Called Citibank last night. Here's the deal for United
States based Citibank cardholders (and possibly for
Citibank cardholders in other countries) who are considering
use of the Card in South America.
Even if you prepay what you plan on spending on holiday, you
will be charged 6% of the amount you draw out of your
account in cash advance, currency conversion & other type of
"service fees."
It also has been my personal experience that some vendors
will tack on a 10% "use fee" if you wish to pay by plastic
(this specifically happened in Ecuador). Additionally, I
have noticed that most places that accept credit card
payments for purchases tend to be the more expensive
shops anyway. So, what do you save by using them?
Lastly, a Citibank representative confirmed that going
through airport security will demagnatize their (and
possibly all of your) credit card(s). A travel-related shop
may have something in which you can protect the card from
demagnatization).
The additional fees are important for someone who is trying
to do a budget holiday, and / or plans on being away from
home for awhile.
El Contador
If
[There are 3 posts - the latest was added on Tue 25 May, 5:42]
Use the form at the end of this page to add your own post.
Topics
| Thorn Tree
| Home
Most credit cards add in a % for currency conversion. I also
have a Citibank card, which does state the 6% conversion, as
does my other cards. If you want to minimise this, and have
the $$$, get a debit card i.e one which is still
Visa/Mastercard, etc, but you draw on your own funds rather
than the banks. This avoids the conversion fee. I usually
use this instead for overseas travel or shopping.
.
Cheers
Dave
Airport security 'demagnatizes" credit cards? Since when,
and where? I travel with my wallet and all cards. Have
never had to replace one because security checkpoints
damaged them. This is the craziest comment I have seen, and
certainly undermines the credibility of Thorn Tree as a
source of info.
why don't you also call Citibank, like I did? A supervisor
got on the phone and this is what she told me. I am merely
passing this info on to assist others in their travels.
I know for a fact that my Citibank card was demagnatized
after my trip to Peru last year. If you think you know more
than they do, caveat emptor.