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Canadian credit card question


bubbadogmom
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Hi all...

 

I kept meaning to ask this before and never remembered but I did today when I printed my xpress pass.

 

I am not well versed in the world of $$ and rates.

 

They give us 2 options -

 

1) to pay my onboard charges in the currency of the card and use Celebrity's currency conversion program

 

OR

 

2) to have my credit card issuer convert my onboard charges to the currency of my card

 

Which would be better (AKA cheaper....:rolleyes:? Is there any way to know?

 

Thank you very much....

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I would suggest calling your credit card company and find out how they calculate their conversion rate and whether they also add a fee. Then compare it to the Celebrity conversion rate and fee.

 

My Capital One in the US does not charge an international fee but my American Express does. So when I travel, guess which one I use?

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I usually use my Sears credit card since they don't impose foreign transaction fees. I also check the box on the Celebrity form that allows my credit card (Sears) to do the conversion. My Canadian Mastercard credit card charges the going rate as well as adding a foreign tx fee..thus the reason for the Sears card which is underwritten by an American bank. When I've allowed Celebrity to do the conversion it's usually not to my advantage, although it seems to have been better for previous posters.

 

FYI, if you would like to have some OBC for a good rate, buy it precruise through Gifts by Celebrity...much better exchange rate then you'll get through your local bank or credit card. Whatever you don't use, you can cash out at Guest Relations while onboard!

 

Enjoy your cruise!

Cathy

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I usually use my Sears credit card since they don't impose foreign transaction fees. I also check the box on the Celebrity form that allows my credit card (Sears) to do the conversion. My Canadian Mastercard credit card charges the going rate as well as adding a foreign tx fee..thus the reason for the Sears card which is underwritten by an American bank. When I've allowed Celebrity to do the conversion it's usually not to my advantage, although it seems to have been better for previous posters.

 

FYI, if you would like to have some OBC for a good rate, buy it precruise through Gifts by Celebrity...much better exchange rate then you'll get through your local bank or credit card. Whatever you don't use, you can cash out at Guest Relations while onboard!

 

Enjoy your cruise!

Cathy

 

Side track a little here - is that the new Sears card? I have a Sears card but I know last time I was there the salesclerk mentioned that they were getting rid of that one and going to something else.

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Side track a little here - is that the new Sears card? I have a Sears card but I know last time I was there the salesclerk mentioned that they were getting rid of that one and going to something else.

 

Not sure about that...it's the same one I've had for years...just used it a month ago and the sales clerk didn't say anything about needing to get a new one, at least until the expiry date when I just assume I'll get a new one. Guess you could always call their customer service and confirm the conversion rates. I've purchased enough obc for our upcoming b2b at a really good rate so hopefully won't have to put anything on the cc!!

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Side track a little here - is that the new Sears card? I have a Sears card but I know last time I was there the salesclerk mentioned that they were getting rid of that one and going to something else.

 

It's the chase bank card that is ending the Sears link.

Chase also has the Amazon card and the Marriott card that does not charge an exchange fee.

 

Amazon gives about 1% back but it is a no fee card. Marriott card charges about $120 but you get a free hotel room in Florida or elsewhere once a year.

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We are from Canada and were on the Equinox Nov 9. I used Celebrities conversion program as it was 1.30 when we cruised, as opposed to 1.36 the CC charged for our hotel in FLL.

 

 

Interesting. Last time I checked they charged the current rate plus 3% vs the worst of my cards only charges 2.5%. I guess I will have to double check this on my next cruise.

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I use the Chase Amazon card and have Celebrity bill it in USD. In my experience, the conversion rate is better than Celebrity's and there is no transaction fee (unlike most Canadian credit cards).

 

Bubbadogmsm, you should also consider buying OBC to pay most most of your anticipated onboard expenses. If you have booked your cruise in CAD, you will be able to buy the OBC in CAD on the Celebrity website at a preferential rate.

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What ever bank you use in Canada can supply you a US fund credit card at no fee to match your existing credit card. You will be billed in US funds and you pay the bill in US funds.

Unless you have a source of income in USD, at some point you will need to convert to USD to pay off your bill. We used a TD USD card for many years when the dollar was at par or at least fairly close, but with the Loonie's current dive, we use the Chase Amazon CAD card instead. Its conversion rate is as good or better than you'll get anywhere else and there's no transaction fee, and you can use it to make purchases in any currency, not just USD.

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We have a US Dollar Master card issued by BMO. That way the charges are already in US and we pay it off at home from our US dollar bank account which fortunately,we have topped up over the years when the dollar was higher.Or you can buy the US dollars at the bank here and pay it off that way. You need to compare the charges that your particular bank charges.

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What ever bank you use in Canada can supply you a US fund credit card at no fee to match your existing credit card. You will be billed in US funds and you pay the bill in US funds.

