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Currently, I have 3 CCs - BDO, Citi, and Security Bank. Out of these 3, the one with the lowest forex rate is BDO with 2% IIRC. I shop online a lot (for my side business) and hoping to go back to traveling as soon as it’s safe so I’m looking for the card with the best forex rate. My choices based on research: - Eastwest bank (platinum has 1.7% forex fee and I think there’s an ongoing promo for NAFFL) - BPI Visa Signature (I think this has 1.85% fee plus preferential USD exchange rates sa branches) Ano mas ok? And meron ba ako di namention na ok rin? Maganda sana BPI Visa Signature but I heard that a lot are given this card thru invite lang. How much kaya minimum annual income needed for this and madali lang kaya ma-approve? My payroll is BPI and I don’t have a cc with them. Thank you.
Does BMO credit card charge forex fee immediately or later?
Noticing some strange stuff on my card after my trip to the US. I've filed my expenses with work with amounts as they appeared on my card basically immediately as they showed up. However, I'm looking at it a couple weeks later, and noticing the amounts are slightly higher. The only thing I can think of is the forex fee is delayed. Could someone confirm this?
Paying on Your Travels Abroad - Forex Card vs Credit Card vs Fiat Currency vs Bank Account
Been researching a little on the best way to pay when traveling abroad. Here's what I found. Eager to know what this sub thinks. -- When you travel outside India, there are restrictions in how you can pay. The biggest concern is usually forex i.e. foreign exchange differences. As of 29 June 2022, it takes roughly 57 INR to make 1 SGD if I do that transaction via HDFC Bank. However, if I were to convert in my local city airport, the figure would be different. The same applies if I choose to do in Changi Airport, say, today itself. Not to mention the conversion fee in both latter cases. This makes understanding the best way pay during your international travels a critical discussion. Especially if you are like me who is not a fan of paying heavy markups. I recently paid over 8K INR as markup fee to HDFC Bank because of an agent mess-up. Thankfully, there are ways to limit the overhead when you convert currencies. Do note that it is impossible to avoid overhead. If you see foreign exchange, get ready to pay extra. -- There are basically 3 common ways to make payments abroad:
Get a forex card from the country where you are a citizen
Use a credit card with international payments switched on
Convert currencies locally and carry fiat money during travel
There is a 4th method that involves creating a bank account. This is not feasible if you travel as a tourist. Hence, it is out of the scope of this writeup.
Forex Card Basics for Travels
The idea is to refill a card with money where the currency exchange rate is fixed. If you buy a forex card today and fill it with INR 57k, you'll get about SGD 1K in that card. The biggest advantage is that the exchange rate is locked after you fill it. The card will still have SGD 1K when I travel to Singapore 6 months later. There are single-currency and multi-currency forex cards, which are self-explanatory. The latter is a better option in most cases. However, if you only plan to travel to Phillipines because Liu Sin Ma ChooChoo from Facebook - your online flame - lives there, go ahead with an SIF. Other benefits include not having to carry cash, fraud protection, electronic payment, etc. Forex cards can be bought for free sometimes. HDFC charges 500++ for a new forex card and then charges 75++ every time you refill it. Electronic payments (say, when you pay for a hotel abroad), there is usually no charge. I say usually because the hotel should accept the currencies available in your FX card. Otherwise, you'll be charged cross-currency fees, which if I could ELI5, I would have been effing Raghuram Rajan. Some banks seem to add a markup even when you pay using a forex card. However, this is not exactly black and white. I have found that banks usually charge a hidden fee even for electronic payments. Compare this with a Niyo Global FX that markets itself with 0% joining and markup fee. Due diligence is required here. In any case, prefer a reputable non-bank if you opt for FX card. This sub's endorsement for forex from early in 2022 - https://www.reddit.com/IndiaInvestments/comments/sesv1o/im_moving_to_uk_next_month_for_my_studied_and_i/
Credit Card as a Payment Method Abroad?
If you have enabled international transactions on your credit card (which you shouldn't generally as frauds are attracted to them), you can pay through it during your travels. The only major drawback is the currency conversion markup fee levied by your CC bank. This can range from 1%++ to 3.5%++ which can be a lot if you are staying at the Ritz. Remember the 8K markup I paid? It was heartbreaking. I would have considered buying Reddit Premium for myself and then dropped the plan later. I recommend CCs (VISA and Mastercard; Diners Club is a small club) as backup plans unless you have OneCard that offers 1% markup. The drawback here is that credit limits are laughable. BOB Financial, you unhelpful itch! Useful thread from 2019 on forex vs credit debate - https://www.reddit.com/IndiaInvestments/comments/ap3w0t/forex_vs_credit_card/
Simply convert INR to any currency and carry it. However, we're in 2022, and a lot of global merchants don't accept it anymore. Few friends who are in Scotland right now said even local transit system insisted on card payment. They had taken 100K INR in cash and didn't use even half of it. Converting cash in India has a hidden conversion fee whether you did it via an exchange agency or a travel portal. No one will tell you the fee as it is absorbed in the converted amount. I converted 20K INR into USD in late 2021 and saw that the calculation was 1 USD = 71 INR. Not a rip off but you get the idea. Drawback is exchange variations and the need to handle cash during the trip. I recommend some cash for local expenses. Say, you want to tip your gigolo when in Thailand? Go right ahead and slip that crunchy on his chest vest. --
The comparison between forex and credit cards is consequential. Both are good but I feel forex cards are slightly better as they also allow ATM withdrawals for a small fee. For instance, HDFC MMT card charges $2 for every USD withdrawal. That's a steal when compared to a withdrawal made via a CC. What do I do? If you want to know, I go the extra mile. I have 2 forex cards so far, one a HDFC multi-currency one and the other a Mastercard exclusive gifted my previous employer. I applied for a Niyo Global yesterday. I have 4 CCs with decent limits + OneCard with 1% markup. All these are different charge back brands, so they all act as good buffer. If Discover doesn't work, I'll use MC and then never visit that merchant again. I also convert some cash to the tune of 20K INR just to keep them in me and my partner's common bag and then pretend to not notice when a few big notes out of it travels its way from a hand or two to a fully waxed thorax portion beneath a fishnet. This may read tricky to some who haven't travelled and paid abroad before. So, the best way to do this is to learn for experience and use this guide as a "Haan, u/rhoul ne bola tha!"
