Credit card for US

harr

Hi
This question might seem stupid ,but do I need a credit card in New York...traveling for first time in march and some people telling me I will need one when I book into hotel and to book tours and the likes ...don't like the idea of having to get one just for a 5 day holiday...have a visa debit card which I will be using to withdraw money..
Thanks

Atlantic Dawn

Some require one some don't, best check with the hotel.

naughtysmurf

I think it will be lot easier if you have one

trihead

Recently used an post currency card - link


I have a normal cc card also but found this to be great!

coylemj

When you check in to a hotel with a credit card, they are able to ring fence an amount of money from your credit limit so that even if you go mad spending in shops and restaurants during your time in that city, you won't find that your limit is blown when you go to check out from the hotel. The amount they reserve from your limit will be the room charges and a little extra to cover stuff that you may charge to the room from the bar and restaurant.

That transaction will not appear on your credit card statement and you'd only be aware of it happening if you went online and looked at your remaining credit while you are staying in the hotel, you'd find that your spending headroom was less than you thought it should be.

They can't do that if you have a debit card, the only transaction they can execute is a straight bill to your account i.e. they take the money. This means that if you check into a hotel with a debit card, they will usually deduct your tariff (room charges) from your account straight away and possibly a buffer amount to cover the minibar. Any unused credit will be refunded after you check out, this is similar to what happens when you rent a car with a debit card - when you can. If you use a debit card in a hotel, they may or may not give you a guest card to bill food and drink to your room. Credit card is definitely the easier option for hotels and car rental.

harr

Thanks for the replies,I have emailed a few hotels we were hoping to use ,two have said we definitely need a CC to check in and two have said they would have to take a cash security deposit which would be returned on check out..
Most tours we were hoping to book and hotel transfer do require a credit card payment,so it's looking like I would be better off getting one...

shrek008

Does anyone know what charges the banks impose for using your CC in the USA? If you clear off your balance within the allowed time frame will there still be charges for "foreign transactions" etc?

naughtysmurf

Plenty of pre paid credit card options out there if it suits

Also some tours are better off booking ahead online, the Statue of Liberty one comes to mind, the lines were very long, have a vague memory of pre booking a time slot & skipping a lot of the Q

coylemj

shrek008 wrote: »

Does anyone know what charges the banks impose for using your CC in the USA?

Depends on the credit card - typically 1.75% to 2.25% above interbank for all non-Euro transactions.

shrek008 wrote: »

If you clear off your balance within the allowed time frame will there still be charges for "foreign transactions" etc?

Yes, you cannot avoid that charge which is not in the same category as interest for late payment.

It still means that a CC is better than paying cash because the margin a Bureau du Change will charge you (above interbank) for notes will be far greater than that charged by the CC company on a purchase with plastic.

munchkin_utd

people often dont comprehend that a Bureau de change has to pay a member of staff to sit there, and office rent / overheads, and cash transport and security costs and just the overhead of having a heap of cash "sitting there doing nothing" - and then they expect the cash changing service (after all those costs) to be better value than a card that does all automatically.

Your card is simply mastercard or visa bridging the gap between your bank and the local vendors - essentially just the same as they do for you at home. The "problem" is that a credit card is very upfront with charges so sounds like its dear, whereas a bureau de change will charge you "no commission" but diddle you out of way more than a percent or 2 by way of their made up conversion rate.

bureau de changes do have a place in the world, essentially to change hard cash for people who miraculously have a stash of it and dont want to have the cash going through the bank, but if you have money lieing about the house that you dont want being seen in the banking system, I'd say the likely untaxed nature of that windfall would make up for the loss on dealing with a bureau de change.

MartyMcFly84

The Revolut App allows you to change money into any currency without paying a conversion fee.

They even send you card that you can top up with currency and use in whatever country you are going to.

Currency rate exchange fees will be a thing of the past.

coylemj

MartyMcFly84 wrote: »

The Revolut App allows you to change money into any currency without paying a conversion fee.

They even send you card that you can top up with currency and use in whatever country you are going to.

Currency rate exchange fees will be a thing of the past.

The FX company has to make some margin so the consumer will always pay some % above interbank - no such thing as a free lunch.

