Buying foreign currency with credit card

[elbarto]

Does it get treated as a purchase or a cash advance?

 

[blu]

I'm guessing that it couldn't be a cash advance if purchased from a merchant (a bank purchase may be different).
I purchased currency with Visa from the PO in Jan & didn't incur any other costs (from memory).

 

[ashleyn]

Cash advance I have been told.

 

[Lizzi]

I bought currency from Travelex a few years ago and it was treated as a cash advance.

 

[cove]

The AFF idea we use is get a 28 Degrees card and load it by BPay to just under your credit limit and activate the PIN and use the card before departing. Getting 500 pounds or US dollars at true rate is quite brilliant!
Be fair and put more than just cash advances on the card.

 

[codash1099]

The AFF idea we use is get a 28 Degrees card and load it by BPay to just under your credit limit and activate the PIN and use the card before departing. Getting 500 pounds or US dollars at true rate is quite brilliant!
Be fair and put more than just cash advances on the card.

I've done most of my spending on the 28 degree card this trip. The exchange and fee savings outweigh the loss of points by not using Amex.

 

[cove]

Yes getting clipped between 3.5% and much higher on foreign exchange could make you feel like a sheep being clipped. True rate and no card fees makes this a winner. There are some places that will happily grab the higher % of your money if you give them a chance.

 

[get me outta here]

"load (28 Degrees) by BPay to just under your credit limit". Why under the limit if you are putting on yr own money?

 

[DeKa]

"load (28 Degrees) by BPay to just under your credit limit". Why under the limit if you are putting on yr own money?

They refund it/send you a cheque if you put more than your limit in.

Just another reason to not use 28 Degrees in this way and get a free card designed for cash overseas... Citibank Plus.

 

[cove]

BankWest,Citibank and 28 Degrees have the goods but I went to 28 Degrees and it has worked as I have described it for us.

 

[codash1099]

BankWest,Citibank and 28 Degrees have the goods but I went to 28 Degrees and it has worked as I have described it for us.

Ditto. I've had no problems at all in the few years I've been using it. Only difficulty is that while balances are updated online promptly, individual transactions take a while to post.

 

[banger2]

To the OP's question, with my ANZ FF and Westpac Earth card, purchasing foreign cash has always attracted cash fees and incurred interest from day 1 on those "purchases".

 

[Mark3000]

no points on Westpac Altitude Black. Appears online as "BPAY to Amex fx4u" but no points, and I suspect I will get stung cash advance interest

 

[cove]

I now use Citibank Plus debit card because 28 Degrees Card introduced a fee on cash withdrawals at my fee free ATM in Canary Wharf ( London ) .