Credit Card Preference?

[DANICA ROBERTSON]

Which type of credit card is most widely accepted at ATM (if any).  We’re looking at getting a US$ credit card and don’t know whether we should apply for a MasterCard or Visa…any thoughts?

[EI EXPERT – EDD STATON]

You don’t want to use a credit card at ATM’s. You’ll pay cash advance fees out the wazoo. Get a Visa debit card tied to your checking account.

[DANICA ROBERTSON]

Thanks Edd, here in Canada we pay through the wazoo for US$ out of a Canadian account (exchange PLUS international withdrawal fees PLUS the local usage fee).  Ironically, I can have a US$ chequing or savings account here, but CAN’T access the funds outside of Canada…weird, huh? I’ve found a credit card that charge $2.50 for international ATM withdrawals (plus whatever the local bank charges for the use of their ATM, I’m assuming the charge is the same whether I use a debit card or a credit card, so I might have that wrong) and I’m working on a way to get around the interest on a cash advance (at least we’re going to give it a try) when we visit.  It’s also not easy to get a Visa debit card here, which is why I’m researching the credit cards.  I’ll try and do a bit more research to see if I can find an institution that offers a Visa debit card in Canada.  But you would recommend Visa over MasterCard?

[COUNTRY EXPERT- SUZAN HASKINS]

I love my Capital One debit card — it’s one of the few out there that does not charge foreign ATM fees. It’s a Visa card, but I don’t know that the difference between Visa and Mastercard is all that great here. When I use a credit card, I actually prefer my America Express car for the Membership Rewards points I accrue. And because they offer terrific customer service.

[SCOTT MCCAULEY]

Danica, RBC offers a Visa Debit card. Not sure what the fees are because we haven’t used ours to this point.

[DANICA ROBERTSON]

That’s good to know! Thanks, Scott.

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