Credit Card or EUROS?

hi! i just called my credit card company (chase) and asked for the rates. they said they charge 3% for credit card transactions. and for ATM, they charge 3% fee + addition 3% transaction fee.....so that%26#39;s 6%.

now, my question is .....is it cheaper to use the credit card for everything for withdraw $500 (daily max) at a time as needed?

also....i have searched the forums for this topic but didn%26#39;t get any satisfactory answers. please someone tell me exactly what % is a good rate? ie: 7% good, 10% bad? i have no idea. thank you!!

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ok so i just called BOA and they say they do not charge a fee. cool. i don%26#39;t even have an ATM card for chase anyway. but i do have BOA and chase credit cards and i am brining all of them.

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%26lt;%26lt;i have searched the forums for this topic but didn%26#39;t get any satisfactory answers.%26gt;%26gt;

This topic is discussed in great detail almost daily on these forums, there must be hundreds and hundreds of posts that will tell you basically this:

You need a different bank.

Capital One or Schwab One account issue credit cards that charge 0% transaction fees. Many smaller banks and credit unions issue cards at 1% (which is what Visa/MC charge as an international transaction fee).

Many of these same small banks have ATM cards that charge you nothing except the 1% currency conversion fee (such as what Cirrus/Pulse charge).

Frankly, you%26#39;d be better off leaving your ATM card in your pocket and exchanging cash for euros here which charge 2-3%:

http://www.bureaudechange.fr/

http://www.ccopera.com/

http://www.fcochange.com/

The exchange rates are onerous enough without paying exorbitant and unnecessary fees to a US bank.

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ok... thanks! wish i had time to get a capital one card. i am still confused as many responses are conflicting each other. but i think i will go with the %26quot;use a BOA ATM%26quot; route.

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The 3% charge for credit card transactions is typical - the 1% from Visa and MasterCard, plus 2% from the bank.

If you use your CREDIT CARD to get cash from an ATM, this is considered a %26quot;cash advance%26quot; (a loan). I%26#39;m surprised Chase didn%26#39;t mention the stiff interest rate they will charge for this loan, in addition to any fees, starting on day one.

To get cash, you should never use a credit card. Use your ATM card that you normally would use to get cash from your checking account at home.

Nowadays, some brazen banks charge a %26quot;foreign fee%26quot; of up to 3% for ATM-card withdrawals. Some charge less, and some charge nothing at all (aside fom maybe a nominal fixed %26quot;per transaction%26quot; fee).

I sent a carrier pigeon to contact DJKBOOKS. She knows all this stuff backwards and forwards.

-- Steve

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As I reread the original post, it%26#39;s difficult to determine with certitude exactly what is asked with reference to ATM withdrawals.

If YakkinYeti is correct in assuming the OP is inquiring about using a credit card to make cash advances from an ATM machine, the 6% will be the least of the costs. One could easily expect the interest alone to approach 30% charged from the day of withdrawal and ending when the card balance is paid.

There have been numerous warnings recently on this forum about using a credit card for cash advances. NEVER use a credit card for such a purpose.

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thanks for the responses. i was not talking about cash advance, i know the fees are crazy. i was talking about regular ATM withdrawals from a checking account. hope this helps others!

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Just stick to using the BofA ATM card (at BNP Paribas ATMs) to avoid any fees and get the best exchange rate possible (it should be 1% off the raw rate). And pay cash for everything.

Keep the credit card as a backup if you run out of cash.

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Information received over the phone is often not accurate. Best bet is to have them send you your cardholders agreement.

Often questions are not asked quite clearly or understood correctly.

For example, is your ATM card an ATM-only card or a debit/ATM card? Do you plan to use it for withdrawals only and/or for purchases? Currency conversion and transaction fees are often different for each type of transaction.

When BofA tells you there is no fee - is that for ATM transactions? Purchases? Last I heard, BofA charges no fees for ATM withdrawals - provided they are transacted at Partner banks in Paris.

When using a credit card, there are usually cash advance fees, currency conversion fees, and a much higher interest rate (with no grace period) involved.

If you plan to use a debit/ATM card in Paris, take very good care of it as, if lost or stolen, your balance can be quickly wiped out without your PIN.

There are recent reports of Capital One increasing finance charge rates and reducing credit limits, so beware.

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Take a look at this link: …nytimes.com/2009/…

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you need to credit card and ATM shop -- we moved major money to another bank before our trip this summer because our big national octopus bank was charging these ridiculous fees like you cite

we ended up with a card and ATM card with tiny transaction fees and good exchange rates