foreign transaction fees

[liuyz]

Dinner card is back as a companion card for Citibank credit card with no foreign transaction fees.

The Plati Charge card from US is also having no foreign transaction fees.

How about us in AU? Are we still running in the old school days?

With the new MD for AMEX ANZ back from US, is it a good time for AMEX AU to re-consider on this topic?

 

[blueythecat]

It would be an excellent time for Amex to reconsider this topic in Aust. I really do think it’s about time the Platinum Charge card dropped the FX fees.

I doubt it is going to happen, but I hope it is on the Amex AU product managers minds!!

 

[tlam]

To Amex AU if you are here.

You’ll even win more customers if you offer the card without the FX fee, we lost 2 Amex cards lack of FX fee are CBA Amex Reward and ANZ Amex Travel Adventures Card

 

[liuyz]

To Amex AU if you are here.

You’ll even win more customers if you offer the card without the FX fee, we lost 2 Amex cards lack of FX fee are CBA Amex Reward and ANZ Amex Travel Adventures Card

AMEX AU is definitely around here.

 

[gregff]

This would make a big difference to my usage of the Plat Charge overseas (which is nil now due to the presence of no-foreign-fee credit cards like ANZ Travel Adventures, 28 Degrees MC, Coles MC rewards). I think Citi's new Diners Club no-foreign-fee companion card (Diners has much better acceptance overseas than in AU) will also make a substantial impact on people's choice of card for o/s use and potential loss of market share for Amex higher-end card unless they also remove forex fees.

 

[theblank]

It would be an excellent time for Amex to reconsider this topic in Aust. I really do think it’s about time the Platinum Charge card dropped the FX fees.

There has been a steady evolution for credit cards in respect of 'overseas transaction fees' since Bankcard was a boy. In Visa/MC early days it was by far the cheapest way to spend money overseas, compared to the TT Sell rate to buy travellers cheques. Then after some whinging about banks hiding fees, it became a requirement to disclose how much the banks added to the Visa/MC exchange rate, so it became a separate charge and then they INCREASED the fee! Thanks a lot whingers!

Then came along the 28Degrees Mastercard (by a previous name. Aussie or Wizard home loans) that abolishes this fee over 10 years ago. Ever since than every couple of years or so we see new players in this space, and its definitely escalating the last few years.

How about us in AU? Are we still running in the old school days?

The Australia consumer does have quite a few choices now, including entry level product with no fees. IMHO, Australia is the world leader in providing such a product, its the rest of the world thats lagging behind in the old school days.

I wouldn't be worried about Amex, eventually they are going to have to catch up and offer this option to their customers.

 

[Mr_Orange]

I agree, that for the cost of the card, the Amex Plat Charge should not attract FX fees.

 

[liuyz]

I wouldn't be worried about Amex, eventually they are going to have to catch up and offer this option to their customers.

With AMEX brand, I would expect others to catch up, not us.