The Best Credit Card for Travel: Amex, Visa or Mastercard?

The Best Credit Card for Travel: Amex, Visa or Mastercard?

October 9, 2018 0 By Hit Boy

Can’t choose in the event that you ought to bring an Amex, Visa or MasterCard credit card when you travel? Discover which credit card is best to utilize abroad.

At the point when Singaporeans make buys on a credit card abroad, there is a money exchange rate to consider. These rates contrast in light of the credit cards you utilize. The differences are little yet included after some time. What’s more, money, you need to consider different variables like convenience.

So on the off chance that you were comparing credit cards with taking with you abroad, which one would it be a good idea for you to pick: Amex, Visa or MasterCard?

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What’s the difference between Amex, Visa and MasterCard?

Visa and MasterCard are middle people. They connect merchants with banks, an administration for which the two gatherings pay for. Visa and MasterCard process exchanges when you pay with their credit cards, yet they don’t forward you the credit you are utilizing (that cash originates from your issuing bank).

American Express (Amex) notwithstanding, is different. It is both a mediator and also a credit card backer. All you have to know is that, because of these differences, the accessible services and expenses vary between Visa, MasterCard and American Express.

Amex, Visa and Mastercard: Foreign exchange fees and transaction fees

When you utilize a credit card abroad, you’ll confront three layers of charges:

  • Cross-Border Transaction Fee
  • Foreign Exchange Fee
  • Card Company Fee

The card company fees are settled paying little heed to the bank. Visa and MasterCard both charge a fee of 1% when you convert to cash and make buys abroad.

In any case, one difference is that MasterCard has a lower expense (0.2%) in the event that you convert money, yet make the buy-in Singapore. A precedent is a point at which you buy something on Amazon.com.

The other two fees, the cross-border exchange fees and the foreign exchange fee, change in light of the bank. The following is a table of remote exchange expenses you can anticipate from various card issuer:

Credit Card Foreign Transaction Fees in Singapore
Credit Card Issuer Visa MasterCard American Express
American Express 2.5%
ANZ 2.5% 2.5%
CIMB * 3.2% 2.4%
Citibank 2.5% 2.5% 3.3%
DBS 2.5% 2.5% 3%
HSBC 2.5% 2.5% 2.5%
Maybank 2.5% 2.5%
Maybank Visa Infinite, Visa Diamante, and World MasterCard 2.75% 2.75%
POSB 2.5% 2.5% 3%
Standard Chartered 3.5% 3.5%
UOB 2.5% 2.5% 3.25%
UOB PRVI Miles World MasterCard and PRVI Miles Visa Card 3.25% 3.25%

*Bank charges deferred for CIMB Platinum MasterCard and CIMB Visa Platinum Card

 

Note that Visa, MasterCard, and American Express’ transaction fee commonly goes from 1 to 1.8%, and the card issuer adds another 1.5% to 2.5%. This implies when you are bringing a card abroad, there is a better possibility of getting a decent rate from either Visa, MasterCard, or American Express credit cards. Be that as it may, this difference is a little one.

Which is all the more generally accepted: Amex, Visa or Mastercard?

What number of merchants will accept the card you’re conveying? Visa is accepted in more than 200 nations, though Amex is accepted in around 140 nations. MasterCard is somewhat tight-lipped about its system, however, it’s evaluated to be accepted in more than 210 nations, making it the most flexible choice of the three.

Continuously a smart thought to check ahead if your card is broadly accepted in your abroad destination. There’s no point having a credit card that can only be utilized in your hotel.

At SingSaver, we offer a free and easy comparison tool that compare credit cards Singapore.