They cannot convert (e.g.) USD to EUR and back again at interbank - it just doesn't work like that.

Vic_08

coylemj wrote: »

The FX company has to make some margin so the consumer will always pay some % above interbank - no such thing as a free lunch.

They cannot convert (e.g.) USD to EUR and back again at interbank - it just doesn't work like that.

FFS. God help anyone trying to discern the truth these days with all the internet experts spouting rubbish.

Revolut.com wrote:

What exchange rate will I get?
Our rates mirror the Spot Interbank exchange rate. The interbank market is the top-level foreign exchange market where banks exchange different currencies. It is a wholesale market through which most currency transactions are channeled and, as such, offers the best possible exchange rate available. This spot interbank exchange rate typically beats that of banks and other consumer foreign exchange services by 3-5%.

At the weekend (Friday 00:00 - Sunday 23:59) we apply a small mark up on the spot rate as the Forex markets are closed. We take the rate from Friday 00:00 and apply a 0.5% mark up on major currencies and 1.0% on other currencies to protect the company from potential losses due to a large fluctuation in the rate. For illiquid currencies like Russian Ruble and Thai Baht, there is 1.5% mark up on weekend.

https://revolut.com/faq/gettingstarted.php?cat_id=5&cat_name=Exchange#parentVerticalTab5

shrek008

If you were to pre load a Mastercard with money before you travel, then just spend that preloaded money on hols in USA, what charges would bank charge to convert euro to $$?

JIdontknow

Visa debit card should work, I was in America recently and my visa debit worked for hotels, car hire, in atm machines, etc. I had a credit card but didn't need to use it once to be honest just used my visa debit card.

munchkin_utd

JIdontknow wrote: »

Visa debit card should work, I was in America recently and my visa debit worked for hotels, car hire, in atm machines, etc. I had a credit card but didn't need to use it once to be honest just used my visa debit card.

Has someone ever worked out what say a weeks holiday in the US (say $1200 accomodation and grub and whatnot) on a standard credit card and/ or debit card compared to a prepaid card or other specialist products.

Those prepaid cards, sold in a post office which is a manned office thats costs labour, rates, heating, premises costs, insurance etc. , no different than "commission free" bureau de changes, have to have some sort of charge or detrimental exchange rate on them.

the currency exchange app is a really good idea and i can see anyone making online transactions outside the eurozone might use it regularily, but if you are charged a fee for having a physical card, and a fee for transactions at the weekend, then its just as dear as a standard credit/ debit card - or at least little enough difference to not bother with the rigmarole of signing up, getting the card and loading it a number of times (limit 500 per day) to get enough spending money for holiday, before having to recoup the excess cash again when youre finished the holiday

Atlantic Dawn

Worth remembering that in US almost all ATM's will have a fee to withdraw money, this is around $3 per transaction and then you have your own banks currency fees on top of that so bringing cash instead would work out cheaper. Also with debit cards most Irish banks have a daily limit of circa $150 per day that you can withdraw.

harr

JIdontknow wrote: »

Visa debit card should work, I was in America recently and my visa debit worked for hotels, car hire, in atm machines, etc. I had a credit card but didn't need to use it once to be honest just used my visa debit card.

I have been in Canada before and used debit card when checking in and they put a hold of 600 dollars on the card 😬 600 dollars of spending money we could not use...don't want the same to happen in NY...

coylemj

Vic_08 wrote: »

FFS. God help anyone trying to discern the truth these days with all the internet experts spouting rubbish.

It's only rubbish if you believe the sales pitch.

Do you have a Revolut card and if you do, can you transfer money from currency A to B and back again at the same rate?

RobertKK

coylemj wrote: »

It's only rubbish if you believe the sales pitch.

Do you have a Revolut card and if you do, can you transfer money from currency A to B and back again at the same rate?

Yes, there will be like a few cents difference due to foreign exchange rates changing slightly, but you lose basically nothing in exchange fees.

I used the card to withdraw money from ATMs in the US and there you pay a fee to the bank/or business you withdraw from.

dudara

I use my Visa Debit card all the time when traveling. Just be aware that any pre-approval amount will be deducted temporarily from your funds, thus reducing the amount you have to spend.

