Canadian Cruisers - Credit Card Bill Options

[RD64]

Fellow Canadians

 

I am filling my on-line docs. When it asks 'Is your card billed in American or not" which is the proper option to choose. I remember last time that I selected the wrong button, and Princess was going to convert from Canadian to American at some obscene exchange rate - at Guest Services was not able to make the switch.

 

Any suggestions?

[paul929207]

You do not want Princess to convert your bill from US$ to CA$. You want you back to. So have Princess bill you in US$

[M4dC0w]

Check it in canadian, somrtimes if yiu buy obc, they give it to yiu at par to usd. I know they did my last cruise, call princess and gift yourself obc and see how they charge you.

[AE_Collector]

We have a US bank account and credit card which we use so it has been awhile since I had to think about using my Canadian card for this. I think I would answer that it is billed in Canadian which then prompts them to ASK if you would like Princess to do the conversion to Canadian for you which you can decline.

 

Everyone who has reported having Princess do the conversion says the rate is worse than their credit card company yet I think Princess guarantees that it will be equal or better. Credit card companies pocket a good 3% typically (haven't heard of these No/Low foreign exchange cards in Canada yet) which would seem to leave room for Princess to charge a flat 2% or so and make money as well as be the best rate in town.

 

Of course pre purchasing OBC is still going through at 10 cents on the dollar for most cruises. Par is a distant memory now and I suspect that Princess will likely change to 15 or 20 cents on the dollar soon. But for now, 10 cents is unbeatable!

 

Terry

Edited January 4, 2015 by AE_Collector

[CruisinFinsUp]

We always select the " our card is not billed in US".

Then select the "do not convert at Princess's rate"

 

Princess now claims they will refund any difference if their rate is higher than what your bank would charge but

1) how do you figure that out?

2) they do not disclose their Fee and they say nothing about refunding a high fee! :rolleyes:

 

Most Canadian credit cards charge the daily credit card exchange rate PLUS 2.5% fee. At least we know what the fee is.

 

There was a thread a year ago here about CDN vs USD ... At the time folks were finding an advantage to calling and adding OBC or buying drink stickers or gifts to their staterooms in advance because the cruises were booked in CAD at a rate more advantageous than the current rate. We just did our final payments and paperwork for our March 2015 cruises -we paid Princess' exchange of 1.10 last fall - I'm planning on calling and asking the price of drink packages and OBC to see if I can get the 1.10 instead of the current horrible rate. :D. No idea if it will work - last years thread had some folks with success some not depending on dates of the cruise, when booked and at what rates so I figure it doesn't hurt to call - especially as financial forecasts say the exchange rate will get worse before it gets better!

[M4dC0w]

My recent cruise in dec14 was still at par for some reason.

[Sailingpeace]

We are from Canada and always have Princess charge our CND card in US. Made the mistake once to let them do the conversion, ouch ! Also, it is a good thing to stop by the purser's desk early in the cruise and make sure they do have it registered that you want your card charged in US . Once they had not and making the change back to what we had asked was easy.

I'd add : trust Paul, he gives great advice , learned a lot of good things from him.

Edited January 4, 2015 by Sailingpeace

[crafter188]

You do not want Princess to convert your bill from US$ to CA$. You want you back to. So have Princess bill you in US$

 

 

This may be late advice for you, but I'd recommend getting a credit card that is denominated in U.S. Dollars. Anytime a foreign charge goes through your Canadian credit card, there is a small fee that's buried in the exchange rate. We have a RBC Bank US Visa card. The charges go through in US dollars and we buy US dollars to pay the bill. It also gives you some control over when (and therefore what exchange rate) you pay. I'm pretty sure that all the big Canadian banks have US credit cards, so you can shop for the one with the best fee, rewards or most convenient.

Cheryl

 

 

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[RD64]

Thanks for all the advice - I did not know about purchasing the OBC. Will try that as well. Cheers

[CruisinFinsUp]

This may be late advice for you, but I'd recommend getting a credit card that is denominated in U.S. Dollars. Anytime a foreign charge goes through your Canadian credit card, there is a small fee that's buried in the exchange rate. We have a RBC Bank US Visa card. The charges go through in US dollars and we buy US dollars to pay the bill. It also gives you some control over when (and therefore what exchange rate) you pay. I'm pretty sure that all the big Canadian banks have US credit cards, so you can shop for the one with the best fee, rewards or most convenient.

Cheryl

 

 

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We don't have a US cc - we don't travel enough to make it worth having .... But the way the dollar is going, it may be time to revisit it.

So I'm curious - how does the credit card exchange rate compare to the rate of buying USD to pay the bill?

 

I'm not talking about buying and holding USD when rates are better and all that. - I'm wondering about a direct comparison between the rate a CAD credit card would charge (which is +2.5%) and the rate at the teller to buy USD to pay the bill. Have you by any chance done that analysis? Thanks.

