Wizard Clear Advantage "free international transactions"

Discussion in 'General Credit Card Discussion' started by Gulliver, Sep 8, 2006.

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  1. Gulliver

    Gulliver Junior Member

    Sep 5, 2006
    29
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    I read a post somewhere that Wizard's exchange rate is better than somebody elses. Are there any rules as to what exchange rate they use?

    What is XE.com - The World's Favorite Currency and Foreign Exchange FX Site

    I noticed Wizard charges at least 1/2 % higher than this.

    I'm not really complaining. That's still a lot cheaper than any other card I've used overseas.
     

  2. Alanslegal

    Alanslegal Senior Member

    Jun 22, 2007
    5,231
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    I have been using the Wizard Clear Advantage card for the past 2.5years and personally would recommend this card to anyone who will be using it overseas for cash advance and purchases.

    As for the "better exchange rates than anybody else" this is because they do not charge any conversion fees or charges.

    Using any other card and being slugged up to 4% conversion is like $4 per $100 spent. Hypothetically, if you spend $100 overseas, means you pay $104 using a non-wizard card and $100 with Wizard.
     
  3. aspro2

    aspro2 Member

    Nov 26, 2004
    175
    1
    MEL
  4. Flashback

    Flashback Senior Member

    Oct 29, 2006
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    Have just started hearing Ads on the radio for this..
     
  5. job

    job Newbie

    May 24, 2007
    8
    0
    Hi, I just applied for this card. It is my first credit card. I am going overseas in 16 days. The site said my application had been "referred for review" and I will be contacted in 5-10 working days. On the site I read if I was accepted they would issue a card in about 10 days. I don't think I will get the card in time if they take that long to tell me I'm approved and then I have to wait for it to get here. Any idea if I can ring up and see if they will approve me on the phone? Or any other way to speed this up?

    I was hoping to go into a branch on Monday to apply then read they don't do credit card applications at branches. :(

    Cheers
     
  6. benhadi

    benhadi Member

    Jul 9, 2007
    284
    3
    Apparently the Earth+ card also has no fees for using the card overseas. Not sure what the conversion rate is like. I know AMEX is probably one of the worst ones for conversion coz they convert whatever currently the transaction is to USD first, before converting it again to AUD.
     
  7. NM

    NM
    Moderator

    Aug 27, 2004
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    That "double conversion" is not a problem with Amex. Its just a process. they do not collect a commission for each conversion. The conversions are done at prevailing inter-bank rates and then they add their conversion fee (I think its about 1.5% now, could be more) once. I have checked many conversions from non-US$ to A$ and compared with the rates published on xe.com. In every case the conversion fee has ended up being the same rate as for charges in US$. I have no concerns with using my Amex card when overseas - naturally using extreme caution in places like Malaysia for obvious reasons.
     
  8. pongie

    pongie Intern

    Feb 14, 2007
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    How lond does it normally take for bpay transfer to appear on the online account transaction?

    I applied for the wizard clear advantage card earlier in the year but never used it. Now that I'm going overseas soon, I thought I'll test out the transfer first. Just in case I got the account numbers wrong or something...

    I deposited $40 this tuesday via bpay and it hasn't appeared on the online transction records. Double checked the numbers and it looked okay.

    I'm flying out on the 23rd os if it takes more than a week I'll have to transfer the rest of the amount before the 16th right? Otherwise if I spend the card before the transfer clears I'll be coping the interest rates for those days? I'm just concerned whether or not I'm transferring to the right card....
     
  9. SeaWolf

    SeaWolf Active Member

    Jan 24, 2007
    847
    21
    Sydney
    Actually, I think all the credit card schemes do it that way. I know that Mastercard certainly does:

     
  10. oz_mark

    oz_mark Enthusiast

    Jun 30, 2002
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    In my experience (and this is not to a GE card), overnight would be normal, however, I recall that most places say to allow 3 days for it to happen.
     
  11. NM

    NM
    Moderator

    Aug 27, 2004
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    I am not doubting the fact that most convert to US$ and then to A$. I am commenting on people's concern that that this is a problem. In my experience with both Amex and Visa, the rates used for the conversion to US$ and then to A$ do not include the commissions. The commission or currency exchange fee is only applied once. Some people seem to think, and imply, that it is applied twice or that the card companies use exchange rates favourable to themselves and hence unfavourable to the customer. That is not my experience when using my Comm Bank Visa or Amex cards for non-US$ overseas transactions. In my experience there is no penalty to the customer in the double conversion process.
     
  12. serfty

    Moderator

    Nov 16, 2004
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    I am not convinced that Australian Amex accounts undergo any "double conversion" via USD these days.

    It certainly was the case back in the 80's, but as far as I can see in the Maximiser documentation I have, all foreign currency conversions are now direct to AUD.
     
  13. SeaWolf

    SeaWolf Active Member

    Jan 24, 2007
    847
    21
    Sydney
    Getting back to the Wizard card. I know Wizard don't charge any fees on international transactions, but do they pass on the 1% Mastercard conversion fee? Or is that absorbed by them?
     
  14. neil_gardner

    neil_gardner Intern

    Nov 26, 2004
    78
    0
    shanghai, PRC
    They do absorb it...I should know I built the product.
    The reason why both Visa and MC convert to USD first is they route all foreign transactions to their US service centres first, before then sending it out to the local issuer. My understanding is that the conversion (i.e. loading) charge takes place from MC/Visa/Amex when it is converted from US to local currency. Wizard bascially backs this out of the calculation and charges you the original US amount.
    Glad you all like it...I love it too. Especailly as I now live overseas.
    Cheers
    Neil
     
  15. kpc

    kpc Senior Member

    Mar 11, 2003
    5,745
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    Another thumbs up for the Wizard Mastercard. Again, by putting the card into credit prior to going overseas, I have obtained local currency at almost the official exchange rate without any charges:mrgreen::mrgreen:.
    The countries where I have now used it without any problem are slowly expanding:
    Malaysia, Singapore, NZ, Mainland China (+HK), Austria, Germany, Czech Republic and the US.

    My only concern is how long is it going to last for!!:confused:
     
  16. leny

    leny Member

    Dec 31, 2006
    308
    3
    WLG/BNE
    Well, it survived the year. :)
     
  17. kpc

    kpc Senior Member

    Mar 11, 2003
    5,745
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    Let's hope it survives another year!
    NAB tipped to be buying Wizard Home Loans | The Australian
    Recently, I used AMEX for a stay in a hotel in Bali, I was charged 2.5% FX commission:shock:. The Wizard has saved me lots of money in commissions since I first got it:idea:. I can now add the UK, and Indonesia where I've used it without any problems. Soon to use it in Thailand and Japan as well!
     
  18. Alanslegal

    Alanslegal Senior Member

    Jun 22, 2007
    5,231
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    Go Wizard ;)

    Its approaching my 5th year with this card! :cool:

    And yes, it has saved me a stack of money when using it when o/s!
     
  19. wakako

    wakako Junior Member

    Nov 6, 2008
    13
    0
    Re: Wizard Clear Advantage card protection?

    Hi!

    I understand that wizard clear advantage card is very good for oversea travellers.. but do they have card protection?
    dose anyone has experience that they insured your card?
    (f credit card raud theft... card has been used without your knowledge)
    what is happed?
    I tryed to call them they dont make it really clear for me ,,
    if you know anyone pleae let me know!

    :D
     
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