“comparing Travel Insurance Through Credit Cards And Standalone Plans In Australia” – Which credit card is best for your travels: Amex, Visa or MasterCard? When Singaporeans shop abroad with a credit card, they need to consider an exchange rate. These prices vary depending on the credit cards you use. The differences are small, but add up over time. And besides cash, you also need to consider other factors like convenience. So when comparing the best Singapore credit cards to take abroad, which one should you choose: Amex, Visa or MasterCard? Table of Contents: Difference Between AMEX, Visa, and Mastercard Foreign Exchange Fees and Transaction Fees AMEX, Visa, Mastercard: Which Offers the Best Customer Service? Dynamic Currency Conversion (DCC) Fee Conclusion What is the difference between Amex, Visa and MasterCard? Visa and MasterCard are intermediaries. They connect merchants to banks, a service both parties pay for. Visa and MasterCard process transactions when you pay with their credit cards, but don’t give you the funds you use (the money comes from your issuing bank). However, American Express (Amex) is different. It is both an intermediary and a credit card issuer. The only thing you need to know is that due to these differences, the services available and the costs vary between Visa, MasterCard and American Express. Amex, Visa, and Mastercard: Exchange Rate Fees and Transaction Fees Several things happen when you swipe your credit card abroad. Your transaction will be converted to Singapore Dollars. Your bank (e.g. DBS) charges you a fee for processing the transaction. Your card issuer (e.g. Visa) charges you a fee to process the transaction. This means that there are three “fees” at play here: Cross-border transaction fee Foreign exchange or currency conversion fee Card company fee Card company fees are set independently of the bank. Visa and MasterCard each charge a 1% fee when converting currencies and making purchases abroad. One difference, however, is that MasterCard charges a lower fee (0.2%) if you convert the currency but make the purchase in Singapore. An example would be when you buy something on Amazon.com. The other two fees — the cross-border transaction fee and the exchange rate fee — vary by bank. Below is a table of the foreign transaction fees you can expect from different card issuers: Singapore credit card foreign transaction fees Credit card issuers Visa MasterCard American Express American Express – – 2.95% CIMB * 3% 3% – Citibank 3% – 3.3% 3 % – 3.3% 3.3% DBS 3% 3% 3% HSBC 2.8% 2.8% 2.5% Maybank 3.25% 3.25% – Maybank Visa Infinite, Visa Diamante and World MasterCard 3 .5% 3.5% – POSB 3% – 3.25% 3% – 3.25% 3% Standard Chartered 2.6% – 2.8% 2.6% – 2.8% – UOB 2.8 % – 3.25% 2.8% – 3.25% – *Note that the Visa, MasterCard and American Express transaction fee is usually between 1% and 1.8%. The card-issuing bank adds an additional 1.5% to 2 .5%. In the case of CIMB, for example, Visa and MasterCard each charge 1% for all transactions made in foreign currency or overseas in Singapore dollars, while the bank itself charges its own 2% administration fee for foreign currency transactions. This ultimately results in the fee of 3% shown here. In some cases where purchases are made in your currency, there is typically an additional currency conversion fee of 0.8% to 1%, sometimes referred to as a dynamic currency conversion fee. This means that if you take a card abroad, you have a better chance of getting a good rate with a Visa, MasterCard or American Express credit card. Which is the most widely accepted: Amex, Visa or MasterCard? How many merchants accept the card you carry? Visa is accepted in over 200 countries while Amex is accepted in around 140 countries. MasterCard is a bit on the leash when it comes to its network, but is estimated to be accepted in over 210 countries, making it the most versatile option of the three. It’s always a good idea to check in advance if your card is widely accepted at your destination abroad. There is no point in having a credit card that can only be used at your hotel. WINNER: VISA Who Has the Best Customer Service: Amex, Visa, or MasterCard? Amex is legendary for its concierge service. The premium Amex cards are undoubtedly the best for use abroad, and the concierge service (at platinum level and above) can reportedly even make reservations at Michelin-star restaurants within the hour, according to reports. If you’re lucky enough to have a premium Amex card, bring it with you abroad. It’s almost child’s play. But even with regular Amex cards, there is a 24-hour hotline if you need help abroad or if your card is lost or stolen. Visa and MasterCard are close in terms of customer service. Visa could easily come out on top as it offers the ability to replace your lost credit card within one business day. The new card can be sent to your location. WINNER: AMEX Note the dynamic currency conversion. Dynamic currency conversion is a service foreign merchants use to convert credit card transactions into Singapore dollars on your behalf. For example, if you’re shopping in Seoul and swipe your card at a department store, you may be asked if you want to process the transaction in SGD or in KRW. Choose KRW and your payment will be processed like any normal international transaction. Your bank sets the exchange rate. Select SGD and your transaction will be dynamically converted to SGD at settlement time. The merchant sets the exchange rate. To recap, DCC occurs whenever you are billed for a payment in SGD that is processed outside of Singapore. In short: never pay in Singapore dollars abroad, otherwise you will be charged a higher amount. Conclusion: It depends more on the issuing bank than on the credit card company. As you can see, competition among credit card companies is fierce. Amex is arguably the best choice if you qualify for the premium range of cards, MasterCard seems to have slightly greater acceptance and Visa is faster at card exchanges. That’s good to know, but they’re not groundbreaking. That depends on what other benefits and features your card issuer offers (e.g. rewards, annual fee, interest rate, customer service and mobile banking ease of use) and whether your specific credit card fits your spending habits (e.g. travel, cashback). , eating or shopping). Instead, consider your card’s mileage accrual rate for spending abroad. The UOB PRVI Miles Visa Card, for example, offers one of the highest collection rates abroad at S$1 = 2.4 miles. Compare the best credit cards. Read this next: 6 Credit Cards That Allow Free Access To Airport Lounges. 5 best credit cards for restaurants abroad. Should you get annual travel insurance? When does it make sense to pay the annual fee for your credit card? The best mileage cards…possibly reward cards
Ryan has been writing about finance for 10 years. He is also involved in many other endeavors, writing for publications such as Men’s Health, Her World, Esquire and Yahoo! written. finance.
“comparing Travel Insurance Through Credit Cards And Standalone Plans In Australia”
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