This is not exact a scam but I don't know what other forum it should be posted so I post it here. Please feel free to delete if it's not appropriate here.
I always used Chase Sapphire for international travels because it was supposed to be one of the best, if not the best credit card for such a purpose. I never doubted that or checked the foreign exchange rates they used for my foreign purchases. But i now start to wonder if it really lives up to its reputation and whether I should continue to pay the annual fee.
This year I had to change my travel plans a few times so I had to cancel my hotel reservations with Booking.com. Unlike other online booking merchants such as Hotel.com or Priceline, Booking.com charges and refunds hotel reservation in local currency, which is euro in this case.
What I found was that in every single incident, the US dollars I got back was less than what I was originally charged for. This was Chase’s doing when they converted euros into USDs. I understand exchange rate fluctuates on a daily basis, but it was ironic they always fluctuated in the bank’s favor. In one incident, I lost nearly $14. In another, the reservation and cancellation happened on the same day, I still lost a few dollars. I pulled up the foreign exchange rates over those dates, and they were not what Chase used for.
The losses may not sound material but they broke my trust in Chase. I guess that Chase Sapphire was considered great for international travels because it doesn’t charge foreign transaction fees, but that doesn’t mean it will give you fair exchange rates.
Does anybody know a better credit card for international travels? For those who also use Sapphire, did you have similar experience?
Thank you for sharing your experience.