Capital One Credit Card Exchange Rate

[OnMyWay]

I know several people here have a US Capital One Credit Card.  Has anyone noted that they have changed their exchange rate policy?

 

Previously when using the card here in Phils I would always get a great exchange rate, about what the market exchange rate on XE was.   So I thought I would use the card for some purchases while the peso was down.

 

Yesterday on XE the rate was around 44.60 and today it is 44.63.  For my purchase yesterday, Capital One applied 44.20.  It appears they took a cut, whereas they never did before.

 

I hope this is a fluke.  If they are taking a cut now, it really puts a damper on using the card.  I would have been better off exchanging at BPI for a rate of around 44.40.

[Dave Hounddriver]

40 centavo cut on the dollar . . . hmmmm . . . That's 400 pesos on $1,000.  It does not sound like much but it would add up if you were doing that all the time.  Let us know if you find a better way.

[MikeB]

The foreign exchange rate on your purchase/withdrawal is set by Visa/Mastercard, not the bank. There may be an additional charge with your bank, however. Here's the current exchange rate for MC:

https://www.mastercard.com/global/currencyconversion/

 

If you tell Cap 1 you're living overseas they will, in all likelihood, cancel your card. 

[OnMyWay]

The foreign exchange rate on your purchase/withdrawal is set by Visa/Mastercard, not the bank. There may be an additional charge with your bank, however. Here's the current exchange rate for MC:

https://www.mastercard.com/global/currencyconversion/

 

If you tell Cap 1 you're living overseas they will, in all likelihood, cancel your card. 

 

Right, I always forget that.  Mastercard rate jumped from 44.18 on the 26th to 44.57 on the 27th, so this may be a timing fluke.  XE went from 44.20 on the 26th to 44.64 on the 27th.

[Papa Carl]

CREDIT CARD?.... CREDIT CARD?....

 

Not sure I understand, what is a credit card?

 

Oh ya, I seem to remember I used to used one of those before I knew what cash was.

 

Yes it is coming back to me now, there was the clear American Express one, and the Blue HSBC one, and the Red Santander one, and the...., oh it is too much for me, I know I had about a dozen of them at one time,... but that was back when I needed one to survive I think, and needed to keep track of things like exchange rates!

 

 

Papa Carl

[i am bob]

CREDIT CARD?.... CREDIT CARD?....

Not sure I understand, what is a credit card?

Oh ya, I seem to remember I used to used one of those before I knew what cash was.

Yes it is coming back to me now, there was the clear American Express one, and the Blue HSBC one, and the Red Santander one, and the...., oh it is too much for me, I know I had about a dozen of them at one time,... but that was back when I needed one to survive I think, and needed to keep track of things like exchange rates!

Papa Carl

I can't wait for the day that I can say that too!!!

:)

[earthdome]

In my research I found Capital One had some of the best exchange rates with no additional fees. That is where most other cards get you.

 

For the last 17 years I have used credit cards like they were cash, paying off the balance in full each month.

 

I use the Capital One card for convenience so I don't have to use as much cash. I have a US address so I have no concern they will cut me off. Why would they do that, they make money off of my use of their card.

 

I have the Capital One card which is the primary card I use outside the US. I have another card which I use for US bills plus as a backup in the Philippines. Had to use it once here when the Capital One card denied processing one large purchase. I also have a debit card from my credit union.

 

Then I have my BPI USD and peso accounts.

 

Between all these I have access to sufficient emergency funds if needed.

 

I hope my the most recent check I deposited in my BPI USD account is available soon so I can convert that to pesos while the fx rate is so good.

[OnMyWay]

I hope my the most recent check I deposited in my BPI USD account is available soon so I can convert that to pesos while the fx rate is so good.

 

That is why the MasterCard is an great extra tool to have.  I also don't have many dollars in my dollar account right now, but I can take advantage of the high exchange rate by using the Mastercard, and paying the bill in the US.  It is a dollar to peso transfer at the best rate available, better than BPI, better than Zoom and any others.  It seemed like I did not get the best rate this last time because the rate was moving up so fast, I missed it.

 

Papa Carl and Bob, yeah, been there, done that!  Credit cards were a big problem for me when I was younger, like so many Americans.  I finally broke that habit many years ago, and it is paid off every month, while earning points that have bought me several airline tickets.   I didn't use the points for a few years and had enough to pay for a R/T ticket to Phils.  Then when I moved to Kentucky in 2010, I furnished my house using the card and that got me enough points to buy Abby's R/T ticket to the US last year.  Right now I have enough points for a domestic ticket next time I go to the US.

 

I have not used the card much since I moved here but I might try to use it in the next few weeks, while the rates are high.  I don't really have anything substantial to buy, but I think I can even use it to buy groceries here in Subic.

 

BTW, the x-rate on XE is 44.725 right now!  45 here we come!

[i am bob]

The funny thing is I just got a job... Registering people for a MasterCard through one of major grocery chains.

;)

[dalidali]

Even if Capitol One paid me back $20 bucks a purchase, I would tell them to shove it where the sun doesn't shine and take a hike simply out of disdan and downright loathing of those stupid commericals with the idiot Alec Baldwin. What a fag!!

 

What's in your wallet?......go kiss my azz :th_thbestpost: