While all Capital One credit cards charge no international transaction fees, the Capital One Venture Card is their stand-out offer, as it provides 2 miles for every dollar spent year round. On a recent trip to the Caribbean, my husband and I brought the Venture card along. The trip turned out to be a little more expensive than we planned, but it could have cost more were it not for the Venture card.

Overall, our international expenses came to $1928 ($600 to replace a broken camera elevated this cost). If we had used American Express Blue Cash Preferred, we would have paid $52.06 in international transaction fees, while earning 1% cash back, bringing our fees less rewards expense to $32.78. If we had used our standard Chase Sapphire card, which unlike Chase Sapphire Preferred charges a 3% fee, our international fee expense would have been $57.84 while our net expense less 1% rewards would have brought the total down to $38.56. This obviously is not a fortune, but it is better to have $38 in the bank than to have spent that money. Continue Reading »

Before a recent trip to the Caribbean, I opted to swap out my Capital One No Hassle Cash Rewards card for the Capital One Venture card. There was a good promotion – 25,000 free miles ($250) after $1,000 of spend – and I needed a good card with no international transaction fees. Less than a day into the trip, my wife misplaced one of our cards. We were quite certain it was not lost, but we wanted to take precautions just in case.

I wavered a bit before calling Capital One customer service. I’d had a poor experience with them in the past, but this was on a lower end card. The primary concern, however, was that we’d lose access to both of our cards if we called the lost/stolen card department. We decided to take a chance.

The Capital One Venture Card Customer Service Experience

The U.S. based Capital One representative I spoke with offered up some bad news initially: both my wife and I shared the same card number, so if we closed one account, we’d lose both and be forced to pay a 3% foreign transaction fee on every purchase we made – a reality that likely would have cost us at least $100, not to mention $60 in rewards. Fortunately, after explaining that we were quite sure the card was misplaced, not lost, he reviewed recent charges with us and, after determining they were all legitimate, offered us the option of keeping the card open. We did. Continue Reading »

Simplicity has its virtues. For example, few people would find a loyalty program rewarding if its complexity was only rivaled by the federal tax code. Yet that is what many reward credit card programs do when they award loyalty points that are only redeemable via a complex set of terms and conditions. Capital One has wisely thought to equate it’s reward programs with the term “No Hassle,” and the Capital One No Hassle Cash Rewards credit card is one of the easiest to use cash back cards on the market, as well as one of the most lucrative, especially for families.

How the Capital One No Hassle Cash Rewards Card Works

When you use the Capital One No Hassle Cash Rewards Card, you will earn 2% cash back on purchases at grocery stores and gas stations and 1% cash back on purchases at all other merchants. Capital One also has an online shopping portal called Perk Central where you can earn 15% more in cash back rewards. There is no limit to how much cash back you can earn and no expiration date. So long as your account is in good standing, you are eligible to receive rewards. It is that simple. Continue Reading »

I stumbled upon a great web posting today at the Myfico forum. The posting contains a list of what they call “backdoor” customer service numbers. Essentially, these numbers get you past the fumbling, useless, barely coherent customer service representatives that have no power and put you on the line with people who can make decisions.

Using these customer service numbers isn’t a magic bullet that will solve all your credit card problems. However, you may find that the people who answer these numbers are more capable of explaining and resolving your complaints than the reps you usually deal with.

Here are “backdoor” credit card customer service numbers for some of the largest issuers:

Bank of America Credit Card Customer Service Numbers:

Two numbers I found for Bank of America that should be helpful are 1-800-718-6072 which should connect you to a credit analyst. The second is 1-888-645-6733 which is for new application reconsideration after denial. Continue Reading »

During Capital One’s fourth quarter earnings call yesterday, CEO Richard Fairbank observed that, “the lack of consumer demand for credit, across our businesses, is striking.”  Given the behavior of credit card companies during the past year, however, the lack of demand for credit should come as little surprise.  Prior to the credit crunch, American consumers embarked on a massive spending spree fueled by cheap credit card rates, 0% APR balance transfers, and the willingness of credit card companies to extend significant lines of unsecured credit.  In 2009, many of these factors disappeared, taking with them the confidence of credit card users. Continue Reading »

While the subject of international credit card transaction fees is a little off topic, we thought this info may be useful to people travelling abroad over the holidays.

Essentially, almost every credit card company charges a foreign currency transaction fee of 2% to 3% for every purchase made abroad.  However, Capital One is the sole major credit card company that does charges no international transaction fees.  American Express only charges a 2% foreign transaction fee, but outside of your hotel and major locations, there’s always a chance your card won’t be accepted.

Many people are unaware of international transaction fees, as credit card companies bury this information in the fine print.  However, some people who are aware of these fees often opt to use their debit cards instead of a credit card.  This can lead to some unpleasant consequences.

One of the main benefits of using your credit card for international travel is fraud liability.  If your card is lost or stolen, you can get a new one sent to you and the money spent fraudulently will generally not effect your available credit.  However, if your debit card is stolen and misused, the money spent will be deducted from your available balance, and you may end up waiting weeks for the money to be available in your account.  Obviously, this can be a huge problem, especially if you need the cash in your bank account.

Because of the issues that can arise when using your debit card for international transactions, the best option is to use a credit card with no international transaction fees.  However, if you don’t have time to get a new credit card that doesn’t charge fees, it is worthwhile to pay foreign transaction fees so you can have piece of mind.