Credit or Debit Card Options for $0 foreign transaction fee

Lemperor on 24/01/2017 - 21:13
Last edited 24/01/2017 - 21:45

I am seeking suggestions for either Credit or Debit Card in Adelaide, SA with

  • $0 Annual Fee
  • $0 Foreign transaction fee (are foreign transaction fee and foreign exchange fee different?)
    and/or $0 foreign withdrawal fee

I have read over some suggestions here in the forums and found 3 options.

  1. Citibank Plus (no branch in Adelaide)
  2. Bankwest Platinum (no branch in Adelaide)
  3. 28 Degrees (after reading recent posts here, don't want to try)

Please suggest me the cards that I can use on sites like Aliexpress (a safe option would be Debit Card as I have read about many scams and hacking after using cards on those Chinese sites).

Financial

Comments

  • mbck on 24/01/2017 - 21:29

    Applying online?

    • emperor on 24/01/2017 - 21:40

      Online or offline both options.

      • mbck on 24/01/2017 - 22:07

        Yeah apply for the citibank acc. Then tf your funds from your main bank.

  • John Kimble on 24/01/2017 - 21:32
    +2

    Why would debit card be safe? You are then technically risking/losing your money and not the banks…

    • emperor on 24/01/2017 - 21:43

      With debit card, I can load nominal amount only for required purchases on international sites. Will not be using this as main card for regular purchases.

    • the cheeky dropbear on 24/01/2017 - 21:44
      +1

      Usually any fraudulent or unauthorised transactions are covered by the bank.

      • emperor on 24/01/2017 - 21:47

        Do banks charge fraud protection premium?

    • emperor on 25/01/2017 - 00:50

      @John Kimble I am new to these things so trying to learn and understand about cards.

      What I have understood about credit card and debit card is that

      1. For eg, With Bankwest Platinum Credit Card (credit limit is $6,000), if the card gets compromised, the hacker can spend $6k
        from the card, isn't it? Does bank covers the compromised $6k and I am not liable to pay back $6k?
      2. But if use, say Citibank Plus Debit Card, anyone that gets hold of the card can spend amount only available in the bank
        account (if I have only $1,000 in the bank account, only $1k gets compromised), isn't it so?

      Please suggest what is the best one (credit or debit card) for security.

      • benwaffle on 25/01/2017 - 01:22
        +2

        The 6k on the credit card isn't your money, it's technically the banks. As long as you report any fraud immediately then you are not liable if compromised. The Debit card does have fraud protection but I think it's technically different

      • John Kimble on 25/01/2017 - 08:27
        +2

        They are both equally "secure". You should in 99% of cases get your money back, so long as you are not complicit or negligent with the card (check the PDS).

        The only point I was making is with a debit card you have to deposit $1k of your own money where as the credit you play with $6k of the banks money (obviously you have to pay it back to them eventually though).

        If you are worried, you can get the credit card and then ask them to drop down the limit, most banks will do at least $2k, some $1k or $500.

        If you ever get fraud, always tell your bank ASAP. They will most likely prioritise credit chargebacks over debit chargebacks (again, because it is their money not yours), meaning it will most likely take longer to get your money back for a debit card than a credit card…but you should get it back for both cards eventually.

    • emperor on 24/01/2017 - 22:01

      International transaction fee and currency conversion fee are applicable on Coles card.

      • tomclancy on 24/01/2017 - 22:16

        Ahhh yes sorry my bad, on the no fee card it does. I have the rewards card which doesn't. Thought it was across the range

        • OldBugger on 25/01/2017 - 01:43
          +1

          Coles Rewards MasterCard charges $1.95 and $4 on overseas cash advance and overseas ATM withdrawal fees. But a great card for purchases otherwise (plus that $100 voucher covers the first year fee).

  • indium on 24/01/2017 - 22:36

    Citibank for international withdrawals or purchases and ING for everyday banking and as your backup travel card ($2.5 atm fee overseas)

  • Paul Atreides on 24/01/2017 - 22:49
    +1

    Macquarie Debit Mastercard, gets $0 intl transaction (although not $0 intl withdrawal), and "free" atms

  • Findo on 25/01/2017 - 01:47
    +1

    Don't cheap out on fee free credit cards. Spend a little and get something with more support eg insurance

  • straafe on 25/01/2017 - 11:42
    +1

    BankWest does have a branch in Adelaide, its in Rundle Mall. Having said that I opened my accounts with them without needing to go there, so don't let the lack of a branch nearby put you off their card.

