Interesting (and disturbing) article on currency conversion from Washington Post
Aug 4th, 2005, 07:27 AM
#21
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Christina, thanks for providing that link.
Regarding credit scores: I'm no expert, but as I understand it, having a low credit to debt ratio is good, so sometimes it's better to have more rather than less available credit (which is why you shouldn't necessarily close a credit card account even if you don't plan on using it). However, frequent balance transfers, a high amount of available credit and/or a large number of cards, can adversely affect a credit score too. I personally don't have a lot of open accounts (I only on Mastercard and one Amex at the moment), but I had several additional cards when I was in school and too stupid to know better. Those cards have been paid off and closed for a long time, but they still show up on my credit report. When I purchased my first home three years ago, one credit report indicated that the only "mark" against my credit was the number of credit cards. Since I only had two open accounts at the time, neither of which had a balance, I could only assume that the report was referring to the closed accounts. Frankly, credit scoring seems more like an art than a science, but I try to apply for and use credit more judiciously now.
Regarding credit scores: I'm no expert, but as I understand it, having a low credit to debt ratio is good, so sometimes it's better to have more rather than less available credit (which is why you shouldn't necessarily close a credit card account even if you don't plan on using it). However, frequent balance transfers, a high amount of available credit and/or a large number of cards, can adversely affect a credit score too. I personally don't have a lot of open accounts (I only on Mastercard and one Amex at the moment), but I had several additional cards when I was in school and too stupid to know better. Those cards have been paid off and closed for a long time, but they still show up on my credit report. When I purchased my first home three years ago, one credit report indicated that the only "mark" against my credit was the number of credit cards. Since I only had two open accounts at the time, neither of which had a balance, I could only assume that the report was referring to the closed accounts. Frankly, credit scoring seems more like an art than a science, but I try to apply for and use credit more judiciously now.
Aug 4th, 2005, 09:39 AM
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>>>>>
The problem is merchants have been refusing to re-ring the transactions.
>>>>>
After all the posts on this topic I still can't understand the basis for a merchant refusing to re-ring it after being caught out by a customer. The price of your room/meal/item etc. was listed/quoted/negotiated/agreed in a specific currency (i.e local). At the last minute the agreement was changed. On what grounds can a merchant explain changing the agreed terms when caught? how can he explain refusing to honour the original deal? i'm not disputing that it happens, I just can't imagine it. Paying in one currency is never completely equivalent to paying in another. If we assume an apple costs the same as an orange, it's like agreeing to trade something for 10 apples, then at the last minute we are told we will receive 10 oranges instead. My point is that even if you were given a completely fair exchange rate (and i realise you are not with DCC), the deal is totally different if you are now charging in a currency different from that which was agreed.
The currency with which you must settle your CC bill is none of the merchants concern. This issue is between you and the card issuer. In the end, the merchant must honour the deal in the terms agreed or stated at the time of purchase.
The problem is merchants have been refusing to re-ring the transactions.
>>>>>
After all the posts on this topic I still can't understand the basis for a merchant refusing to re-ring it after being caught out by a customer. The price of your room/meal/item etc. was listed/quoted/negotiated/agreed in a specific currency (i.e local). At the last minute the agreement was changed. On what grounds can a merchant explain changing the agreed terms when caught? how can he explain refusing to honour the original deal? i'm not disputing that it happens, I just can't imagine it. Paying in one currency is never completely equivalent to paying in another. If we assume an apple costs the same as an orange, it's like agreeing to trade something for 10 apples, then at the last minute we are told we will receive 10 oranges instead. My point is that even if you were given a completely fair exchange rate (and i realise you are not with DCC), the deal is totally different if you are now charging in a currency different from that which was agreed.
The currency with which you must settle your CC bill is none of the merchants concern. This issue is between you and the card issuer. In the end, the merchant must honour the deal in the terms agreed or stated at the time of purchase.
