In reply to another post about Visa or Mastercard it was advised using a Capitol One money market ATM card. I have read other posts advising using a Capitol One credit card in order to not incur exchange fees in Europe. Must one have a money market account in order to have a fee-free card? Or, will any of the cards offered by Capitol One be fee-free on currency exchanges?
Posted by
Bloomington, IL, USA
9363 posts
Capital One credit cards charge no fee, either.
Posted by
Tinton Falls, NJ
782 posts
No you don't need to have a mm account. I believe all Capital One credit card offers have the same benefit (no foreign exchange fees). I got my Capital One credit card. I leave Monday for Spain/France.
Posted by
Knoxville, TN, USA
7209 posts
I have a Capital One MasterCard but I do not have a money market account. I love the C1 because it does not charge any foreign transaction fees. C1 must be killing the competition for those customers who travel in different countries. I have an AMEX that I last used 2 years ago until I wisened up and got the C1. I only use my AMEX for huge purchases that exceed my C1 limit.
Posted by
Bend, OR, United States
1167 posts
On May 18 I used my Cap One Visa to purchase tickets for TGV-europe on line. My account was charged a total of $79.05 for the E58.50 ticket for an exchange rate of 1.351. The European Central Bank official exhange rate for that day was 1.349. The next day it was 1.361. I really don't know how you can do better than get the official exhange rate with no fees of any kind added on. I use the Cap One ATM card to withdraw cash from my Money Market account and the Visa for credit purchases whenever possible.
Posted by
Keizer, Oregon, USA
588 posts
If you want to use Capitol One for obtaining cash out of an ATM, I believe you will need a money market account or checking account with the appropriate debit card. The Capitol ONe Mastercard is for credit purchases only and they do not charge.
Posted by
Victoria, BC, Canada
9 posts
I can only speak for my Capital One Mastercard - others may be different - and my 'foreign' experience (so far) is limited to the U.S. - I can use it at foreign ATM machines to get cash with no foreign transaction fee - BUT doing so is considered a cash advance, with the associated interest rates that apply to cash advances.
So I use it in ATMs only when absolutely necessary but use it exclusively for purchases where ever it's accepted. Great exchange rate, no fees, and no interest as long as I pay the balance in full by the due date. What could be better?
On a side note - it's also great for making online purchases through web sites located outside your home country, for the same 'no fee' and exchange rate benefits.
Posted by
Keizer, Oregon, USA
588 posts
Lily, good point about using Capitol One at ATMS and cash advances. I should have made than point but I never do cash advances even though I have a pin number. I didn't think about making internet purchases using my Capitol One Mastercard. Thanks for letting us know about that.