Best currency strategies for travelers

Posted by administrator | 13/06/12 | Tagged Credit Card

Best currency strategies for travelers
News from Reuters:

Wed Jun 13, 2012 5:19pm EDT

(Reuters) – Vacationers planning to go abroad this summer can save big on their foreign currency transactions if they plan ahead.

The best strategy for international travelers is to use a credit card that doesn’t charge extra fees for converting currency, according to a study released today by Card Hub, a web-based comparison site (www.CardHub.com) where consumers can apply for credit cards.

Those fees run from 1 percent to 3 percent of transactions, and average 2.8 percent.

Consumers using a fee-free card can save an average of 8.1 percent compared to what they would spend exchanging cash at a bank window, and they can save an average of 16.2 percent compared to the most expensive alternative of all – exchanging cash at an airport kiosk.

Some cards that avoid those fees are the Capital One VentureOne and Venture Rewards cards; The Discover Escape and Op…………… continues on Reuters

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CTA, Pace to let you pay by credit card to ride buses, L trains
News from Chicago Sun-Times:

CTA riders walk through the turnstyles at the Brown Line Merchandise Mart stop in Chicago. | Sun-Times Media file photo

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Starting next summer, you’ll be able to tap your credit card or debit card to pay the fare when you ride the L or any CTA or Pace bus.

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RBA to end rort on credit card use

Posted by administrator | 13/06/12 | Tagged Credit Card

RBA to end rort on credit card use
News from The Daily Telegraph:

THE days of being slugged huge fees for using your credit card for a booking could soon be over, with the Reserve Bank yesterday putting an end to the great ripoff that costs Australians $ 700 million a year.

The Reserve Bank yesterday declared it would seek to limit card surcharges to the “reasonable cost of the merchant accepting the card”.

Coming into force on January 1 next year, the move will prevent banks from charging exorbitant fees on top of their prices. Most consumers pay an average surcharge of nearly 2 per cent to use their cards for purchases, while merchants pay 1 per cent.

However, companies including Qantas apply a flat fee that can add 8 per cent to a flight to Tamworth or Fiji.

MasterCard global vice president of strategy David Masters last night said the move was “tremendous for consumers”.

“To describe this as a win for consumers is really an understatement,” he said.

“This change will provide welcome relief for consumers who have been subject to unfair fees or gouging by some merchants when they’ve used their cards to pay.”

Mr Masters said that while he couldn’t speak for his rivals, MasterCard would “almost certainly” introduce a cap that better reflected transaction costs from January 1.

“We will introduce a cap, but we’re just not sure a…………… continues on The Daily Telegraph

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Related News:

Delano Man Sentenced For Conspiracy To Use Unauthorized Credit Card Numbers
News from KERO-TV 23:

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POSTED: 11:15 am PDT June 12, 2012

UPDATED: 3:31 pm PDT June 12, 2012

Yuri Perez Machado, 41, of Delano, was sentenced on Monday, June 11, 2012 by Chief United States District Judge Anthony W. Ishii to two years in prison for conspiring to use unauthorized access devices, United States Attorney Benjamin B. Wagner announced.According to court documents, between March 2010 and August 2010, Machado and co defendants Jorge Palenzuela and Jairo Fernandez, both of Bakersfield, conspired to obtain credit card account numbers by fraudulently opening credit card accounts with large, nationally recognized home improvement stores.In order to obtain the credit card account numbers, Machado and his co-conspir…………… continues on KERO-TV 23

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