO not a good idea.
IMHO not a good idea.
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