CC recommendation - no overseas transaction fees?

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Rusty776

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Jan 28, 2019
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Hi All

Looking for a cc churn. I have only opened 2-3 this year. Need to spend a few $ on park tickets which will be charges in $US, thus attracting an overseas fee charge of around 3% I know the Bank west card has 0% fees but that is my everyday card so can't apply. Any others out there, all the ones I looked at attracted around 3-4%.

Cheers
 
Macquarie, although they might be expensive from an annual fee perspective
 
when credit cards charge no transaction fees, do they make up for it with an inferior exchange rate?
 
when credit cards charge no transaction fees, do they make up for it with an inferior exchange rate?
Yes. I've looked closely at this before. You didn't think you'd get something for nothing from a bank did you?
 
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BankWest World have good sign on bonus plus fair foreign exchange rates.
Good cards tend to be harder to get and this was one that was a struggle to get issued.
 
when credit cards charge no transaction fees, do they make up for it with an inferior exchange rate?

My experience with this is that it is at the Visa, Mastercard or Amex rate rather than a bank overlay. And they all seem to align pretty closely with what xe.com report.

I've had BW Platinum in the past but closed that as use the ANZ Travelers Rewards for these transactions. It has been a card I will hold onto.
 
ANZ Travel Adventures is my current pick - no currency exchange margin and some rewards points. Also has the advantage of free ATM cash withdrawls with no %age fee when overseas. Can be put into credit for the cash advances, so no interest either.
 
I like the Bankwest Qantas World Mastercard, no foreign transaction fees for online or overseas purchases. Plenty of earning QFF. points too. $1-1. More overseas.

I also like the 28 degree mastercard for a backup. (not a QF earner but no o'seas fees.)

AND I like the Citi Plus debit card (not a QFF earner either) because you put your own money in it, and can then use the debit card as per normal, in atms and in shops etc, overseas, andNO overseas foreign transaction fees, just the normal mastercard exchange rate, which is VERY, almost exactly, the same as XE currency converter. Better than any exchange shop or bank. It's excellent.

With these three cards, I can:
travel the world earning QF points overseas on every purchase on my bankwest mastercard, without foreign fees, and a very genuine exchange rate,
AND
have the 28 degree mastercard as a backup incase something goes wrong with the Bankwest card,
AND
have local currency cash at my disposal through any ATM (no ATM fees in most of the world) but withdrawing from my own AUD account, and use it to tap and go if I can't use my Bankwest card.
 
when credit cards charge no transaction fees, do they make up for it with an inferior exchange rate?
no, because the Bank that issues the Visa or MC doesnt set the exchange rate. The exchange rate conversions are processed by Visa/MC themselves and publicly posted daily on their respective websites, and the AUD amount is charged to your card.

If a bank was loading up the rate on cardholders, Joe Customer could check with Visa/MC and see the discrepancy and would be on Current Affair faster than you could hashtag it.
 
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