BajaNomad - No fee credit card in Mexico

No fee credit card in Mexico

oxxo - 1-28-2008 at 08:59 AM

My credit card company charges me a 3% "transaction fee" everytime I use the card in Mexico. Not good!

I have been told that the Capitol One credit card does not charge any fees for use in Mexico. Does anyone have any experience with this card?

Al G - 1-28-2008 at 09:08 AM

I don't know, but it is worth checking out. I will take one and give it a try...will report back if nobody has offered conformation before then...cannot think what I could use it for right now... :lol:

Thinking...M/C or Visa....??? Hmmm,,,I have two both Visa, I guess Visa is what I will check. :biggrin:

vandenberg - 1-28-2008 at 09:08 AM

Quote:

Originally posted by oxxo
My credit card company charges me a 3% "transaction fee" everytime I use the card in Mexico. Not good!

I have been told that the Capitol One credit card does not charge any fees for use in Mexico. Does anyone have any experience with this card?

According to my wife, Capitol One is now the only card that doesn't charge a fee for use in Mexico.
We recently got it just for that reason.

Al G - 1-28-2008 at 09:11 AM

Thanks Vandy & Oxxo...I haven't used mine in a long time and would not have thought to.

Hook - 2-1-2008 at 12:29 PM

Important to note that this intl transaction fee is charged by the credit card companies, not your financial institution, as I understand it. Some f.i. can choose to reduce it or waive it.

But they are still paying it. Make sure they arent getting it from you in some other way............like higher annual fees or a rules change regarding other fees.

Hook - 2-1-2008 at 01:28 PM

What we need is a Walmart to come along and start competing with Visa and MC in the credit card business. They considered getting into banking...............but the bank lobby in Washington put an end to that pretty quickly. :mad:

Visa and MC need some competition.

bent-rim - 2-1-2008 at 06:11 PM

I've used my Capital One in Europe and Mexico. No surgharges incurred at either location.

Capital One

juangrandebigjohn - 2-1-2008 at 06:22 PM

Quote:

juangrandebigjohn - 2-1-2008 at 06:26 PM

Banamex now has a just opened branch in Calexico,California.I put a little money in there,they will give me a card in ten or twelve days and I can withdraw pesos from any Banamex no fees going conversion rate.New bnk,nice people.Bilingual if you need it,too.bigjohn

Hook - 2-3-2008 at 09:56 AM

A small item in today's LA Times travel section states that of the conventional 3% foreign transaction fee breaks down like this............1% is charged by the credit card company (MC or Visa, typically) and 2% is charged by the bank issuing the card. So, each bank has 2% to play with in deciding how much to charge you.

According to the article, AM Express charges 2%, instead of 1%.

The article specifically stated this charge is for credit or debit purchases and that ATM use COULD incurr other fees, especially from the ATM that you use.

oxxo - 2-3-2008 at 11:11 AM

I have applied for a CapitalOne credit card and I will give it a try in Mexico. I will report on the results once I have a little experience with it. BTW, it is a no cost card with no annual fees and I get rather generous air miles too.