Hey guys! Im going to Japan this year so I was thinking about opening a chase sapphire preferred card which has no foreign transaction fees. Let’s say that 1 usd = 136 Japanese yen (based on what I see on google). If I were to use this card in Japan does this mean that I would be charged at the exact same conversion rate? Or would it be at a lower rate like 1 usd = 120 Japanese yen so the bank earns money? I saw online that chase goes by the visa conversion rates, and I checked the visa exchange rate calculator website which says that there is a bank fee when exchanging money. Is this bank fee the same as the foreign transaction fee which will be waived?
How do exchange rates work with the Chase Sapphire Preferred?
When you make a purchase that isn't in U.S. dollars, Visa converts the transaction into U.S. currency using its own conversion formulas before transmitting it to Chase. The exchange rate is determined using one of several methods, including the government-mandated rate in effect when you make a purchase or the rate available in the wholesale currency market on the processing date.
Does the Chase Sapphire Preferred have trip cancellation insurance?
The Chase Sapphire Preferred card provides trip cancellation insurance, covering you for up to $10,000 per person and $20,000 per occurrence if a trip is canceled for a covered reason. The maximum reimbursement is $40,000 over a 12-month period.
Does the Chase Sapphire Preferred get you into airport lounges?
Cardholders with the Chase Sapphire Preferred don't get airport lounge access, but other Chase cards do provide this benefit, including the Chase Sapphire Reserve.
New CSR member here!
Maybe I'm being too worried or pedantic, but in my welcome packet it says: "No foreign transaction fees on purchases made outside the US." But what about foreign transaction fees for foreign-currency purchases that I make while I'm inside the US?
For example, I might buy things in a foreign currency while I'm at home in the US (e.g. Airbnbs, tours, event tickets, etc). It seems ridiculous that it would matter whether I'm physically located inside or outside the US. But then why specify "purchases made outside the US"?
Got this card in college, only ever knew it as “Chase Sapphire”. Today, my friends texted in a group chat that there is “Preferred” and “Reserve”… and that Chase Sapphire doesn’t have foreign transaction fees.
Is my Chase card just a “Basic Bitch”?!?! I checked my statement and couldn’t find “Preferred” or “Reserve” anywhere, I also don’t pay a yearly card fee if that matters. Does that mean my card will accrue foreign transaction fees? Thank you all so much in advance!
While the Chase Sapphire Preferred's No FX Fee is great, does this mean I just have to pay Visa's exchange rate?
My understanding is that credit card providers add their own FX fee on top of what Mastercard or Visa charges for currency conversion.
For example, I always thought that if I go to Canada, I could buy things and the currency would be converted at spot price (i.e., the mid point of the day's bid-ask spread). But this page suggests that while Chase won't charge me an FX fee, Visa still does, which will be reflected in my credit card statement once the transaction has been posted.
Can anyone please clear this up for me?
I’m abroad for a long period of time. And on every purchase I pay 3% extra due to foreign transaction fee.
I could open a travel credit card but I want to avoid this. And I am not sure how to ship it to me.
What options do I have?