I know this has been discussed on earlier threads, but there seemed to be a lack of consensus. Which is the best credit card for someone who will be making a lot of foreign currency purchases in the US, Canada. Which cards are to be avoided?
I know this has been discussed on earlier threads, but there seemed to be a lack of consensus. Which is the best credit card for someone who will be making a lot of foreign currency purchases in the US, Canada. Which cards are to be avoided?
What do you mean by "best"? Best exchange rate, no annual fee, no/low per transaction charge, most miles/rewards (with or without a redemption fee, and for which programmes), cashback/rebate, extras (insurance (travel, purchase protection), discounts, etc), etc, etc?
If there were one card that were clearly the best for everyone then it wouldn't be a very competitive market!
Last edited by PDLM; 20-02-2011 at 05:15 PM.
If you are able to establish a positive line of credit history in the United States, try to get a Capital One credit card. I have been in HK almost 2 years and am still using it. No overseas surcharges (normally 3% with other cards) and a better exchange rate than any bank in HK (something like $7.74998 usually). Also, they give you 1% towards their reward program (about USD0.01 per dollar) and there are never annual fees. Not the best reward program but if you travel internationally frequently, the lack of surchages makes up for this in a big way. This credit cards is famous among all the international travel forums and websites. Again, look into it if you are a frequent international traveler and have the capability to establish a line of credit in the United States.
Also, if you are from the US, you could put your money in a Bank of America account and withdraw cash from any China Contruction bank with no ATM fees from either the US or HK institutions. Again, this information is very popular on international traveler forums.
If you are looking for a HK based credit card for international purchases, then I don't think you have many options.
I was with you until this last paragraph. There are hundreds of different options in Hong Kong, including credit cards denominated in USD or RMB amongst others. For large amounts of USD purchases a USD credit card might well be the way to go, simply to avoid the 2-3% loss on foreign exchange, albeit that the rewards programmes might not be as good.
What I'm looking for is a card with no/low overseas charges and decent exchange rates. Unfortunately I'm not a US citizen and won't be able to go for the Capital One credit card.
Indeed, but that's what the OP asked for (in part at least). I'm not sure if anyone here issues CAD credit cards.
Found out that the Public Bank visa card seems to be the best for this purpose. No matter what the card, you are saddled with the 1% overseas transaction charge from Visa, but the bank itself doesn't levy any additional overseas spending charge and offers a cash rebate of 0.5 to 0.6%.