Using credit card oversea

[Pinobii]

Similarly to India, Amex is not widely accepted, a lot of restaurants would not accept it

 

For shopping and makan, change cash for use is more useful

 

If go those wholesale market, they will only take cash

 

For hotel, just use credit card

 

Above for China

[Sabian]

@Sabian, actually I cut and paste your forum post to my parents who are going china this week.

 

So this is my dad's reply,

 

 

 

Will this kana the DCC thing also? For benefit of china travellers. Cos i avoid going china hahaha...

 

I have not come across DCC cases on China Union Pay (CUP) Cards so far, it's only on VISA and MasterCard.

 

Not saying that it won't happen in future but I guess the DCC companies are just following the money trail --> Foreigners who need cross currency conversion (China tourist are a recent phenomenon - going by banking timeline) tend to be from outside China going into the country and holding the 2 most popular cards (VISA & MC). Somewhat like why PCs are virus magnets while almost nobody bothers to come with a virus for Mac.

 

If your Dad doesn't chase miles nor cash rebates and ins't on company expense, cash is the way to go. I know ICBC and BOC in Singapore issues a dual currency credit card so you use the card to pay in Yuan and then deposit Yuan at the Singapore Branch to make payment for the card purchases.

 

Is your Dad holding this card?

http://www.bankofchina.com/sg/bcservice/bc1/201501/t20150123_4521831.html

[Lala81]

I have not come across DCC cases on China Union Pay (CUP) Cards so far, it's only on VISA and MasterCard.

 

Not saying that it won't happen in future but I guess the DCC companies are just following the money trail --> Foreigners who need cross currency conversion (China tourist are a recent phenomenon - going by banking timeline) tend to be from outside China going into the country and holding the 2 most popular cards (VISA & MC). Somewhat like why PCs are virus magnets while almost nobody bothers to come with a virus for Mac.

 

If your Dad doesn't chase miles nor cash rebates and ins't on company expense, cash is the way to go. I know ICBC and BOC in Singapore issues a dual currency credit card so you use the card to pay in Yuan and then deposit Yuan at the Singapore Branch to make payment for the card purchases.

 

Is your Dad holding this card?

http://www.bankofchina.com/sg/bcservice/bc1/201501/t20150123_4521831.html

 

I think he just uses their usual BOC CC. Doesn't settle in yuan definitely.

They've been visiting china on their own for years. "Cheap" holiday for them.

[Iisterry]

When you use your credit card buying something oversea, sometimes the merchant will ask do you want to charge in SGD or the local currency.

Which is better??

 

Think of it this way simply.

 

A) charged in foreign currency

- SG bank gets to earn 

- interchange like Visa/MC gets to earn

- points/miles are generally doubled as it is considered an overseas transaction

 

B) charged in SGD currency

- SG bank doesn't get to earn on forex

- foreign bank gets to earn on forex

- SG bank will impose admin charge for the transaction (0.8 - 1%)

- interchange like Visa/MC still gets to earn

- transaction is considered non-overseas and points/miles is as per local transaction

 

Miles awarded can range anywhere from 1-1.6 mile local, 2-3++ mile overseas (exclude those with specific spending criteria which gives higher). Each additional mile is worth anywhere from around 2% (economy), 5% (biz), 7++% (first class). Even for rebate cards, you usually get additional 0.5 - 1% for overseas trans.

 

Use B) if you absolutely need to have the SGD equivalent of the transaction immediately. Otherwise use A).

[john92]

very good 

[Leinad8919]

My credit card had the CCV numbers printed on the back which I find rather stupiak. With other information like card number, expiry date & name, my card could easily be used for online purchases.

 

Even for local restaurants, I try not to hand waiter the card. I would rather walk with them to the cashier to make payment. Even then, there is no stopping them from copying the details especially if the cash counter view is blocked.

 

Now I usually blank out the CCV numbers with black ink.

[Ysc3]

My credit card had the CCV numbers printed on the back which I find rather stupiak. With other information like card number, expiry date & name, my card could easily be used for online purchases.

 

Even for local restaurants, I try not to hand waiter the card. I would rather walk with them to the cashier to make payment. Even then, there is no stopping them from copying the details especially if the cash counter view is blocked.

 

Now I usually blank out the CCV numbers with black ink.

 

gee ... i didn't know we can do that ... thks !