[AE_Collector]

So I'm curious - how does the credit card exchange rate compare to the rate of buying USD to pay the bill?

 

I'm not talking about buying and holding USD when rates are better and all that. - I'm wondering about a direct comparison between the rate a CAD credit card would charge (which is +2.5%) and the rate at the teller to buy USD to pay the bill. Have you by any chance done that analysis? Thanks.

 

The CC exchange rate is MORE than 2.5%. It is typically 2.5% plus the daily bank exchange rate which they imply is what exchanging money costs them. It is typically .5 to .75 percent giving an exchange rate of at least 3%.

 

I can buy US$ in Vancouver for between .75 and 1% to refill my bank account. Banks will charge you at least 2% and up to 3% so you could pay as much as if the credit card did the exchange for you. But, you cant negotiate with the credit card company where as you can shop around at banks and currency places.

 

I just did an update to the "Canadian Princess Cruisers" topic:

 

http://cruiseforums.cruisecritic.com/showthread.php?p=45138623#post45138623

 

Terry

Edited January 4, 2015 by AE_Collector

[toberman]

Sears MasterCard which is provided by Chase Bank of Canada does not charge the 2.5 or 3% admin fee. I just made a purchase in the US in US$ and was charged exactly what the Bank of Canada said the exchange rate was that day. I understand Sears is looking for a new provider so don't know how long this will last.

[CruisinFinsUp]

The CC exchange rate is MORE than 2.5%. It is typically 2.5% plus the daily bank exchange rate which they imply is what exchanging money costs them. It is typically .5 to .75 percent giving an exchange rate of at least 3%.

 

I can buy US$ in Vancouver for between .75 and 1% to refill my bank account. Banks will charge you at least 2% and up to 3% so you could pay as much as if the credit card did the exchange for you. But, you cant negotiate with the credit card company where as you can shop around at banks and currency places.

 

I just did an update to the "Canadian Princess Cruisers" topic:

 

http://cruiseforums.cruisecritic.com/showthread.php?p=45138623#post45138623

 

Terry

 

Thanks Terry - sorry I meant the Fee on top of the exchange rate ... I know they take the market rate, tack a couple points on it, then add the 2.5%.

What I'm wondering is how the "end" rate compares with the "end" rate at the teller.

 

Toberman - thanks - I had heard that Chase provides cards without the 2.5% fee - we are considering it too.

[AE_Collector]

I suspect if you just walk into the bank to buy enough US$ to cover your US credit card bill, you will pay about the same as if you just had the credit card company do it for you.

 

I have a place that I go to where I get US$ at no more than 1 cent over the true "exact" exchange rate, not the "bank rate" or the "bank rate plus the 2.5% fee". I watch for times with better rates and load up so all in all, I do quite a bit better.

 

Terry

[emairs]

Sears MasterCard which is provided by Chase Bank of Canada does not charge the 2.5 or 3% admin fee. I just made a purchase in the US in US$ and was charged exactly what the Bank of Canada said the exchange rate was that day. I understand Sears is looking for a new provider so don't know how long this will last.

 

I have a new Chase Marriott Rewards Premier Visa card which does not charge foreign transaction fees. It's free for the first year and $120/year thereafter.

I've used it a couple of times already for $US purchases, and plan to use when travelling to other countries.. I've always been annoyed with the extra fees charged by my other credit cards.

[toberman]

I have a new Chase Marriott Rewards Premier Visa card which does not charge foreign transaction fees. It's free for the first year and $120/year thereafter.

I've used it a couple of times already for $US purchases, and plan to use when travelling to other countries.. I've always been annoyed with the extra fees charged by my other credit cards.

 

You obviously want the Marriott rewards points. The Sears card has no annual fee.

[CruisinFinsUp]

I have a place that I go to where I get US$ at no more than 1 cent over the true "exact" exchange rate, not the "bank rate" or the "bank rate plus the 2.5% fee". I watch for times with better rates and load up so all in all, I do quite a bit better.

 

Terry

 

Awesome! Good to know its possible. If we start travelling more (eventually), I'll have to do the same!

 

Thanks for bringing the other thread up to date too! Good for all of us to know!

[Bubble-Ont.]

We are doing a Carribean cruise in March. I called Princess and prepaid my gratuities. Princess charged me an exchange rate of 10%. The current rate at our banks in Ontario was almost 19% that day. Terri

[emairs]

You obviously want the Marriott rewards points. The Sears card has no annual fee.

 

Yes, I collect Marriott rewards points, but I also make a lot of foreign transactions. I'll see how the free year goes before deciding whether or not to keep it.

[Christine Frances]

Sears MasterCard which is provided by Chase Bank of Canada does not charge the 2.5 or 3% admin fee. I just made a purchase in the US in US$ and was charged exactly what the Bank of Canada said the exchange rate was that day. I understand Sears is looking for a new provider so don't know how long this will last.

 

As well as the Canadian Amazon Card https://www.chase.com/online/canada/amazon-ca-home.htm