Best card for travelling overseas?
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Discuss Best card for travelling overseas?, on the CitiBank Rewards Program forum of FrequentFlyer.com.au, the home of frequent flyers.
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If your Citibank has the Visa symbol then the 2.5% fee applies.
No Visa symbol Ross. It is a plain Citibank Readicredit card. Just Eftpos, Plus, Star and NYCE logos on the back of the card.
Quote:
Originally Posted by oz_mark
As far as I am aware the foreign currency exchange rate fee is 2.5% for Citibank, but Visa may charge a fee on the way through.
Based on my recent experiences I would have to say that Citibank is charging 5% foreign currency commission. Either that or they are now using a very poor exchange rate before applying the 2.5% commission.
The Citibank Visa and Mastercards are not equiped with a Chip. Chip and PIN technology has been implemented in the UK and Europe lately (2006) as a way of reducing fraud. Whilst most EFTPOS devices can handle both Magnetic strip (citibank) cards and CHIP, in many cases a PIN will be required.
An update: Citibank cards are being chipped and cards reissued between August and October.
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Re: Best card for travelling overseas?
Quote:
Originally Posted by pauly7
What security improvements does the chip provide?
My understanding is that it is supposed to verify the PIN - the machine takes the PIN that you enter, queries the chip, and the chip either says "yay" or "nay".
My understanding is that it is supposed to verify the PIN - the machine takes the PIN that you enter, queries the chip, and the chip either says "yay" or "nay".
I could be wrong though.
You are correct. When I travelled to Europe earlier this year the chip cards were everywhere. Basically instead of signing a credit card receipt you enter to pin to authorise the purchase. Incorrect pin = transaction declined. It's supposed to cut down on fraud seeing as how hardly anyone checks the signature on the back of the card against the signature on the cc receipt.
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