Americans keep running up credit card debt even as interest rates climb. When will this go wrong?
So read an article here on yahoo saying that with inflation making everything more expensive, instead of Americans holding off certain purchases they keep buying by instead running up their credit card debt like crazy. Now my question.. when do you see this consumer credit bubble collapse? I mean it seems in the US people can just keep piling up debt, opening new credit lines, so anybody can put a timeframe on when something like this will go wrong maybe based on how this went historically? Or can this really keep going for a long time before anything happens? I live in Europe and over here you get rejected alot faster while in the US it seems credit card companies don't care giving away more or new credit thinking worst case they can be bailed out again.
Just what the title says. I have two credit cards for 5+ years and am still paying the 22% interest rate. Credit score 700's. Is there any way to get the interest rate down? One card has zero balance and the other has 30% balance.
Can someone explain interest rates, minimum credit card payments, and statements to me?
My parents didn’t teach me shit, i did research but I’m still confused. I’m very confused. Sorry if these are dumb I’m planning on booking a meeting with a advisor, to be more financially literate. High School didn’t teach shit.
If I only pay the minimum charge ($10) do I get charged 19.99 annual interest per month on the remaining credit I owe?
If I buy something this month would I need to pay for it next month? On the statement due date?
Would a negative credit balance automatically take money off of my credit owing? So say I bought something for $2k and I have -$600 on my card. Would the total after it’s posted be $1400?
Lads, I can't figure out this basic thing about interest rates with an post classic credit card
I'm not used to the lingo and I don't want to misread something. Query 1). Their website reads... 1). 1 year interest free on balance transfer 2). Interest free repayments on credit for 56 days once the due amount is paid on time. Am I right in saying that point 1). has no bearing on my situation because this is my first credit card? Am I right in saying that point 2). only applies to me and I'll have to pay off my credit card within 56 days to avoid interest rates? Query 2). I have €188 left to pay off on the card with 3 weeks worth of repayments accounted for (60 a week). My next due min payment is €25. If I were to hypothetically pay off the minimum amount rather than what I have been paying off currently, then I would not hit week 8 (56 days interest free) with the debt cleared, meaning I'd be hit with interest. Right? I guess I'm confused for 2 reasons: 1). Are An Post citing min payment and not accounting for interest kicking in along the way? 2). Is it actually interest free for a year and I'm completely misinterpreting the T&Cs? Please have a little empathy here! I'm a complete novice.
Forex Card vs Credit Card for International Travels
If anyone has used HDFC Regalia on an international trip or any HDFC forex card, I want to know why did you go for a forex card vs using a credit card? HDFC charges Rs 500 for issuing the forex card and Rs 75 on every additional loading in the card. On the other hand, Regalia attracts 2% markup which means for every Rs 10k I transact abroad, I pay mark up of Rs 200. Why not just use the HDFC Credit Card for transacting at outlets abroad where even if the total amount spent is Rs 30000, you pay mark up of Rs 600 not like there's a huge difference between this and the issuance fee of the forex card. Unless of course you end up transacting for Rs 100k in which case you pay Rs 2000 in total as mark up.
Long BTCUSD on margin? Pay credit card interest rates...
I've given up trying to make money going long BTCUSD on exchanges. I noticed Bitfinex, which IMO is a reputable exchange, is charging interest rates similar if not higher than my credit card (17% compounded daily)!! And I'd be better off purchasing with my credit card because at least that way I'm not gonna get wiped out on an FU-downwick and lose my collateral. Not to mention the other fees! Not to mention the risk these days of exchanges disappearing with your money aka FTX. No one should be going long BTCUSD on margin. Convince me if I'm wrong.
Ortex Guy here with your 11/1 mid-day Ortex Update (AMC+APE). SI & SoL going up for AMC at credit card CTB rates & and flat for APE, DTC still high. Utiliz.at 100%…Current Mood: hedgie; if nothing was learned, nothing was taught. Apes have won… absorb this lesson
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