Qantas FF Points Credit Card - No Foreign Currency Fees

[oz_mark]

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.

My Statements from Westpac include something like the following (after the list of transactions)

Credit Card Scheme Fees on Foreign Currency Transactions for this period
__________________________________________________________________________

MasterCard Fee .17

 

[Dougo]

Nope, sorry, no such details on my Altitude Gold Card statement. It has, and I quote, got the following statement.

" Any statement entries for purchases or cash advances/withdrawals made in a foreign currency include the following three components: (1) the foreign currency transaction amount converted into Australian dollars by the applicable credit card scheme; (2) any fee that may be charged by the applicable credit card scheme to Westpac on foreign currency transactions; and (3) a foreign currency transaction fee charged to you by Westpac, being 2.0% of the Australian dollar transaction amount".

My statement lists no % charged by Mastercard (being the "credit card scheme") for using my credit card O/S.

From the "lump sum" Aussie dollar converted figure I cannot work out if (1) and (2) have been applied and if so, how (3) was charged, ie, on the $US cost of goods, or after (1) and (2) were applied? There is no indication of the exchange rate used so any figure I would come up with would just be at best a guess and quite frankly, as a customer footing the bill, I want a little more transparency.

 

[oz_mark]

Nope, sorry, no such details on my Altitude Gold Card statement. It has, and I quote, got the following statement.

Intersting, mine lists them straight after the American Express transactions section, and before the list of interest rates and summary of changes to my account. I always thought that was on everyones accounts!

The fees are:

For visa:

Visa International Service Association charges us 1.0% of the transaction amount where a transaction is made using your Visa card and the merchant or financial institution accepting the card is located outside of Australia. We pass this amount on to our customers.

For mastercard

3. MasterCard International Incorporated charges us 0.8% of the transaction amount where a transaction is made using your MasterCard and the merchant or financial institution accepting the card is located outside of Australia. We pass this amount on to our customers.
4. MasterCard International Incorporated charges us 0.2% of the transaction amount for converting foreign currency transactions made using a MasterCard into Australian dollars. We pass this amount on to our customers.