VISA, AMEX or MasterCard - - One credit card is better than others... why?
 

You buy dinner in Naples and pay with one of your Credit Cards. But when your statement comes next month, which one is going to charge lower fees?

Or do they all pretty much charge the same? Any ways or cards that are better than others out there?

It depends on the individual card issuer. Capital One World Mastercard and Schwab Bank Invest First Visa Credit Card are known not to charge any foreign transaction fee, as are certain credit union cards. Amex is less widely accepted in Europe than Visa or Mastercard. Also with reagrd to V and MC, you must watch out for DCC (dynamic currency conversion) when a merchant offers to put through your transaction in US$, but at a poor exchange rate. Always insist on being billed in local currency, be it euro, pounds or whatever.

There is a 1% currency conversion fee when using V or MC (Capital One absorbs this fee). Upon this basic fee, many banks, but not all, add another 2-3%.

To see how your bank may rate:

http://www.indexcreditcards.com/inte...ansactionfees/

Great info, thanks Alec and Sarastro. This would have stung, had I used my cards, which have a 3% transaction fee added. I'm going to look into options on Monday.

What a great experience Fodor's has become for me.

It depends on your own cards. Different issuers make different arrangements with Visa/MC. My credit union cards give me the best rates. You will also discover many restaurants won't take any credit cards. You will need cash quite often (use your ATM card).

longlegs,
See http://flyerguide.com/wiki/index.php...reign_Exchange
For both credit and debit cards.

Henry

Have been happy with my Capital One mastercard.

Zero added fees, and the exchange rate is always slightly better than what you'll see reported on Yahoo Finance or WSJ.

Plus, the version I have gives me monthly cash-back rebates of about 1%.

You may have to travel long and far to find somewhere that acccepts AMEX. It's not popular on this side of the pond.

And Diners Club? Fuggudaboutit.

AMEX charges exorbitant fees from the vendors. No wonder that nobody accepts it in Europe.

Amex "nobody accepts it in Europe."

That is not quite true, I prefer using it and always offer it first . 1 out of 3 times it's accepted

Amex charges 2% conversion fee.

It also provides some services that other cards don't offer.

It is true that the local vendors of knock off designer goods tend to eschew Amex, but more upmarket operations accept it readily. :)

((I))

In Germany, Amex charges up to 6% transaction fee from vendors.

Source: http://www.finanztip.de/recht/bank/fi3-06.htm

I would not rely on an Amex card when travelling in Europe.

I always heard that Visa was preferred in France over MC - does anyone know if that's still the case?

Lavandula

lavandula

Used to be the case, but nowadays the French card operator Carte Bleue (now part of Carte Bancaire) is affiliated to both Visa and Mastercard (it started off as a Visa affiliate).

I have had far fewer problems using Amex in Italy than at home in the UK. Here it tends to be accepted by petrol stations, supermarkets and most (but not all) big chain stores.

Try using it at a pub/small restaurant/internet shop and chances are - No.

I haven't tried it on local knock off vendors, but the fact that a local premiership football club won't take it probably proves Ira's point about upmarket operations.

The transaction fee varies between European countries. E.g. in Germany, VISA and MasterCard charge 1.5% and Amex 2-6&.

In Spain, the transaction fee is between 0.5% and 0.9% due to intervention of the antitrust agency.

This is the reason, why in some countries almost every shop accepts credit cards and in others countries only the upmarket vendors.

I've never been refused the use of my Mastercard in France, I don't know where the info came from that Visa is preferred. And this has been true for me for several decades. I'm sure it must happen (taking Visa but not MC), but it is certainly not at all common. I've actually had quite a few places accept Amex in France, more than I would have thought (I probably notice it more for hotels), but I believe Amex just raised it's foreign transacation fee, actually. I have one and think I remember getting a notice. I think it is more like 2.5 to 2.7% now, hardly different than many Visa/MCs. I might be wrong on that as I don't use it often abroad, but I think so. They are also kind of sleazy in that they don't disclose that fee online when you apply for one (most cards do now, I think, it's in the terms you can read online), you can't see it until you get the card and the detailed terms. They recently raised my APR, also, for no reason whatsoever for various things as I guess they are desperate for money. I"ve never not paid an Amex bill on time (I have a Delta Skymiles), you'd think they would not want to alienate a customer. Now on the one hand, I don't care that much about the APR as I always pay my bill each month, but I just think it's an odd way to do business. I think they raised their annual fee, also, and doubt I'll be renewing them next year (I have a Delta Skymiles that had no fee the first year).

Honestly, I know AMEX is good for the customer many times, but regardless of what side of the ocean you're on, it's hard to find someone to take it. It's usually because when a machine is wired for VISA or Mastercard, you have to get it wired a whole separate way to take AMEX and of course, who wants to pay for that? Besides, charges to the people actually taking deductions (restaurant/hotel owners/agencies/shopkeepers/etc) are MUCH higher with AMEX and it can incur all kinds of hidden fees too. I prefer cash wherever I go, but if I had to choose a card, it would be Visa or Mastercard. Debit cards are a good option too.

Although I prefer to use my Visa or Mastercard in Europe, I have hardly ever had Amex refused, even in small villages.

I just had a conversation with Capital One about their world card. They eat the Master Charge fee, so it doesn't get passed along to you.
My local bank (based in little old Warren, PA) does the same with their Visa card.
My state credit card charges 1% on overseas transactions.
In summation, get on the phone, call Capital One(1-800-955-7070) and sign kp for a world card. Get one for your spouse (if you have one), or ask for two, in case one gets messed up. If your spouse (if you have one) gets a card, then it will be with a different number, so it will still work even if you have to report the original card missing, stolen, or whatever.
Of course, if you prefer, you can also do the above on-line at www.capitalone.com.

Have a nice trip.