American Express - AMERICAN EXPRESS, BETTER TO LEAVE HOME WITHOUT IT

Posted on Tuesday, June 16th, 2009 at 7:50pm CDT by e5834857

Company: American Express

Location: P.O. Box 981540
El Paso, TX, 79998-1540, US

URL: https://www99.americanexpress.com/

Category: Other

I MADE A FOREIGN TRANSACTION THAT THE MERCHANT SAID COULD HAVE BEEN BILLED IN US DOLLARS EXCEPT WHEN USING THE AMEX CARD. AMERICAN EXPRESS THEN CHARGED ME A 2.7% "CONVERSION FEE" THAT http://www.travelfinances.com/blog/index.php/2006/08/26/american-express-skews-exchange-rates/ SAYS "what American Express is telling us here is that they do NOT base their exchange rate on the rate they actually paid for the currency in question. Instead they search for the highest rate that another source paid for a currency, then add an additional 2%" (AMEX INCREASED THE RATE TO 2.7% EARLIER THIS YEAR)

I HAVE TRIED TO ADDRESS THIS WITH THEIR OFFSHORE EMAIL SERVICE CENTER TO NO AVAIL. THE POINT IS THAT AMEX HAS A POLICY THAT ASSURES THAT THEY CAN PAD THEIR POCKETS WITH AN EXCESSIVE "CONVERSION RATE" WHEN MASTERCARD AND VISA COULD BE BILLED IN DOLLARS. BETTER YET, CAPITAL ONE DOES NOT CHARGE ANY FOREIGN TRANSACTION FEES AND THAT IS WHY UNLESS YOU WANT TO THROW YOUR MONEY AWAY, YOU WOULD BE BETTER OFF LEAVING AMEX AT HOME (WHERE NO MERCHANT WANTS TO TAKE AMEX EITHER)


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