MBNA credit card fees :(
Mar 24th, 2005, 08:22 PM
#41
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<<Basically, he said interest rates were going up and with the Federal Reserve rates it was getting too hard for MBNA to make a profit>>
Whenever whoever answers the phone starts embellishing, I assume they have no idea what they're talking about. As, for sure, they are not authorized to make statements such as this.
After speaking with the person who answered my call at MBNA, then their supervisor, then another, then the Manager of the customer service department, I was informed (and I am inclined to believe this) that your account is accessed by whomever is talking to you, whereupon they can check the foreign currency transaction specifics, as of this moment, for YOUR account. They are authorized only to read you those particular paragraphs. They are NOT authorized to interpret, embellish, offer additional comments.
NO ONE has been informed, or is authorized to state or advise, any future changes to YOUR "cardholder agreement". Any changes or revisions will be sent to you via a leaflet included with your monthly statement or a separate mailing, depending upon the type of your account.
The ONLY way, she advised, to be certain how "foreign transactions" are handled with regard to YOUR account is to request a printed copy of your most current "cardholder agreement".
She further advised that she has absolutely no idea what, if any, changes are forthcoming, and that everything depends upon your specific type of account, and that you will be notified "accordingly" of any upcoming changes.
<<If they do not oblige with an answer acceptable to you, switch cards! USAA has been recommended time and again for their great deals on international transactions.>>
Well, define "great deal". I'm guessing this is just about as useful as those e-mails with "as low as" airline fares...
Whenever whoever answers the phone starts embellishing, I assume they have no idea what they're talking about. As, for sure, they are not authorized to make statements such as this.
After speaking with the person who answered my call at MBNA, then their supervisor, then another, then the Manager of the customer service department, I was informed (and I am inclined to believe this) that your account is accessed by whomever is talking to you, whereupon they can check the foreign currency transaction specifics, as of this moment, for YOUR account. They are authorized only to read you those particular paragraphs. They are NOT authorized to interpret, embellish, offer additional comments.
NO ONE has been informed, or is authorized to state or advise, any future changes to YOUR "cardholder agreement". Any changes or revisions will be sent to you via a leaflet included with your monthly statement or a separate mailing, depending upon the type of your account.
The ONLY way, she advised, to be certain how "foreign transactions" are handled with regard to YOUR account is to request a printed copy of your most current "cardholder agreement".
She further advised that she has absolutely no idea what, if any, changes are forthcoming, and that everything depends upon your specific type of account, and that you will be notified "accordingly" of any upcoming changes.
<<If they do not oblige with an answer acceptable to you, switch cards! USAA has been recommended time and again for their great deals on international transactions.>>
Well, define "great deal". I'm guessing this is just about as useful as those e-mails with "as low as" airline fares...
Mar 24th, 2005, 09:54 PM
#42
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Cleveland Brown: "In my latest brochure from my bank there is a paragraph entitled currency conversion. In that, they explain that Mastercard or Visa will convert the charge into a dollar amount using either a government-mandated rate, or the wholesale rate in effect one day prior to the processing date, increased by one percent. What could be clearer than that?"
Well, that's very clear PRIOR to April 2, 2005. My bank document says the same, but goes on: Effective April 2, 2005, the conversion rate in dollars will be a rate selected by VISA from a range of rates available in wholesale currency markets for the applicable Central Processing Date, which rate may vary from the rate VISA itself receives, or the government-mandated rate in effect for the applicable Central Processing Date in each instance..."
Clear as mud!
Well, that's very clear PRIOR to April 2, 2005. My bank document says the same, but goes on: Effective April 2, 2005, the conversion rate in dollars will be a rate selected by VISA from a range of rates available in wholesale currency markets for the applicable Central Processing Date, which rate may vary from the rate VISA itself receives, or the government-mandated rate in effect for the applicable Central Processing Date in each instance..."
Clear as mud!
Mar 25th, 2005, 11:08 AM
#43
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LVSue,
Assuming that you are aware that there are more than one currency exchanges, just what is unclear about what they are doing. They will use the rate on whichever exchange is least advantageous to you, and assume the risk that they will be able to get a better deal on one of the other exchanges. Currency traders make (and lose) fortunes by buying on one exchange and selling on another, or by buying at one time and selling at another. Its an accepted business practice. There is almost never much of a spread between the exchanges, as the professional traders will rush in to take advantage of the spread, thus decreasing it.
Assuming that you are aware that there are more than one currency exchanges, just what is unclear about what they are doing. They will use the rate on whichever exchange is least advantageous to you, and assume the risk that they will be able to get a better deal on one of the other exchanges. Currency traders make (and lose) fortunes by buying on one exchange and selling on another, or by buying at one time and selling at another. Its an accepted business practice. There is almost never much of a spread between the exchanges, as the professional traders will rush in to take advantage of the spread, thus decreasing it.
Apr 16th, 2005, 06:04 PM
#44
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MBNA UPDATE:
Opened the mail today, there it was. MBNA will be charging 3% on foreign transactions, AND raising my fin.chg. rate by 3% as well. I have a Platinum Plus M/C.
Needless to say, I am not pleased.
Opened the mail today, there it was. MBNA will be charging 3% on foreign transactions, AND raising my fin.chg. rate by 3% as well. I have a Platinum Plus M/C.
Needless to say, I am not pleased.
Apr 16th, 2005, 06:32 PM
#45
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All these posts about raised foreign fees have had me almost relieved I'm not going to Europe this summer, then today it hit me. We ARE going to Canada, and those will all be considered foreign transactions the same as in Europe. Duh!
