Many people have mentioned over the years that the Capital One credit card does not charge you a fee for foreign currency transactions. As Amex has now increased their fee from 2% to 2.75%, I have decided that I may need a different card for use overseas. However, I could not find anything on the Capital One credit card site as to what exchange rate they used to convert foreign currency transactions into USD. If they use mid-market (what AMEX uses) and doesn't charge a few, it is a great deal. If they use mid-market minus 2%, it is closer to a wash. Can anyone tell from their past statements or some documentation from Capital One which exchange rate they use when coverting to USD? Even better would be a side by side purchase on same day at same merchant using two different cards.

thanks,

Marc,
We have a Capital One No Hassle Miles Platinum Visa. I do not know what index they use. On Feb 9, 2009, they gave 1.217782188 CAD for 1 US$ for a hotel bill in Montreal. The only online historical exchange quote I could find for that day was at Yahoo and it gave the rate as 1.2188 CAD per 1 US$.

Debbie

I did a google search on this last night that came up with a message board with very interesting comments from card holders. Apparently, Capital One does their currency conversion on the day of posting, not purchase. And a couple people were complaining about just what Debbie posted above.

Marc,
I just returned from Egypt, and I had a currency exchange site I subscribed to,so when I got my cc statement, I measured that against the rate listed for the day, and it was the same. Also, they do not charge foreither purchases or cash advances. I have had it for 3 years and have been very happy with them. Yes, it is the day posted, but usually the difference is minimal. Also, someone I was travelling with checked every day the exchange rate, and when I checked my bill vs her calculations, the bill was always lower.
Lynn

Marc, today, USAtoday posted a valuable summary
article on which credit/debit cards to use
overseas. Pls see link below. In sum, best
credit card, Capitol one (0 % FTF); best debit
card, BA 0 cost per transaction, 0 surcharge fee..altho USAA is next best with 0 cpt, 1% exchange surcharge fee.

http://www.usatoday.com/travel/deals/inside/2009-05-21-best-overseas-credit-card_N.htm?POE=TRVISVA

I use a Capital One Visa when travelling abroad and have always felt they were fair. However, they have changed their charges for new customers so I am not sure they are as good a card as they once were. As far as debit card I have found that sometimes a local bank is quite reasonable. I live in a very small rural community and the local bank does not charge any foreign currency exchange or atm fees so I use them when I am abroad and need local currency.

Hi All,

I am revisiting this thread and wonder if the CAPITAL ONE MasterCard NO HASSLE CASH REWARDS card is one that anyone here uses. It has no annual fee, cash back in account credit, check or gift card and no foreign transaction fee. I mainly want it for foreign travel. Any thoughts on this card?

Thanks

The "real" Platinum which many of us have (and Centurion) AMEX now has no foreign exchange fees.

Also, the Chase BA (and "new" Hyatt) Visa / MC also have no foreign exchange fees.

Thanks Peter. I just used the Chase BA yesterday because of the no fees when doing our Australian visas, but I would have used the AMEX Platinum had I realized. Is this part of the "new" Platinum benefits they've been advertising, including the $200 airline fee waiver?

----------

Eugene

Interesting! I have gone back to check my CC accounts and I was charged Foreign transaction fees on AMEX Platinum, Delta Skymiles Amex Platinum and BA Chase Visa.

Thanks, guys, for the info. I'll investigate your suggestions further.

Yes, David, my Delta AMEX Skymiles card does gather foreign transaction fees. I didn't use it in OZ-NZ due to the fact that AMEX isn't accepted there by most vendors.

No Forex fees on AMEX Plat (Centurion) and the Chase BA & Hyatt Visas are new developments within the last few months.

Beth, Mine is the Capital One Platinum Visa No Hassle Rewards.
Debbie

I believe the Amex program isn't in effect until late March or early April. That's my recollection from the announcement in December.

I have both Hyatt and BA Visa cards. Neither of these cards collect foreign transaction fees.

Every time I check the Cap One exchange rates, I am never upset.
I find it a good card to use internationally.

Doug