Watch out for new chip and pin credit cards

If anyone is using the new chip and in credit cards that are being issued in the uk and elsewhere, or have friends coming form overseas, then beware.

I tried to use mine in Big C today. Thailand, lagging behind the times, has not had the equipment to handle chip and pin and so the cards default to the swipe and sign mode. But, Big C seems to have new euipment that handles chip and pin. Trouble is, nobody has trained the cashier in what to do, so when faced with a request for a pin number she quickly typed in zeroes, without asking me. This happened 3 times, during which she would not stop and listen to me, and of course then the card was declined and blocked, and i can't use it again until i go back to the uk and reset the pin number.

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In the past i had a lot off problems using my credit card in AT M's in Thailand. Mostly i go inside a bank, but they accept only if you ask a minimum from up 20.000 bath. I use 2 credit cards visa and MasterCard. Must be a nightmare, not having to much cash and your credit card is not working

[TrongpaiExpat]

You don't want to use a credit card for an ATM as you get charged cash advance charges. Your better using a debit or ATM only card.

Avoiding a foreign currency conversion change is quite a challenge. Banks keep changing fee schedules. The foreign currency changes are generally under "other" category and at the bottom of the fee schedule. I also see that banks have taken to calling it by different names.

For some reason my US banks started charging me a hefty foreign currency change and it's not on their fee schedule. Asking why, get a lot of double talk. I am not sure, but it's a Visa debit card/ATM combined. Another bank I have is only an ATM and that does not charge a fee. I am going to order an ATM only card and see if that makes a difference.

www.bankrate.com/brm/news/cc/20010716a.asp

[painai2]

I'm from the US. Whenver I'm in Thailand, I use my Capital One credit card. They are the only bank I know that does not charge an International Conversion fee. I have no problem using it to make purchases in Thailand.

For US issued cards anyway, Mastercard and Visa impose a 1% fee on all foreign transactions - even if for example, a business in Thailand charges you in dollars. Capital One is the only one of the top 10 US banks that does not impose an ADDITIONAL 2% international conversion fee on top of Visa/MC's one percent. American Express charges a 2% fee. I use my ATM card for almost everything overseas now whereas before it went on the credit card. My bank charges $1.50 for me to withdraw $300 at an ATM so the fee is one half of one percent. Be careful using a credit card at an ATM. Some banks add a $5 surcharge onto the 3 percent conversion fees.

[2lz2p]

The credit card cartels (visa and mastercard) do charge a fee with some issuing banks charging an additional fee, but beware - some US banks also charge a conversion fee when using an ATM card.

When I first moved to Thailand, I could use my Bank One ATM card for a $1.25 fee. Bank One was bought out by JP Morgan Chase (Chase) several months ago, but I continued to have only the $1.25 fee charged until recently. Now that Chase has integrated Bank One's systems into theirs, I not only get charged $3.00 for using the ATM card outside of the USA, I also get hit with a currency conversion fee (my last transaction's net result was the equivalent of 38 baht to the dollar after considering the fees).

I have now arranged an account with a different bank that I will not incur any ATM or conversion charges. I also have one credit card (sponsored by my credit union) that does not incur a currency conversion fee when I use it here. Once I used it to get a cash advance when my Bank One ATM card expired and I hadn't yet rec'd the new card. I was pleasantly surprised to discover that there also was no "cash advance" fee - guess there are some advantages to using credit unions.

THis has gone off topic but the original advice is valuable...If you notice that a retailer has Chip and Pin equipment set up you have to make sure that the operator is properly trained before you hand over an overseas card or you may lose the facility.

My partner earns exclusively in his home country and pays for our groceries with a card based there. When our preferred supermarket tried to introduce Chip and Pin they told him he couldn't use that card anymore. I quickly told them they were in breach of multiple agreements and their chip and pin equipment has been idle for about four months now.

I've used my Nationwide Chip & Pin in France and Switzerland in the last year. I expect Thailand zand my supermarket will catch up shortly.

As they say in the TV show "Be careful out there"

Read your card agreements carefully.

(Sorry. Those who already knew all this please bear with me for anyone who may not have. Thank you!)
Some banks are charging (Flat) Cash Advance fees (On Credit Cards), including; ATM withdrawals, as High as $10.00 per withdrawal. Or some cards cards charge\charged Cash Advance fees of 3% & had\have a max. of $50 but the maximum may be\now may be $75--And Some are charging as-high-as 5% with no maximum--Including on ATM withdrawals. (Same as a C/A.)
And (Unless you pay the entire balance monthly, every month.) the Cash Advance interest charge may be at a higher rate--And the higher rates are the last paid off--So taking one of those "attractive" 'promotional' rates: i.e. 1.99% to 5.99% with no cash advance fee, and until it is paid off, can be a trap: the charges you made\make at a higher rate will go on for a longer\the longest time as payments are applied to those (Higher interest rates.) last.
If you default on your card member agreement in any way: i.e. a-day-or-more late with your payment, pay less than the minimum required payment, miss a payment; the rate can go as high as 34%--On all your cards. And if you forget, or get cute, and try to mail it early (Before the statement arrives.) just be sure you mail it so it does not arrive before the 'statement date.' If it does, that counts as two payments in that month--And none in the next--and...Whoops!...34%!
You can set the payments up on 'automatic payment' from your checking account but some banks are charging for that service--And some have been known to be late making the payment; which may depend on the balance in your account. If checks have not cleared, you may have a problem: your payment arrives late &\or an overdraft charge. Some banks will make the payment, with or without an OD charge; some may transfer funds from another account: i.e. Savings at the same bank: providing your account is set up this way--So check with the bank. Read the rules re your checking account. In any case; it's your responsibility\fault. (I find many older people don't know...Assume everything is the same as it was__years ago.)
If you set accounts up on auto pay, be prepared to make manual payments until you are sure the creditors are receiving the auto-pays. If you change banks, proceed with caution. If your bank changes hands; watch out!...As I found, recently. Thankfully it was only my health insurance--And I was not in the process of having major surgery: my lobotomy and butt-lift won't be till Spring: fat from my head will be injected in my butt--And a little in the frown lines, courtesy of Dr. Frank N. Stein. :shaking2:

Good news? Or Bad?
A new U.S. federal law went into affect this month (Look at your last statements.) that the minimum monthly payment is now set at 1.5% of the debit balance. Most were at 2% (Good news?) but many were as low as, 'the interest charge + $10.00': what the media whores are talking about when they say...Boo-f-ing-Hoo!..."This law may force some families* into bankruptcy!"
*And, singles?...Huh? Who gives a shit about singles?

Bottom Line\Gotcha!:
Before you take off on an extended trip, make sure someone\someplace trustworthy will handle making or mailing your payments. Don't expect compassion from the card company if you arrive home to find a payment was late. They have none.

A closing thought:If you have no heirs; no one you care if you leave an estate to, or not--And if you are standing with one foot in the grave and one on a banana peel; run all your cards to the limit and go out and party!

Beware, I called Capitol One.. and they will soon start charging the additional 2% conversion fee. Credit Union Credit Cards are the only ones that don't charge. It's the only Credit Card I use in Thailand.

In the UK I believe many banks do charge a fee, infact just before I came to Thailand for the first time I changed from 'Natwest' Bank to 'Nationwide', which has no currency conversion fee for account holders using either a debit/cash card or credit card in any ATM outside the UK. Additionally (and excellent news for long stayers overseas), they have an excellent & secure on line banking system where you can manage your accounts (paying bills, transfering money between accounts) so easily without all that hassle of making sure someone at home is keeping up the payments: http://www.nationwide.co.uk/default.htm