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Credit Cards

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Dale Williams

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Credit Cards

by Dale Williams » Fri Sep 14, 2007 3:01 pm

For many years it seems I've gotten a Capitol One offer almost every week. I've always just ripped up and thrown away. I had a vague sense of a card that catered to folks with tendencies to run balances, probably with near predatory rates, and I was happy with the cards I had (Amex, Discover, and a MC, all with either miles or cashback). I always pay off, so teaser rates don't make a difference.

However, this year we were going to Europe. And my stepson is going to college in Scotland (and yes, for both reasons I hate the weak dollar). It turns out Capitol One is virtually alone in not charging even the 1% that Visa/MC charges the bank for currency exchange- they absorb it. After confirming with Capitol One that was indeed the case, Betsy got a CO card. Since David will be in UK, we ordered one for him too (with appropriate threats if he used it for anything other than either emergency or something we pre-approved).

In France and Italy, we used it for the vast majority of bills. When we got back, I used a calculator. Indeed, looks like no foreign exchange fee (Amex is 2%, and most MC/Visas are either 2 or 3 percent). After confirming again, we just made a £9000+ initial payment to St Andrews - it was cheaper to put it on the card than to write a check in dollars, or to convert to pounds and transfer. Plus we get the miles.

I realize college costs are unlikely to be a factor for many people, but if you are an American who travels out of country a couple times a year, saving 1-3% could add up.
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P. Rousseau

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Re: Credit Cards

by P. Rousseau » Fri Sep 14, 2007 4:36 pm

That's good to know. I'm going to be living over here in Germany for another 2 years being paid in $ instead of €.
Pete Rousseau
- simple ol' ex-military guy trying to learn about wine while traveling Europe
- Retired USAF, now working in Germany as a contractor
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Mark Willstatter

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Re: Credit Cards

by Mark Willstatter » Tue Sep 18, 2007 7:01 pm

Some, mostly smaller banks and most credit unions only pass along Visa/MC's 1% without adding any extra fees but as far as I know you're right, Capital One is the only one that swallows even the 1%.
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Bob Ross

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Re: Credit Cards

by Bob Ross » Tue Sep 18, 2007 7:11 pm

Thanks for the tip, Dale. It can make a difference to us from time to time, and I'm sure Janet will want to take advantage of it. :)

Regards, Bob
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Joel Sprague

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Re: Credit Cards

by Joel Sprague » Sat Nov 03, 2007 7:49 am

In Kuwait for the next year, that's interesting information to know. Thanks.
in vino veritas

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