Qantas FF Points Credit Card - No Foreign Currency Fees

[xco]

Is anyone aware of an Australian credit card that accrues Qantas Frequent Flyer Points but they card issuing agency does not charge addittional fees for foreign currency transactions.

I recently moved to the Earth Card which earns great points, but they charge addittional fees ontop of the currency conversaion for foreign transactions.

I also have a Citibank Platinum and they charge as well.

 

[serfty]

This is not an uncommon question here. Have a look at some of the other threads on this topic.

Unless you belong to or are a member some specific organizations that offer such products, I think you are out of luck.

 

[borsa]

Is anyone aware of an Australian credit card that accrues Qantas Frequent Flyer Points but they card issuing agency does not charge addittional fees for foreign currency transactions.

I recently moved to the Earth Card which earns great points, but they charge addittional fees ontop of the currency conversaion for foreign transactions.

I also have a Citibank Platinum and they charge as well.

When I took out my first Earth Card it was my understanding that Westpac did NOT charge additional fees as most bank card issuers do. That's the reason I used Earth in preference to my other cards whilst O/S last year. I now have the Earth Platinum card in addition to the Earth + (now Earth Gold card) and presume that the same applies. I hope so because of my impending O/S trip. Can anyone confirm?

 

[oz_mark]

When I took out my first Earth Card it was my understanding that Westpac did NOT charge additional fees as most bank card issuers do. That's the reason I used Earth in preference to my other cards whilst O/S last year. I now have the Earth Platinum card in addition to the Earth + (now Earth Gold card) and presume that the same applies. I hope so because of my impending O/S trip. Can anyone confirm?

They now charge additional foreign currency fees. Changed a few months back

 

[Dougo]

When I took out my first Earth Card it was my understanding that Westpac did NOT charge additional fees as most bank card issuers do. That's the reason I used Earth in preference to my other cards whilst O/S last year. I now have the Earth Platinum card in addition to the Earth + (now Earth Gold card) and presume that the same applies. I hope so because of my impending O/S trip. Can anyone confirm?

Borsa, Westpac not charging for additional fees etc??? Let me tell you, they are now charging like a wounded bull (certainly for a Gold Mastercard) !!

And as for transparency, just try phoning them to find out what the exchange rate was they charged you on the day of the transaction !!! On our statement received last week, while there was a disclosure about the fees charged in general, there were no separate listings against each transaction for the fees W'pac charged, the fee Mastercard charged nor the exchange rate - just a lump sum AUD amount against each transaction.

I spoke to several people in W'pac and asked them to work out exactly what those charges were and how the percentages were applied - unless of course I happened to get a bad run of absolutely useless customer service reps none of them were able to work it out.

I was given an 1800 number to ring which was Mastercard in the USA. However for me to get backdated information (to 1st December 2008) about fees or rates applied on particular days I was given another Mastercard number in the USA that I had to call at my expense. As W'pac pointed out to me they are not responsible for what Mastercard charges. So the long and the short of it is that my W'pac credit card has TWO interested parties wanting a slice of the action - W'pac AND Mastercard.

I would check the terms and conditions of your card very carefully and be aware that changes to the T&C can happen while you are O/S - as it did in our situation. If Earth Platinum has been issued by Mastercard or if any O/S transactions on that card go through Mastercard, you may pay fees. I would be surprised if they gave you any O/S transactions at no charge at all. Good luck to you if you don't get hit with any charges.

 

[dajop]

The cynic in me says "fat chance". In the last 12-18mths the difference between what the "rate of the day" on something like ozforex.com or xe.com and what is charged on the CC, seems to have increased from about 2.5% to in the order of 4.5%. This is on westpac altitude, but my Amex charges only come through at slightly better rates. This whole area suffers from complete lack of transparency and really there doesn't seem to be much recourse for consumers.

[rant warning]Not that they I go there very much, but my most recent trip was to NZ, and that's where I noticed the 4.5% creeping in. It is ridiculous in particular that between countries such as Aus & NZ that such hefty fees are charged - it's hardly as if there isn't a decent volume of transactions that take place between the two countries. About time we did an EU and unified the currencies.[/end rant]

 

[karinab]

I did some research into the availability of cards without currency conversion fees a year ago when I was planning a long trip o/seas. Back then the only such card available on the market was the Wizard Clear Advantage Mastercard - this card has no annual fee however unfortunately it doesn't offer any FF points. The exchange rate was also reasonable. Since then I haven't heard of any other cards entering the market which offer no currency conversion fees.

 

[Mal]

Since then I haven't heard of any other cards entering the market which offer no currency conversion fees.

Welcome!

Indeed, it seems that way - or at least I don't know of any others. A very recent trick by some credit card issuers is to start charging a currency conversion fee on transactions overseas that are processed in $A. Looks like the rorting isn't going to go away, but increase.

 

[Evan]

Welcome!