GottaGetGatt

Get yourself a revolut card, download the app on your phone an you can request that the physical card be sent to you.Used it in France, Spain and the U.K. And it's the best thing ever.

harr

dudara wrote: »

I use my Visa Debit card all the time when traveling. Just be aware that any pre-approval amount will be deducted temporarily from your funds, thus reducing the amount you have to spend.

Thanks ,that looks like the only option...I have used my debit card no problem in other countries but it seems a lot of hotels will only accept a bank credit card and won't accept a prepaid CC for the fear there might be no funds on it ...so eather get CC or use debit card and let them put a hold on funds ...

Vic_08

coylemj wrote: »

It's only rubbish if you believe the sales pitch.

Do you have a Revolut card and if you do, can you transfer money from currency A to B and back again at the same rate?

Still arguing the point, how typical. :rolleyes:
Yes I have one and Yes you can change and return at the exact same rate, currency fluctuations excepted. The rates change in line with the interbank rates every 10 seconds or so.

The idea that it is a ficticious sales pitch is stupid as offering the best possible rate is their selling point, without that it is nothing special.

Vic_08

munchkin_utd wrote: »

Has someone ever worked out what say a weeks holiday in the US (say $1200 accomodation and grub and whatnot) on a standard credit card and/ or debit card compared to a prepaid card or other specialist products.

It depends on the credit/debit card. 2-3% on top of interbank rates would be typical but some do offer better.

munchkin_utd wrote: »

Those prepaid cards, sold in a post office which is a manned office thats costs labour, rates, heating, premises costs, insurance etc. , no different than "commission free" bureau de changes, have to have some sort of charge or detrimental exchange rate on them.

An Post one is the same exchange rate as they charge for cash.

munchkin_utd wrote: »

the currency exchange app is a really good idea and i can see anyone making online transactions outside the eurozone might use it regularily, but if you are charged a fee for having a physical card, and a fee for transactions at the weekend, then its just as dear as a standard credit/ debit card - or at least little enough difference to not bother with the rigmarole of signing up, getting the card and loading it a number of times (limit 500 per day) to get enough spending money for holiday, before having to recoup the excess cash again when youre finished the holiday

No fee for having card, there is no fee for weekend transactions either, only currency exchange which can be done within the app at any time. App can be loaded at any point as long as you have an internet connection so you do not need to pre-load a huge amount for a holiday. You can keep the card blocked and only unblock through the app when you want to use it.

coylemj

Vic_08 wrote: »

Still arguing the point, how typical. :rolleyes:

Less of the snotty attitude please.

If you can flip currencies at the interbank rate then what you are saying is that they are giving consumers a tool which enables you to engage in currency speculation with no charges which I find hard to believe.

munchkin_utd

coylemj wrote: »

Less of the snotty attitude please.

If you can flip currencies at the interbank rate then what you are saying is that they are giving consumers a tool which enables you to engage in currency speculation with no charges which I find hard to believe.

if something sounds too good to be true then it normally is.

To pay cash into the account using a credit card would cost the receiver (revolut) a fee, but seemingly the customer doesnt pay.
To develop the app, manage the financial matters, provide customer service, would take 100s of thousands or more likely millions a year to cover.
And we are told that this is all free to the customer !

Something doesnt add up, and should it be the case that the revolut people are simply taking the deposited cash and hedging it against future moves and they are making their money from speculation or other jiggery pokery, then great, but if thats the case then who is guaranteeing that your deposited cash wont simply disappear !
Something just doesn't add up.

Charles Babbage

dudara wrote: »

I use my Visa Debit card all the time when traveling. Just be aware that any pre-approval amount will be deducted temporarily from your funds, thus reducing the amount you have to spend.

This.

The EBS debit card charges only half the commission of other banks.

coylemj

munchkin_utd wrote: »

if something sounds too good to be true then it normally is.

To pay cash into the account using a credit card would cost the receiver (revolut) a fee, but seemingly the customer doesnt pay.
To develop the app, manage the financial matters, provide customer service, would take 100s of thousands or more likely millions a year to cover.
And we are told that this is all free to the customer !