[Ben5266]

My credit card had the CCV numbers printed on the back which I find rather stupiak. With other information like card number, expiry date & name, my card could easily be used for online purchases.

 

Even for local restaurants, I try not to hand waiter the card. I would rather walk with them to the cashier to make payment. Even then, there is no stopping them from copying the details especially if the cash counter view is blocked.

 

Now I usually blank out the CCV numbers with black ink.

What you describe is correct.

 

But, there are system in place in the back ground that limit the fraud.

 

Also, as long as we do not lost the card, we can deny any transactions. The merchant LL.

[inlinesix]

My credit card had the CCV numbers printed on the back which I find rather stupiak. With other information like card number, expiry date & name, my card could easily be used for online purchases.

 

Even for local restaurants, I try not to hand waiter the card. I would rather walk with them to the cashier to make payment. Even then, there is no stopping them from copying the details especially if the cash counter view is blocked.

 

Now I usually blank out the CCV numbers with black ink.

 

Cancel all your CC.

 

Use cash.  It is the BEST.

[Jamesc]

Use local currency.

 

If they give you the option to use SGD it will be more expensive.

 

If they couldn't carrot you why would they ask?

 

Anyone that ask you anything its always to their advantage

 

and not yours. Eg calls from banks, financial advisors, 

 

insurance agents . . . . 

 

[Jungus]

Cancel all your CC.

 

Use cash.  It is the BEST.

You're right. 

 

Even overseas, you get better returns if you covert your cash at money changer and use local currency instead of credit card. I remember i did a comparison after a weekend family trip to Batam. The extra cost for our credit card purchases on clothes exceeded $100. And that's just Batam! Only on children's clothes!.

 

Of course, carrying cash has it's risks...

[inlinesix]

You're right. 

 

Even overseas, you get better returns if you covert your cash at money changer and use local currency instead of credit card. I remember i did a comparison after a weekend family trip to Batam. The extra cost for our credit card purchases on clothes exceeded $100. And that's just Batam! Only on children's clothes!.

 

Of course, carrying cash has it's risks...

 

I usually carry quite a lot of cash overseas.  I try to avoid using CC.

[Atrecord]

Interesting...

 

Will be going year-end hols. Wondering how much cash to bring, and what card to use.

 

Anyone knows of any credit cards now got promo? Need to buy air tickets and book hotels now. 

 

And overseas spend, what card gives best deal?

[Civic2000]

Interesting...

 

Will be going year-end hols. Wondering how much cash to bring, and what card to use.

 

Anyone knows of any credit cards now got promo? Need to buy air tickets and book hotels now. 

 

And overseas spend, what card gives best deal?

 

Maybank Credit Card

http://info.maybank2u.com.sg/personal/cards/special-promos/zuji.aspx

[Lala81]

Interesting...

 

Will be going year-end hols. Wondering how much cash to bring, and what card to use.

 

Anyone knows of any credit cards now got promo? Need to buy air tickets and book hotels now. 

 

And overseas spend, what card gives best deal?

 

I don't use air miles.

So i still use SC Manhattan card for 3% credit back if u charge above 3k in one month. Up to a max of $200 cashback/quarter.

 

ANZ card has credit back for travel as well. That's for quarterly spend. Might want to check it out.

 

I usually use CC for hotels or proper restaurants. Then cash otherwise.

[Atrecord]

I don't use air miles.

So i still use SC Manhattan card for 3% credit back if u charge above 3k in one month. Up to a max of $200 cashback/quarter.

 

ANZ card has credit back for travel as well. That's for quarterly spend. Might want to check it out.

 

I usually use CC for hotels or proper restaurants. Then cash otherwise.

 

hmm... you're right. Manhattan has credit back. Wonder if applies for air tickets... Should be, right?

 

tks... will check this out.

Maybank Credit Card

http://info.maybank2u.com.sg/personal/cards/special-promos/zuji.aspx

 

Tks... 

 

will also check this out.

[inlinesix]

I have OCBC 360 account.  So, i only use OCBC 365

[Angcheek]

My credit card had the CCV numbers printed on the back which I find rather stupiak. With other information like card number, expiry date & name, my card could easily be used for online purchases.

 

Even for local restaurants, I try not to hand waiter the card. I would rather walk with them to the cashier to make payment. Even then, there is no stopping them from copying the details especially if the cash counter view is blocked.

 

Now I usually blank out the CCV numbers with black ink.

 

where u note down the ccv nunbers ?