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Capital One question.

Travel Forums General Talk Capital One question.

1. Posted by SamCh (Budding Member 26 posts) 7y

Anyone use Capital One cards for their traveling transactions?

I've been told there is 0% fee for withdraws. Is this still true on new cards? Is their currency conversion rate fair?

I'm planning on going to Cambodia, Laos, Thailand, and Myanmar not that that should affect my card choice.

2. Posted by Daawgon (Travel Guru 1992 posts) 7y

There is no conversion fee, but there will be other fees - not exactly a free service (in Vietnam for instance - there is a 3% service charge on all cr card trans). I take my Capital One MC to SE Asia as a backup to my bank's debit card. I do use it for major purchases abroad like hotel rooms. I was also forced to use it for a ATM cash withdrawal at the Seoul Airport this year - a whopping $10. charge for that service! Always remember that not all countries have an alphanumeric keyboard on the ATMs - this was the case in Korea where I couldn't use my debit card. Always a good idea to travel with cards that have numeric PINs only! I learned the hard way.

[ Edit: Edited on 04-Jul-2009, at 10:51 by Daawgon ]

3. Posted by Redpaddy (Inactive 1004 posts) 7y

May I just put in a few pennies worth about Capital One please??
I used one of their credit cards awhile back and it was used fraudulently by a retailer in Zimbabwe (they swiped it twice - no chip and pin, just swipe and sign). I told C.O. when my statement came through. At first they were helpful and promised to investigate it, but before too long, due to the great British tradition of lack of communication, I started getting threatening letters. It took nearly two years to get resolved. A very nasty company when things go wrong, very nasty indeed.

4. Posted by SamCh (Budding Member 26 posts) 7y

Quoting Redpaddy

May I just put in a few pennies worth about Capital One please??
I used one of their credit cards awhile back and it was used fraudulently by a retailer in Zimbabwe (they swiped it twice - no chip and pin, just swipe and sign). I told C.O. when my statement came through. At first they were helpful and promised to investigate it, but before too long, due to the great British tradition of lack of communication, I started getting threatening letters. It took nearly two years to get resolved. A very nasty company when things go wrong, very nasty indeed.

Yeah Capital One isn't the greatest for that - none of the major credit cards are really.

A chargeback would have solved that problem. I've done it before... and it actually ends up screwing the vendor that screwed you, there are additional fees they get to pay that are issued by the credit card company.

http://en.wikipedia.org/wiki/Chargeback

The merchant's acquiring bank accepts the risk that the merchant will remain solvent over time, and thus has an incentive to take a keen interest in the merchant's products and business practices. Reducing consumer chargebacks is crucial to this endeavor. To encourage compliance acquirers may, at their discretion, charge merchants a penalty per chargeback received. Payment service providers, such as PayPal, have a similar policy.[2]

In addition, Visa and MasterCard may levy severe fines against acquiring banks that retain merchants with high chargeback frequency. Acquirers typically pass such fines directly to the merchant. Merchants whose ratios stray too far out of compliance may trigger card association fines of $100 or more per chargeback.

[ Edit: Edited on 05-Jul-2009, at 09:25 by SamCh ]

5. Posted by Redpaddy (Inactive 1004 posts) 7y

Incredible thing was (C.O. are just such bimbos) while the battle went on - and they'd issued legal rubbish against me, they sent a new card out with a higher credit limit. Hate 'em.