  • moar bargains on 25/01/2017 - 12:45
    +2

    As @straafe noted, there is a BankWest branch in Rundle mall, but you obviously know how to use the internet, so I suggest don't worry about branch access. I haven't been into a branch for any of my bank accounts in years.

    Citibank card is good: debit, no fees, etc. For what you're looking for, I suggest going with this one. I used it all across Europe with no issues or fees, and have kept it for the odd online purchase.
    Only problem is the online portals (browser and mobile app) leave a bit to be desired…

  • ern123 on 25/01/2017 - 19:02
    +1

    Fairly new to this but did i read that Citibank is going to charge a 2.5% transaction fee on international transactions starting soon?

    • mbck on 25/01/2017 - 19:59

      Uh oh, you might be right.

      Here's the link for the old terms and condition. Notice how they add Citi bank plus is excluded.
      https://www.citibank.com.au/global_docs/pdf/Feesandcharges.p…

      Here is the newest. Notice the Citi bank plus is NOT excluded.
      https://www.citibank.com.au/global_docs/pdf/feesandchargespr…

      Sorry on mobile. I might call Citi bank and ask

      • retiredfeline on 25/01/2017 - 20:11

        Please search OzBargain for a previous thread about this.

        • mbck on 25/01/2017 - 20:36

          I saw that. I looked at the link that person provided, and that pds did say Citi bank plus is excluded.

          However on the newer link I provided, this is no longer written. So I'm going to call Citi bank and reconfirm post Thursday.

        • retiredfeline on 25/01/2017 - 20:44

          @mbck: OK, let us know. Could simply be that those are old docs which had no need to differentiate products. Websites often have outdated docs.

        • mbck on 25/01/2017 - 20:47
          +2

          @greenpossum:

          Yeah I'm confused. Will report back!

          Safe holidays!

        • Baysew on 26/01/2017 - 13:35

          @mbck: The link (you call it the newest) you have provided is titled "Notice of changes to the Schedule
          of Fees and Charges for Transaction and Savings Accounts (no longer offered) effective 01 March 2017"

          That is, changes to accounts that Citibank no longer offers -

          Citicash Account
          Citicheque Account
          Citibank Investment Account
          Business Cheque Account Unlimited
          Overdraft Account Unlimited
          Interest Bearing Trust Account Unlimited
          Relationship Banking Account Unlimited
          Portfolio Management Account
          Personal Banking Account
          Citibank Traveller Account

          The link (you call it the old) is titled " Notice of changes to the Schedule of Fees and Charges for Transaction and Savings Accounts effective 01 March 2017.

          This is the current T & C for accounts that Citibank currently issue.

          ie Citibank Plus where the fee is excluded (As you pointed out)

          TL:DR Citibank has two T & C's Old Products and Current Products. Citibank Plus still free for international transactions.

  • nahkk on 26/01/2017 - 11:42

    Coles Reloadable Prepaid Credit Card.

    No annual fee, no foreign transaction fees. The huge benefit is you have to top up the card before purchase so only top up with the amount of purchase. Top up with a debit card is instant (without any waiting period)

    I feel it is really secure as I never have more than 300-400$ loaded. Even if the card details get compromised, I won't lose more than what I have already loaded on the card. You also earn 1 flybuy point with 2$ spend anywhere.

    NB: terms and condition state that you should not use it for DirectDebit but I have my smaller directs debits (gym, children's swimming school fee) setup on it without any issue for almost a year now.

    • Baysew on 26/01/2017 - 14:00

      Coles Reloadable MasterCard

      Card Purchase Fee - $10
      Card Replacement Fee - $5
      Call Centre Fee - $4
      Balance Check Fee - $0.50
      Currency Conversion Fee - 3%

      Seems like a poor choice.

      • nahkk on 26/01/2017 - 18:47

        Card Purchase Fee - They frequently run "get the card free" promotion or flybuys point equivalent to 10 $.

        Call Centre Fee - thats a bugger

        Balance Check Fee - Only when you call call center. You can easily check it online.

        Currency Conversion Fee - I see on the website that these were waived until 31st of Dec 16. I will check with my next purchase if the conversion fee still applies.

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