Apr 16th, 2005, 09:37 PM
#46
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I called MBNA also, and was informed that my NEA card is exempt (at least for the moment) from the add'l fees. Will test it and Capitol One in May. (Or has Capitol One started adding fees—I've forgotten already?)
Apr 17th, 2005, 02:23 AM
#47
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Listen very carefully...
They are sticking their toe in the water to see how hot it is...if people accept this fee, they will gradually put it onto all the rest of their cards.
If on the other hand, people tell them to take the card and shove it and demand it be replaced by a card which does not pull this near criminal surcharge for currency conversion when they have nothing to do with the currency conversion, they may have second thoughts.
Remember when banks started putting annual fees on credit cards...enough people went to AT&T which issued a credit card and guaranteed no annual fee ever that banks were forced to drop them until today the only credit cards charging annual fees are those tied in with specific airlines. The same thing would have happened here but people were too stupid to continue using the credit cards with these obscene fees and banks saw they could screw their customers more and more...
They are sticking their toe in the water to see how hot it is...if people accept this fee, they will gradually put it onto all the rest of their cards.
If on the other hand, people tell them to take the card and shove it and demand it be replaced by a card which does not pull this near criminal surcharge for currency conversion when they have nothing to do with the currency conversion, they may have second thoughts.
Remember when banks started putting annual fees on credit cards...enough people went to AT&T which issued a credit card and guaranteed no annual fee ever that banks were forced to drop them until today the only credit cards charging annual fees are those tied in with specific airlines. The same thing would have happened here but people were too stupid to continue using the credit cards with these obscene fees and banks saw they could screw their customers more and more...
Apr 17th, 2005, 05:12 AM
#48
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I agree with xyz. All of you should refuse to accept the rate hike: Threaten to drop your card for USAA or Capitol One (neither of which add to the 1% charged by Visa).
If threats do not work, SWITCH IMMEDIATELY TO USAA or CAPITOL ONE!
If threats do not work, SWITCH IMMEDIATELY TO USAA or CAPITOL ONE!
Apr 17th, 2005, 07:26 AM
#50
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I got disgusted with the major bank credit cards so I got a Visa from a local credit union to use when in Europe. They don't charge the additional % for foriegn transactions - just the 1% that they all charge.
Unfortunately, I can't drop my BA Visa (Chase) altogether because of the frequent flyer miles - but I will only use it for domestic purchases.
Unfortunately, I can't drop my BA Visa (Chase) altogether because of the frequent flyer miles - but I will only use it for domestic purchases.
Apr 17th, 2005, 08:35 AM
#51
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USAA is a member-owned insurance and financial services company.
Who can apply?
Active duty officer and enlisted personnel
National Guard and Reserve officer and enlisted personnel
Officer candidates in commissioning programs
Former spouses and adult children of USAA members
https://www.gc.usaa.com/inet/gas_cor...lity_contactus
Who can apply?
Active duty officer and enlisted personnel
National Guard and Reserve officer and enlisted personnel
Officer candidates in commissioning programs
Former spouses and adult children of USAA members
https://www.gc.usaa.com/inet/gas_cor...lity_contactus
Apr 17th, 2005, 08:37 AM
#52
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I will be registering my dissatisfaction with MBNA, however I'm planning to fund my trip with cash held in the Compass checking acct, and use the debit/check card at 1%. Will carry a Credit Union Visa (cr) card as 'backup' only.
Apr 17th, 2005, 01:48 PM
#53
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Travelnut, you don't have to qualify for USAA Auto Insurance to apply for a USAA Federal Savings Bank Mastercard. How do I know this? I called them and asked. The only difference they told me is that others may not get as good an APR as a USAA member. I get 6% on purchases and 8% on cash advances. Others may get a percentage point or two higher. 
Apr 17th, 2005, 02:07 PM
#54
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USAA FSB will accept you even if you do not fit into one of the categories listed on their website.
Just call them and they will talk you through the application process, open an account for you, send necessary paperwork to allow transfers to and from your other banks. Easiest folks to deal with I have encountered
Just call them and they will talk you through the application process, open an account for you, send necessary paperwork to allow transfers to and from your other banks. Easiest folks to deal with I have encountered
May 19th, 2005, 09:54 AM
#55
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We've received notices that all of our Citibank, MBNA, and Chase (Bank One) cards will charge the 3% foreign currency fee. I just talked to CAPITOL ONE and was assured that they are only passing on the 1% that is being charged by VISA & Mastercard, so I applied for one of theirs.
Jun 15th, 2005, 09:16 PM
#56
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Desperately seeking a credit card...
After reading the posts on this topic (because our MBNA card's foreign transaction fee just went up), we took a look around to try to find a card that offered a minimal (1%?) fee on foreign transactions. We looked at AAA online (California's AAA website, csaa.com) and they had info on a FirstUSA AAA Visa. Unfortunately, the foreign transaction fee for this card is 3% (see http://www.firstusa.com/cgi-bin/webc...amp;page=terms).
Anyone know of a card that definitely charges only 1%?
Thanks in advance.
After reading the posts on this topic (because our MBNA card's foreign transaction fee just went up), we took a look around to try to find a card that offered a minimal (1%?) fee on foreign transactions. We looked at AAA online (California's AAA website, csaa.com) and they had info on a FirstUSA AAA Visa. Unfortunately, the foreign transaction fee for this card is 3% (see http://www.firstusa.com/cgi-bin/webc...amp;page=terms).
Anyone know of a card that definitely charges only 1%?
Thanks in advance.
Jun 16th, 2005, 01:59 AM
#58
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But for many, the conversion fees are offset by the 1 or 2% cash kickbacks that they offer (I assume they do this even for foreign purchases). I think MBNA will pretty easily give you a 1.5% rewards in real cash (better than miles) with no annual fee.