Indeed, it seems that way - or at least I don't know of any others. A very recent trick by some credit card issuers is to start charging a currency conversion fee on transactions overseas that are processed in $A. Looks like the rorting isn't going to go away, but increase.

But who ever in there right mind would accept the local conversion rate to AUD ?? must be some places its better but i have yet to find any, always i am better of taking the conversion on the CC, couple of times i tried the local conversion i was way worse off even on the best rates.

And of course it is terrible they would think to charge on that

E

 

[Mal]

But who ever in there right mind would accept the local conversion rate to AUD ??

In some cases you have no choice. For example, booking a plane ticket with Tiger you could be charged by the SG merchant account (in $A) for the amount quoted on the website. It's no difference to you if the SG account charges it or their AU account charges it - but of course the banks know and will charge the foreign % fee on the SG transaction.

Plenty of other examples.

 

[oz_mark]

Welcome!

Indeed, it seems that way - or at least I don't know of any others. A very recent trick by some credit card issuers is to start charging a currency conversion fee on transactions overseas that are processed in $A. Looks like the rorting isn't going to go away, but increase.

Not that its called a conversion fee. NAB call theirs an "International Transaction Fee"

 

[Mal]

Not that its called a conversion fee. NAB call theirs an "International Transaction Fee"

Same rort, different name

 

[Evan]

Same rort, different name

Way too many rorts on the part of CC companies. Just grin and accept it ! We as consumers have little choice really, sure we can always chase the cheapest option but that takes time and money and sometimes you better off accepting the fees and charges and just live with it.

E

 

[Diesellife]

Ok here is a little more info mainly on NAB Plat cards:

Amex - 1.5% for both single/multi currency with no additional charge from NAB

Visa - 2.30% single currency for non internet transaction or 1.5% single currency for internet transaction. Otherwise 2.5% for multicurrency. Nab doesn't charge anything on top of them.

Personal experience, Nab Amex is cheaper than Amex-Amex for the % charge but bear in mind that Amex's exchange rate is usually not as competitive as Visa.

 

[oz_mark]

This suggests two things:

1) That the fee is charged by the scheme rather than by the issuer
2) Not all issuers in Australia are passing it on.

Given the way the world works, I imagine US residents would be somewhat nore impacted by this than us in Australia.

 

[lovetravellingoz]

My personal experience has been that internationally that Amex is an expensive card to use when one adds the all-up charges that appear.

VISA I have found to be cheaper with the added advantage that currency converson rates seem (not easy to directly compare as I have used them on different days) to be better.

I much as possible tend to try and use cash when overseas by pre-paying my WIZARD and converting currency (which still has a fee but normally leaves me in front).

 

[dajop]

A single point of comparison.

1) My partner purchased Auckland bus ticket at vending machine using Westpac issued Earth Mastercard.
2) Moments later I used same vending machine to purchase same ticket using my Westpac issued Altitude Visa.

The cost of my ticket, after conversion to AUD was 0.2% higher (in this instance a whopping 3c!). So maybe Visa as higher fee than M/C?

 

[Diesellife]

A single point of comparison.

1) My partner purchased Auckland bus ticket at vending machine using Westpac issued Earth Mastercard.
2) Moments later I used same vending machine to purchase same ticket using my Westpac issued Altitude Visa.

The cost of my ticket, after conversion to AUD was 0.2% higher (in this instance a whopping 3c!). So maybe Visa as higher fee than M/C?

Well, I love your test, simple yet accurate.

But first of all, do Earth mastercard and altitude visa both have bank charge? (I'm not sure about this but I know some bank do charge additional to the conversion) If they do, are they the same rate?

Then, maybe the 0.2% is merely the exchange rate margin, so perhaps mastercard has a better exchange rate than Visa?! But not necessary to be cheaper for fee?!

Some bank do the breakdown, some don't, I think they should be standardised it!!!!

 

[oz_mark]

Westpac statement do include details of the charges that have been passed along by the scheme (Visa/MC/Amex), so you should be able to pick if there is a difference there.

I actually think that the fees on both Altitude and Earth total to the same, so the difference may be from the exchange rate used in the calculation.

 

[JohnK]

As W'pac pointed out to me they are not responsible for what Mastercard charges. So the long and the short of it is that my W'pac credit card has TWO interested parties wanting a slice of the action - W'pac AND Mastercard.

I would be very surprised if Westpac was actually passing on Mastercard charges only. If Wizard manages to do it that cheaply then the rest of the credit cards should be able to follow suit. But you have to cut through the greed first....

About time we did an EU and unified the currencies.

I agree. The Pacific Peso has a nice ring to it....

VISA I have found to be cheaper with the added advantage that currency converson rates seem (not easy to directly compare as I have used them on different days) to be better.

Apart from the Wizard Mastercard I have not seen a credit card that comes even remotely close to Amex with foreign currency fees. I will continue to use Amex for most purchases for the MR points and Wizard for cash advances and purchases where Amex is not accepted. YMMV....