Something doesnt add up, and should it be the case that the revolut people are simply taking the deposited cash and hedging it against future moves and they are making their money from speculation or other jiggery pokery, then great, but if thats the case then who is guaranteeing that your deposited cash wont simply disappear !
Something just doesn't add up.

+1 Glad there's at least one other sceptic out there. This business is funded almost entirely by a stream of cash from new customers, we all know how that typically ends.

harr

coylemj wrote: »

+1 Glad there's at least one other sceptic out there. This business is funded almost entirely by a stream of cash from new customers, we all know how that typically ends.

To be honest I would be wary enough using any prepay credit card in the unlikely situation of not being able to access my cash ...the post office currency card is probably the only one I might chance ...but I will probably just get a credit card ...Ulster bank have one with no interest on purchases for first 3 months and just use it for hotel and booking tours and car hire if needed and use my debit card for cash withdrawals...

coylemj

harr wrote: »

To be honest I would be wary enough using any prepay credit card in the unlikely situation of not being able to access my cash ...the post office currency card is probably the only one I might chance ...but I will probably just get a credit card ...Ulster bank have one with no interest on purchases for first 3 months and just use it for hotel and booking tours and car hire if needed and use my debit card for cash withdrawals...

You should always aim to pay off the balance every month, opting for a particular CC because they offer interest-free holidays is a bad idea, look at the other features of the account like if they offer online access to check the balance. The premium cards offer other goodies like travel insurance but they involve an annual charge over and above the Govt. levy.

The An Post FX conversion for transferring Euros into US dollars is currently 2.8% above interbank so is bad for two reasons (1) you are paying upfront for your purchases so you're getting no credit and (2) the majority of credit cards will give you a better FX rate - typically 1.75 to 2.25% above interbank and you'll get up to six weeks free credit.

Paying money upfront to a regular (not prepaid) credit card account is only worth doing if you are planning to use the card to withdraw money from an ATM. Having sufficient money already in the account will avoid interest which in the case of cash withdrawals accrues from the day of the transaction, there's no free credit with cash.

Vic_08

coylemj wrote: »

Less of the snotty attitude please.

If you can flip currencies at the interbank rate then what you are saying is that they are giving consumers a tool which enables you to engage in currency speculation with no charges which I find hard to believe.

Stop inferring that I'm lying if you don't want curt responses.

What you believe is neither here nor there, the FACT is that yes that can be done up to a fair use limit of €6000 currency conversions per month.

munchkin_utd wrote: »

if something sounds too good to be true then it normally is.

To pay cash into the account using a credit card would cost the receiver (revolut) a fee, but seemingly the customer doesnt pay.
To develop the app, manage the financial matters, provide customer service, would take 100s of thousands or more likely millions a year to cover.
And we are told that this is all free to the customer !

Credit card deposits carry a 1% fee, only bank transfers and debit cards are free.

munchkin_utd wrote: »

Something doesnt add up, and should it be the case that the revolut people are simply taking the deposited cash and hedging it against future moves and they are making their money from speculation or other jiggery pokery, then great, but if thats the case then who is guaranteeing that your deposited cash wont simply disappear !
Something just doesn't add up.

If it was a pre-load card then that would be a big concern, certainly it can be used that way but I don't imagine most customers do, I certainly don't.

If they went bust today they would have a grand total of £14.20 of my money. I have never had more than €20 lying in the account for any length of time, there is just no need to, I just transfer an amount in € to cover a £ purchase as needed, value is almost instantly added to account and available to spend.

coylemj wrote: »

+1 Glad there's at least one other sceptic out there. This business is funded almost entirely by a stream of cash from new customers, we all know how that typically ends.

So now you are insinuating that it is a Ponzi scheme? You are very liberal with the unsubstantiated slurs aren't you.

Maybe their business model won't work long term but it is currently the cheapest currency exchange available to consumers and I have already saved a tidy sum from using it.

Considering neither of you have bothered researching it properly but are still arrogant enough to state as facts several things that are untrue, it's your know-all scepticism I'd be wary of trusting.

kerry4sam

Thread closed by me.
Queries asked by the OP have been answered.
Any further queries re:USA should be posted in the United States forum right here.

Thanks,
kerry4sam