Wizard Clear Advantage "free international transactions"

Gulliver · #1 (**permalink**) 8th September 2006, 11:36 PM

I read a post somewhere that Wizard's exchange rate is better than somebody elses. Are there any rules as to what exchange rate they use?

What is XE.com - The World's Favorite Currency and Foreign Exchange FX Site

I noticed Wizard charges at least 1/2 % higher than this.

I'm not really complaining. That's still a lot cheaper than any other card I've used overseas.

Alanslegal · #2 (**permalink**) 22nd June 2007, 11:41 PM

I have been using the Wizard Clear Advantage card for the past 2.5years and personally would recommend this card to anyone who will be using it overseas for cash advance and purchases.

As for the "better exchange rates than anybody else" this is because they do not charge any conversion fees or charges.

Using any other card and being slugged up to 4% conversion is like $4 per $100 spent. Hypothetically, if you spend $100 overseas, means you pay $104 using a non-wizard card and $100 with Wizard.

aspro2 · #3 (**permalink**) 27th June 2007, 09:02 PM

Notwithstanding the rather tricky usage limits and account freezes which users have described here: http://www.frequentflyer.com.au/comm...hile-6960.html (Wizard Mastercard Cash Advances while overseas)
the Wizard Clear Advantage Mastercard is otherwise excellent. I think I worked out that the exchange rate was typically only 0.4-0.8% worse than the interbank rate shown on oanda.com. Pretty damn good!

Flashware · #4 (**permalink**) 10th July 2007, 11:08 AM

Have just started hearing Ads on the radio for this..

job · #5 (**permalink**) 11th August 2007, 03:43 PM

Hi, I just applied for this card. It is my first credit card. I am going overseas in 16 days. The site said my application had been "referred for review" and I will be contacted in 5-10 working days. On the site I read if I was accepted they would issue a card in about 10 days. I don't think I will get the card in time if they take that long to tell me I'm approved and then I have to wait for it to get here. Any idea if I can ring up and see if they will approve me on the phone? Or any other way to speed this up?

I was hoping to go into a branch on Monday to apply then read they don't do credit card applications at branches.

Cheers

benhadi · #6 (**permalink**) 11th August 2007, 03:57 PM

Apparently the Earth+ card also has no fees for using the card overseas. Not sure what the conversion rate is like. I know AMEX is probably one of the worst ones for conversion coz they convert whatever currently the transaction is to USD first, before converting it again to AUD.

NM · #7 (**permalink**) 11th August 2007, 09:04 PM

Quote:

Originally Posted by benhadi

Apparently the Earth+ card also has no fees for using the card overseas. Not sure what the conversion rate is like. I know AMEX is probably one of the worst ones for conversion coz they convert whatever currently the transaction is to USD first, before converting it again to AUD.

That "double conversion" is not a problem with Amex. Its just a process. they do not collect a commission for each conversion. The conversions are done at prevailing inter-bank rates and then they add their conversion fee (I think its about 1.5% now, could be more) once. I have checked many conversions from non-US$ to A$ and compared with the rates published on xe.com. In every case the conversion fee has ended up being the same rate as for charges in US$. I have no concerns with using my Amex card when overseas - naturally using extreme caution in places like Malaysia for obvious reasons.

pongie · #8 (**permalink**) 5th October 2007, 03:05 PM

How lond does it normally take for bpay transfer to appear on the online account transaction?

I applied for the wizard clear advantage card earlier in the year but never used it. Now that I'm going overseas soon, I thought I'll test out the transfer first. Just in case I got the account numbers wrong or something...

I deposited $40 this tuesday via bpay and it hasn't appeared on the online transction records. Double checked the numbers and it looked okay.

I'm flying out on the 23rd os if it takes more than a week I'll have to transfer the rest of the amount before the 16th right? Otherwise if I spend the card before the transfer clears I'll be coping the interest rates for those days? I'm just concerned whether or not I'm transferring to the right card....

SeaWolf · #9 (**permalink**) 6th October 2007, 12:39 PM

Quote:

Originally Posted by NM

That "double conversion" is not a problem with Amex.

Actually, I think all the credit card schemes do it that way. I know that Mastercard certainly does:

Quote:

Originally Posted by Earth T&C

MasterCard
MasterCard International Incorporated (MasterCard) processes Cash Advances, purchases, any other charges incurred and refunds made in foreign currencies, and converts these transactions into Australian dollars. Transactions that are made in foreign currencies other than United States dollars are converted into United States dollars before being converted into Australian dollars.

oz_mark · #10 (**permalink**) 6th October 2007, 12:54 PM

Quote:

Originally Posted by pongie

How lond does it normally take for bpay transfer to appear on the online account transaction?

I applied for the wizard clear advantage card earlier in the year but never used it. Now that I'm going overseas soon, I thought I'll test out the transfer first. Just in case I got the account numbers wrong or something...

I deposited $40 this tuesday via bpay and it hasn't appeared on the online transction records. Double checked the numbers and it looked okay.

In my experience (and this is not to a GE card), overnight would be normal, however, I recall that most places say to allow 3 days for it to happen.