We love online shopping but often, the prices we see may not be the amount that our items really cost. Why? Besides foreign currency exchange, the bank/ financial institution will charge you an administrative fee.
Because I love online shopping, I noted that the amount I paid for the same pair of item differs when I used different credit cards. Hence, I decided to create this post for shopaholics like me, to have the best deal.
I hope these are useful information and do share with your friends.
Please note that below are for transactions made in foreign currency in Singapore or outside of Singapore.
Visa/ MasterCard/ Amex will charge a cross border/ currency converter fee and the bank/ financial institution will charge an administrative fee.
Credit Card Fees for Foreign Currency Transactions (Paid in foreign currency)
|CARD ISSUER||VISA||MASTERCARD||AMEX||Premium Cards|
|UOB||2.5%||2.5%||3.25% (1.25%+2%)||Miles: 3.25% (1%+2.25%)|
|DBS||up to 2.65%, < 3.25% (1%+2.25%)||up to 2.65%, < 3.25% (1%+2.25%)|
|OCBC||2.8% (1%+1.8%)||2.8% (1%+1.8%)||–||–|
|Citibank||up to 2.5%||up to 2.5%||up to 3.3%||–|
|SCB||3.5% (1%+2.5%)||3.5% (1%+2.5%)||–||–|
|HSBC||up to 2.5% (1%+1.5%)||up to 2.5% (1%+1.5%)||–||–|
|MAYBANK||up to 2.5% (1%+1.5%)||up to 2.5% (1%+1.5%)||–||Diamante, Infinte, World MC: up to 2.75% (1%+1.75%)|
|CIMB||2.4% (1%+1.4%)||2.4% (1%+1.4%||–||Platinum MC, Visa Signature: 1% (Admin fee waived)|
|BOC||2.5% (1%+1.5%)||2.5% (1%+1.5%)||–||–|
Table as per 19 November 2016
Visa/MasterCard transactions in USD will be converted to SGD on date of conversion. For transactions in other currencies, they will be converted to USD and then converted to SGD.
Only for UOB cards, transitions in AUD will be converted to SGD on date of conversion. (Last checked in May 2016)
Based on above table, I think I may apply for a CIMB credit card. LOL. I hope to create a table soon for the credit card comparison best for online shopping soon. Check out soon!