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Added on August 25, 2009, 12:22 pmThanks for correcting my oversight. I was looking at the charge card instead.

I don't have any MB card because I did hear a few horror stories before, basically billing mistakes. So how are their service nowadays?

This post has been edited by Optiplex330: Aug 25 2009, 12:26 PM

So how do you pay AMEX (not MBB AMEX)? Sending checks through the post isn't exactly a attractive option.

As for overseas transaction. How does AMEX's exchange rate compares with MC/VISA? And how's the administration charges?

The consumer has none to blame but themselves for not knowing the Terms and Conditions. Hopefully more do nowadays if they have been reading this thread.

I called Alliance a few days ago and was told there are NO overseas administrative charges for their card.

IMO, the biggest possible cause for those variation you posted is currency fluctuation that can change by the minutes.

Did you check what was the bank normal TT or bank draft rate for that day? Are they higher or lower? You can check what was the official Bank Negara indicative rate for the day you used the cards.

http://www.bnm.gov.my/index.php?ch=12&pg=629

This post has been edited by Optiplex330: Aug 29 2009, 08:58 AM

Can you please give me the date? From my previous experience, I found in majority of the cases, the MC credit card conversion rate is better than the bank Telex Transfer, Bank Draft and BN posted rate. And it is even better than those online quotation rate on some website or those displayed on Vista Widget.

From what I understand, for overseas transaction, it is MC or VISA doing the conversion and then pass the bill to your bank. And the bank will then add an extra 1 or 2% as administrative charge.

MC or VISA will only use the conversion rate of THE DAY THEY POSTING instead of THE DAY OF TRANSACTION. So there will be differences again. For example, you paid the hotel bill at the same time using 2 different card, Card A & B on 28-Aug.

Card A & B Day of Transaction: 28-Aug
Card A Day of Posting: 28-Aug
Card B Day of Posting: 31-Aug

My 2 sen.

Here's a few example. DA MC. GBP

Date 23-Sep-08. MC conversion rate 6.249. BN rate 6.3054
Date 30-Sep-08. MC conversion rate 6.359. BN rate 6.225
Date 28-Oct-08. MC conversion rate 5.56. BN rate 5.5856
Date 17-Oct-08. MC rate 6.102. BN rate 6.1108
Date 27-Oct-08. MC rate 5.621. BN rate 5.6031
Date 30-Nov-08. MC rate 5.56. BN rate 5.5684
Date 3-Dec-08. MC rate 5.42. BN rate 5.5423
Date 12-Dec-08. MC rate 5.38. BN rate 5.3594
After DA started charging 1% administrative fee, I stop using it.

From my queries, bank will always add at least 100 base point on top of BN rate. For example, if BN rate is 6.3054, bank will quote me at least 6.3154 or higher.

So my conclusion is, using CC is often (not always) cheaper than using bank draft. The ONLY problem is, you don't know which day will they do the posting.

This post has been edited by Optiplex330: Aug 29 2009, 10:26 AM

Good that you think of others. Imagine if we are in their shoes.......

So hold on to your card and cancel a few months later. After all, it makes no difference to us but it matters to other.

That is funny....I called Alliance a few weeks ago and they told me they do not add the 1% charge.

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Added on September 14, 2009, 10:47 amBank Negara record for 4-Sep was 3.5305. So your 3.529 was even cheaper. Truly excellent.

Bank Negara for 7-Sep was 3.5175. So your 3.513. Again, truly excellent.

While these rates are mere indicative, it is certainly food for thought and may be one reason why I might want to avoid AMEX.

BTW, your citibank is VISA?

If your OCBC is also VISA, then it should be the same. The conversions are done by VISA or MC, NOT the bank itself.




This post has been edited by Optiplex330: Sep 14 2009, 10:47 AM