Best credit card for use in USA
Discussion
Hi all, I'm heading to the US for 2 weeks in July and prefer to put the majority of transactions on c/card rather than cash. I have an Amex platinum and RBS master but they both charge for non sterling transactions. Any tips on the best cards for USD? I pay off in full each month so not fussed about other special offers on them.
pmanson said:
I've kept my nationwide credit card for exactly this reason.
For every sterling transaction completed you earn commission free FX transactions.
Thanks all. Especially above, forgot about N/wide who I have a flexaccount with and they offer a cashback card with zero commission.For every sterling transaction completed you earn commission free FX transactions.
Zippee said:
Thanks all. Especially above, forgot about N/wide who I have a flexaccount with and they offer a cashback card with zero commission.
I think the Nationwide one is a Visa, whereas the Clarity is a MasterCard - both are "fee free" for non-sterling currency, but from a quick Google the MasterCard exchange rates are typically slightly better.I used Clarity for a trip to Canada last year and it worked fine.
However recently I was buying something in USD and entered my 'normal' CC details. When I saw the price in GBP I entered the Clarity details instead expecting it to be less - but the amount was exactly the same. Where did the better exchange rate go?
However recently I was buying something in USD and entered my 'normal' CC details. When I saw the price in GBP I entered the Clarity details instead expecting it to be less - but the amount was exactly the same. Where did the better exchange rate go?
pmanson said:
I've kept my nationwide credit card for exactly this reason.
For every sterling transaction completed you earn commission free FX transactions.
Can I just butt in and point out that there is no such thing as a commission free fx transaction. That is a marketing scam used by retailers I'm afraid. In reality you will be having your arse ripped out through the bid and offer spread which is artificially widened to incorporate a big fat commission but doesn't have to be reported as such. Which is nice. For every sterling transaction completed you earn commission free FX transactions.
The only genuinely efficient solution is to open a USD account through someone like Citi and transfer a block of GBP through a broker into it as USD. And even then, as physical fx is not a regulated activity then over 90% of those brokers will be ripping you a new one with distorted quotes.
Because physical FX is unregulated it is the home of every last spanker and sharp practice. And as there is no centralised exchange then these 'brokers' can just quote like bandits all day long.
If this thread runs for a few more days then I'm sure the usual 'occasional PHer' type will appear and promote one of the known spank shops, trying to get their cut.
It's a filthy business for filthy people and an absolute minefield for innocent people just looking to change a bit of money.
DonkeyApple said:
Can I just butt in and point out that there is no such thing as a commission free fx transaction. That is a marketing scam used by retailers I'm afraid. In reality you will be having your arse ripped out through the bid and offer spread which is artificially widened to incorporate a big fat commission but doesn't have to be reported as such. Which is nice.
The only genuinely efficient solution is to open a USD account through someone like Citi and transfer a block of GBP through a broker into it as USD. And even then, as physical fx is not a regulated activity then over 90% of those brokers will be ripping you a new one with distorted quotes.
Because physical FX is unregulated it is the home of every last spanker and sharp practice. And as there is no centralised exchange then these 'brokers' can just quote like bandits all day long.
If this thread runs for a few more days then I'm sure the usual 'occasional PHer' type will appear and promote one of the known spank shops, trying to get their cut.
It's a filthy business for filthy people and an absolute minefield for innocent people just looking to change a bit of money.
Not sure I agree with that. Opening a USD account is not a practical solution for mos people.The only genuinely efficient solution is to open a USD account through someone like Citi and transfer a block of GBP through a broker into it as USD. And even then, as physical fx is not a regulated activity then over 90% of those brokers will be ripping you a new one with distorted quotes.
Because physical FX is unregulated it is the home of every last spanker and sharp practice. And as there is no centralised exchange then these 'brokers' can just quote like bandits all day long.
If this thread runs for a few more days then I'm sure the usual 'occasional PHer' type will appear and promote one of the known spank shops, trying to get their cut.
It's a filthy business for filthy people and an absolute minefield for innocent people just looking to change a bit of money.
I paid a bill of $5614 with a US company a few days ago. This came through on my Lloyds Avios statement at £3864 so around 1.45 $ to the £. Not bad imo AND I get Avios points on the transaction.
bad company said:
Not sure I agree with that. Opening a USD account is not a practical solution for mos people.
I paid a bill of $5614 with a US company a few days ago. This came through on my Lloyds Avios statement at £3864 so around 1.45 $ to the £. Not bad imo AND I get Avios points on the transaction.
It's just another current account. They take moments to set up. I paid a bill of $5614 with a US company a few days ago. This came through on my Lloyds Avios statement at £3864 so around 1.45 $ to the £. Not bad imo AND I get Avios points on the transaction.
And 1.45 is meaningless as its a 5 digit quote and the key as to cost lies in those last two digits.
You need to quote the two way spread from both your bank and the underlying market simultaneously to know whether it is a good deal. And I bet you it wasn't. Hence the freebies to sweeten the deal.
Gassing Station | Finance | Top of Page | What's New | My Stuff