Foreign Transaction Fees Going Away on United Club Visa and Continental Presidential Plus Card

Discussion in 'United Airlines | MileagePlus' started by Rob, Feb 17, 2011.  |  Print Topic

  1. Rob
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    Rob Gold Member

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  2. Minnesota Bruin
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    Wow, that's great news! I can finally move away from Capital One's crummy rewards for foreign transactions.
     
  3. Yay!!!! I cannot be more happy!

    I can finally use my favorite care overseas!

    Dan
     
  4. TAHKUCT
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    TAHKUCT Gold Member

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  5. From NYC
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    This is terrific news. Was considering adding the Hyatt card to get this benefit, but now I'll have that money-saver already in hand.
     
  6. Rob
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  7. Hartmann
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    Great news. I'm sure they'll jack up the conversion rate a little, but I'm willing to put up with that.
     
  8. yunicorner
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    That is super sweet! Is this effective immediately?
     
  9. chitownflyer
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    chitownflyer Silver Member

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    The question is whether one gets a decent spot rate or average daily rate on foreign transactions. The FX fee may be removed, but it means little if Chase does not offer a good FX rate.
     
  10. J.Edward
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    J.Edward Silver Member

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    I've had a FX fee free PPlus card for a few years now -- there was a special sometime ago where you could sign up for this offer -- and the exchange rate has been within a fraction of a cent with what XE listed. (FWIW I've also found the same to be true with my Schwab/FIA card as well.)

    Hopefully this trend continues as I too agree that Chase rolling back the FX fee just to fleece customers on the exchange rate is akin to jumping from the frying pan into the fire.
     
    chitownflyer likes this.
  11. Geo
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    Geo Gold Member

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    I've been using my Hyatt card internationally, unless of course the client was paying then it was Hilton AMEX all the way. FX on the Hyatt card (chase) has been fair.
     
  12. Pat+
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    Pat+ Silver Member

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    So, does this make the UA Club card a good deal?

    I can see how a low-status member essentially gets a discount on RCC access by signing up for the card, but for long-time 1Ks who happen to also be long-time holders of a Platinum Visa, things are a little more blurry.
    • RCC access for 1Ks is $375, and so is the card. I believe 1Ks get a $60 discount which brings the cost down to $315. However, those "grandfathered" 1Ks still get a $120 discount (making the Platinum card free.)
    • The Club card doesn't yield EQMs until after you spend $35,000... which is pale in comparison to the Platnum card which offers EQMs for united.com expenses. With the Platinum card, I earn at least 10,000 EQMs a year---5k for UA purchases, 5k for spending, and typically more through random promos.
    • Foreign transaction fees do add up, however there are ways to avoid them (personnally I have an account in Euros for my european travels, and there are other cards that don't have fees out there.) Also it's unclear how the exchange rate will be "adjusted."
    It seems to me that if you don't care about EQMs, then the Club card saves 1Ks $60 on club membership + transaction fees - (whatever they do to the exchange rate). The savings may be greater for lower status members, but then again those may not need RCC access anyway.

    For anyone who wants the extra EQMs, though, $60 in base savings doesn't compensate for a loss of at least 5,000 EQMs.

    Has anyone looked into this more precisely? I'd be curious to hear what folks think.
     
  13. HaveMilesWillTravel
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    I had the Platinum card for several years because of the EQMs and switched to the successor (forget the name) that still gives 5000 EQM for UA purchases, but not the 5k EQM for reaching $35k spend. I made the switch because it was slightly cheaper, gave a 5k RDM anniversary bonus and other cards made it increasingly unlikely that I would spend $35k per year anyway.

    But the 5k EQM on UA spend are important to me. For Forex fee waiver I currently use my BA VISA.

    With the UA/CO merger proceeding, I suspect there will also be a reconciliation of Chase UA and CO cards. Their Presidential Plus card is similar to the UA RCC card in that it gives lounge access. But it also has an "EQM" feature where (as I understand it) you can earn 1000 RDM for each $5000 in spend. So $35k spend would actually give you 7000 EQM. But I think there are no extra EQM for UA/CO spend. Somehow all these options need to be morphed into a coherent offering. For now I am staying put with my non-RCC card.
     
  14. benolaa
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    This is great news! How long until amex responds on the starwood and hilton card?
     
  15. Rob
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    Rob Gold Member

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    Per http://bucks.blogs.nytimes.com/2010/12/17/more-cards-waive-foreign-exchange-fees/
     
  16. Xyzzy
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    I'm not sure of the UA-branded card offerings, but the CO-card offers 1k flex-EQM (apply whenever you wish) for every $5k spent. The EQM will all be combine-able for the 2012 program year, so that's an;)ther way to go...
     
  17. I never really understood why CHASE did not extend this benefit to the card originally, especially because as J.Edward pointed out they did offer the benefit (but only as a promo) early on in the cards existence. I know that I wanted to the feature from day one and even asked the former CO Insider about the benefit and he claimed at the time that CHASE determined that not many people took them up on the offer and therefor the benefit was going to be done away with.

    I am now even more pleased with this card and will be using it exclusively on my upcoming trip to ASIA instead of my CapONE card which I used overseas because of the NO FOREX fees.

    Dan
     
  18. I received an email this morning from CHASE heralding the end of Foreign Transaction Fees for the PPlus card holders along with the amended terms and conditions correlating to the end of FOREX fees.

    As I read the Ts & Cs (I am not a finance guy so my understanding may be severely limited) they are going to use the daily rate or a Gov't mandated rate if one exists. This seems fare to me and something that i could live with as I rarely expect a bank to do something that is overly advantageous for me.

    Dan

     
  19. Renard
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    Renard Silver Member

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    I love UA but the CO presidential plus card is much better than the UA club visa. The 25% RDM bonus is one of the best features on the CO PP card ihmo and is highly under-rated by many..... beside lounge access of course. I am also a big fan of the primary car rental insurance...not secondary like most CCs. I hope they keep the features of the CO PP... I just don't find the UA Club visa enticing at all. If they cut too much of it, I'll drop it.
     
  20. Actonma
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    Actonma Silver Member

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    Strange, to me at least, that they don't make the change on either of the cards which are most widely promoted. I have the United SELECT (I think that is the name, the one with 3X on UA spend) and now the Continental OnePlas (just took advantage of the 50,000 mile offer) but as charges on my trip to Canada last week show, neither of these benefit from the new policy....[​IMG]
     
  21. Good news for those who have these cards!
    I have other UA and CO-branded Chase cards, so I hope the new policy trickles to them in the future...
     
  22. Geo
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    Geo Gold Member

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    That gets me about 50k RDM a year, which in and of itself would more than pay for the card.
     
  23. Renard
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    Renard Silver Member

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    Exactly. That is why this is so important as a benefit because it will help shelter us from the future devaluations...and we know they're coming...it's only a matter of when.

    People get giddy the prospect of a couple of possible upgrades on the few reward trips they take each year....but bonus miles (aka more free trips) are where the meat is.

    UA needs to know how we really do value the bonus mile benefit.
     

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