 

I'd still end up having to "buy ' US then.

 

Even now, the best rate I can get is by using "US Green Machine's" - some border cities have them - they dispense US $$ and the rate is much better than what the teller would charge me at the bank. So I pay, one way or another......

Edited by bubbadogmom
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Interesting. Last time I checked they charged the current rate plus 3% vs the worst of my cards only charges 2.5%. I guess I will have to double check this on my next cruise.

 

so it looks like everyone has had a different experience - apparently credit card rates change as much as the reports of the food quality! LOL :rolleyes:

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I use the Chase Amazon card and have Celebrity bill it in USD. In my experience, the conversion rate is better than Celebrity's and there is no transaction fee (unlike most Canadian credit cards).

 

We use the same card. It was really useful for shopping in Euros. I like that it is no fee and they give you $20 off any amazon.ca order.

 

We have always found that we got better rates when putting our charges to our credit card.

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Unless you have a source of income in USD, at some point you will need to convert to USD to pay off your bill. We used a TD USD card for many years when the dollar was at par or at least fairly close, but with the Loonie's current dive, we use the Chase Amazon CAD card instead. Its conversion rate is as good or better than you'll get anywhere else and there's no transaction fee, and you can use it to make purchases in any currency, not just USD.

 

You can get a TD Boarderless account and do the money conversion on line the cheapest way / rate to buy US funds and then pay off the card.

Edited by baldercash
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You can get a TD Boarderless account and do the money conversion on line the cheapest way / rate to buy US funds and then pay off the card.

Till I closed them, I had a TD USD VISA and a TD USD account and did precisely what you suggest. However, I found that the conversion fee was not the lowest I could get, whether buying online or at my local branch. Contrary to offering "the cheapest way / rate", TD offers only competitive rates:

 

Now it’s even easier to get the foreign currency you need. You can choose from over 50 foreign currencies, all at competitive rates.

 

While I chose to go elsewhere after crunching the numbers, I agree that your suggested approach is a good one, just not the best.

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You can get a TD Boarderless account and do the money conversion on line the cheapest way / rate to buy US funds and then pay off the card.

 

Fouremco: I agree with you. I too have a Borderless acount and a TD US Funds credit card. I was fortunate enough to put some money in the account when 1 USD was 95 cents CND.

 

"Till I closed them, I had a TD USD VISA and a TD USD account and did precisely what you suggest. However, I found that the conversion fee was not the lowest I could get, whether buying online or at my local branch. Contrary to offering "the cheapest way / rate", TD offers only competitive rates"

 

You do not have to go to TD for the USD. You can go and get the money from any currency exchange with competive prices and make a deposit into your USD account.

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I have a related question: Royal Caribbean has had many posts about not honouring the Let My Credit Card do the Conversion option, even if it's a USD credit card. Does Celebrity do the same thing? Will I have to use my Amex again, because it's not part of their "We'll do the conversion" program?

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I have a related question: Royal Caribbean has had many posts about not honouring the Let My Credit Card do the Conversion option, even if it's a USD credit card. Does Celebrity do the same thing? Will I have to use my Amex again, because it's not part of their "We'll do the conversion" program?

 

There is a place on the check-in documents where you check whether celebrity does the conversion or your credit card does it. Just ask the agent where that is...and make sure it's the way you want. Then if Celebrity does the conversion, you can have it reversed and let the credit card company do the conversion.

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I cancelled both my TD Borderless and USD credit card earlier this year when they started imposing fees on the account if you did not maintain a minimum of 3K USD at all times. With today's conversion rate that works out to over $4,100 CAD. Not everyone wants to keep that much in a low interest paying account. The borderless account was less than 1 percent better than the bank's daily exchange rate and not worth it in my opinion. Better to open up a TD Waterhouse account and invest at a better exchange rate. I pay cash onboard and use my First Class card for any large purchases I make off the ship.

 

Fouremco: I agree with you. I too have a Borderless acount and a TD US Funds credit card. I was fortunate enough to put some money in the account when 1 USD was 95 cents CND.

 

"Till I closed them, I had a TD USD VISA and a TD USD account and did precisely what you suggest. However, I found that the conversion fee was not the lowest I could get, whether buying online or at my local branch. Contrary to offering "the cheapest way / rate", TD offers only competitive rates"

 

You do not have to go to TD for the USD. You can go and get the money from any currency exchange with competive prices and make a deposit into your USD account.

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  • 2 weeks later...

If you need US money to pay for your cruise bill onboard then it is best to buy OBC from Celebrity now.

I just bought $100.00 US and it cost me $122.40 CAN.

As of today the banks are charging 1.38.

$16.00 saved!

 

Blaine

Edited by ref9
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