Author Topic: Best US Credit Card to use overseas (Read 7640 times)

BrooklynCPA · « **on:** July 08, 2010, 04:38:46 PM »

Is there any specific Credit Card that you give to someone studying is Israel for the year? One will no foreign transactions fees and with better conversion rates?............... Any advice would be appreciated.

EliH · « **Reply #1 on:** July 08, 2010, 04:43:37 PM »

Capital One has no conversion fees

steve2 · « **Reply #2 on:** July 08, 2010, 04:43:41 PM »

I use Capital One No Hassle cash Visa CC its 1% back and no Forex fees. Schwarb had a 2% back & no fees that was connected to yur acct with them. I believe they stopped issuing the CCs to those who didnt have 1 already

BrooklynCPA · « **Reply #3 on:** July 08, 2010, 05:23:06 PM »

Thank You Steve. The Capital One No Hassle cash Visa CC seems like the right card.

steve2 · « **Reply #4 on:** July 08, 2010, 06:17:51 PM »

Quote from: BrooklynCPA on July 08, 2010, 05:23:06 PM

Thank You Steve. The Capital One No Hassle cash Visa CC seems like the right card.

is a chart of most c/o FT http://flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

it says Cap1 is 0% but I always get a Forex which is apx 1% more then the listed rate. with the 1% rebate = no charge

I also like that Cap1 has some branches in the NYC area so if need be I can simply drop by and pay it off or take care of things, even better with those with a coin counting machine , otherwise you need an acct in order to deposit those things

beej · « **Reply #5 on:** July 08, 2010, 06:31:13 PM »

i heard cap one and TD are the only 2 that have no conversion charges

Dan · « **Reply #6 on:** July 08, 2010, 07:46:59 PM »

We've had this debate before, but personally I don't think it's worth applying for a capital one card just for overseas purchases.

AMEX has top-notch dispute resolution (and extended warranty, stolen item protection, etc.) which can definitely come in handy when you make purchases overseas. Plus Starpoints are very valuable (I'd say roughly 2.5 cents although they were going for 3 cents during the AA promo. Of course there's still an excellent USAir promo now.) so between that and the AMEX protections I don't think it's worth getting another credit card just for overseas purchases.

steve2 · « **Reply #7 on:** July 08, 2010, 10:48:37 PM »

Quote from: Dan on July 08, 2010, 07:46:59 PM

We've had this debate before, but personally I don't think it's worth applying for a capital one card just for overseas purchases.

AMEX has top-notch dispute resolution (and extended warranty, stolen item protection, etc.) which can definitely come in handy when you make purchases overseas. Plus Starpoints are very valuable (I'd say roughly 2.5 cents although they were going for 3 cents during the AA promo. Of course there's still an excellent USAir promo now.) so between that and the AMEX protections I don't think it's worth getting another credit card just for overseas purchases.

we did discuss this but Amex also charges 2.875% Forex. Would you buy SPG Pts for .02875 cents each? assuming theres no extra bonus promos?

I have close to 12 CCs and my Cap1 is used ONLY for my Intl trips and its very much worth it with the amount I save.

Id agree with You if a person is simply gonna be taking 1 Intl trip for say a week and thats it. But the OP has a kid thats gonna be in Israel learning for a full year for whom they want the CC. Id say Cap1 is the Only way to go , and it can save the OP some very serious $$ over the whole yr. $28.75 per $1000 adds up very quickly

BrooklynCPA · « **Reply #8 on:** July 08, 2010, 11:04:56 PM »

I totally agree with Steve. Starpoints are great but not at the expense of almost 3% foreign exchange fee. Its actually for a friends of mines child, I'm not that old yet.

how · « **Reply #9 on:** July 11, 2010, 06:21:08 AM »

Dan if you are here for an extended time then Capital one is the way to go. 1 % cash back is way better then paying $.03 for a *wood point. When your buying shwarma or pizza you really don't need all the amex protections. Capital one also has a great fraud protection team that will call you for anything suspicious.
When buying anything important in Israel such as airline tickets or renting cars then I use my amex for the protections!

how · « **Reply #10 on:** July 11, 2010, 06:23:58 AM »

as steve says if your only going for a week then use your amex its not worth the hassle getting a new credit card.

aussiebochur · « **Reply #11 on:** July 11, 2010, 06:30:08 AM »

Quote from: how on July 11, 2010, 06:21:08 AM

When your buying shwarma or pizza you really don't need all the amex protections.

Don't you have 90 days to return it to Amex?

how · « **Reply #12 on:** July 11, 2010, 06:56:06 AM »

Quote from: aussiebochur on July 11, 2010, 06:30:08 AM

Don't you have 90 days to return it to Amex?

I never though of that!

Dan · « **Reply #13 on:** July 11, 2010, 11:18:11 AM »

Quote from: how on July 11, 2010, 06:21:08 AM

Dan if you are here for an extended time then Capital one is the way to go. 1 % cash back is way better then paying $.03 for a *wood point. When your buying shwarma or pizza you really don't need all the amex protections. Capital one also has a great fraud protection team that will call you for anything suspicious.
When buying anything important in Israel such as airline tickets or renting cars then I use my amex for the protections!

If you're going to be there for a year, then yes, I'll agree.
If you're just going to Israel for a trip though it's not worth it.

And if you make any bigger ticket purchase (like a defective GPS in my case or...) it's still nice to have paid by AMEX and be covered by their numerous excellent protections (Return, stolen item, online chargeback, extended warranty, etc.)

And .03 for SPG is not insane folks. I've seen 'em go for that rate myself during the AA promo and I'm sure there will be more promos like that in the future as airlines want to get people to transfer more points into mileage.

Deal Guy · « **Reply #14 on:** July 11, 2010, 11:43:55 PM »

Quote from: Dan on July 11, 2010, 11:18:11 AM

And .03 for SPG is not insane folks. I've seen 'em go for that rate myself during the AA promo and I'm sure there will be more promos like that in the future as airlines want to get people to transfer more points into mileage.

Why do airlines want that to happen, what do the gain?

Dan · « **Reply #15 on:** July 11, 2010, 11:45:18 PM »

Quote from: Deal Guy on July 11, 2010, 11:43:55 PM

Why do airlines want that to happen, what do the gain?

They sell miles for cash to SPG. Cash in the pocket > no cash.
Hence the current 20,000 SPG:37,500 US promo and last month's 20,000 SPG:33,750 AA promo.

aussiebochur · « **Reply #16 on:** July 11, 2010, 11:52:21 PM »

Quote from: Deal Guy on July 11, 2010, 11:43:55 PM

Why do airlines want that to happen, what do the gain?

I presume that there is someone paying the airlines for the miles. They therefore gain money.

Deal Guy · « **Reply #17 on:** July 12, 2010, 12:00:42 AM »

Quote from: Dan on July 11, 2010, 11:45:18 PM

They sell miles for cash to SPG. Cash in the pocket > no cash.
Hence the current 20,000 SPG:37,500 US promo and last month's 20,000 SPG:33,750 AA promo.

Quote from: aussiebochur on July 11, 2010, 11:52:21 PM

I presume that there is someone paying the airlines for the miles. They therefore gain money.

And since the airlines don't open up more availability for us to use all these miles, they can afford to sell them for cheap, as many people just end up having their miles sit by them, due to a lack of availability. Thus that's how they are offering such lucrative offers. Correct?

aussiebochur · « **Reply #18 on:** July 12, 2010, 12:09:13 AM »

Yes, the airlines actually make millions of dollars on unused miles.

rm · « **Reply #19 on:** July 12, 2010, 12:09:53 AM »

Is the exchange rate better for a CC, check or cash?