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Capitol One VISA Fees

Indianapolis, IN
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25 posts
11 reviews
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Capitol One VISA Fees

I had heard that Capitol One VISA does not charge an extra fee for charging in foreign currency, however, when I applied for their card online, there was no disclosure addressing foreign transactions. I got the card last week, and with it came a disclosure saying that they can charge foreign exchange fees as disclosed in TILA. I called Capitol One twice to ask for something in writing. Once, they said they charge no fee, but had no paperwork to send me stating this. The second time I called, they said they charged 1%, and had no paperwork or written disclosure that addressed this, but that they could send me a letter stating this. This sounds screwy beyond belief. Anyone from Capitol One like to explain this? Has anyone recently kept track of exchange rates and purchases to tell if Capitol One VISA is truly charging fees? With other cards, I hear that the fees just get added into the converted amount, so most folks aren't even aware that they are even getting charged a fee. Comments?

USA
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29,159 posts
7 reviews
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1. Re: Capitol One VISA Fees

***ALL*** VISA and M/C networked credit cards will be charged at least 1% by the VISA or M/C processing network. In Capital One's case, they simply do not add on their own additional 'foreign transaction fee'. to the transaction.

WA, USA
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371 posts
2 reviews
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2. Re: Capitol One VISA Fees

Visa charges 1%. Banks then charge additional amounts on top of that. Capital One is currently charging 0% on top of that, making their total charge 1%. So either answer of 0% or 1% is technically correct. But your statement will show 1%. They are my cheapest account for foreign currecny conversion. I have another account charging Visa + 2%, or 3% total. Quite frankly none of it amounts to all that much. I typically use my ATM card to get cash about 300 Euros at a time and I only use a credit card to pay for hotel rooms. And I just don't worry about the 1-2% extra charge.

Paris, France
Destination Expert
for Paris, Loire Valley
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24,071 posts
4 reviews
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3. Re: Capitol One VISA Fees

There seems to be a sudden deluge of questions about credit card/ATM fees. You may want to check the following thread for a complete discussion about the subject including the explanation that currently, Capital One and USAA are two of the few card issuers who keep extra charges to a minimum.

tripadvisor.com/ShowTopic-g187147-i14-k39576…

USA
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29,159 posts
7 reviews
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4. Re: Capitol One VISA Fees

You might also want to read this recent piece from the TRAVEL section of the NY Times for general insights into the 'systems' and how they work--

…nytimes.com/2006/02/19/travel/19prac.html

New Jersey
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85 posts
1 review
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5. Re: Capitol One VISA Fees

I have a Capital One card and have recently used it in London, Geneva, Hong Kong and Australia and they did not charge fees, they converted the $$ at the current exchange rate. You will need to advise them when you are traveling, or they will cut off your purchases. They did cut off large purchases, even if when we had available credit on the card ....make sure you have a "back-up" card to use!

Mentioned in this post
London
London
England, UK
Geneva
Geneva
Canton of Geneva, Switzerland
Kong
Kong
2,879 Reviews
Paris, France
Virginia
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68 posts
18 reviews
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6. Re: Capitol One VISA Fees

How large a purchase did they not allow? That worries me for my upcoming trip.

Palm Springs, CA
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1 post
4 reviews
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7. Re: Capitol One VISA Fees

After reading an article in Feb. Conde Nast Traveler, I phoned Capitol One regarding their foreign purchase fee policy. The article stated that C.1 was the only credit card not to access fees. However, the LENDER, i.e., MasterCard or Visa does charge 1.2% for foreign purchases on the C.1 cards. What C.1 DOES NOT do is impose an additional 2% "gouge" fee as do cards like Citibank, etc. On Citibank, a friend of mine was charged over 3% for foreign purchases last fall and came home to a whopping $99 charge for this after a 10 day stay in France. I applied for a Capitol One card and will use it exclusively for foreign travel. The second best card the Conde Nast Traveler article recommends is American Express which charges an overall 2%. And yes, most charge cards have been charging you for the exchange, (usually a little over 1%), but has built it into the charge so it has gone unnoticed. It's still the best way to make foreign purchases and I will continue to use my ATM for cash there. The exchange rates on credit cards and ATM's even with the higher fees is still better than the old way of doing business there, i.e., traveler's checks and foreign exchanges!

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France
France
Europe
Denver
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124 posts
22 reviews
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8. Re: Capitol One VISA Fees

When calling Capitol One last week to give them a travel advisory, they really beat the drum on the no additional charge thing. But they also said a plus was getting something they called an "interbank exchange rate" or something like that. Does anyone know if different cards offer vastly different exchange rates on the same day?

Seattle, Washington
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474 posts
30 reviews
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9. Re: Capitol One VISA Fees

God bless the USAA