Ashamed - Wells Fargo crushing me on credit/debit card fees

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JLJL
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Ashamed - Wells Fargo crushing me on credit/debit card fees

Post by JLJL »

We always used Wells Fargo in the US but we will be abroad for a couple more years. Because I was too lazy to research or wanted to avoid switching costs we are getting hammered with foreign transaction fees on credit card purchases and ATM fees (when we use our debit card for cash). Plus I get no rewards/benefits from these cards and I use them a lot. My tipping point was recently booking a trip online on a US airline using my WF card, but since I was abroad when I booked and the currency was foreign on the website I got hit hard with fees.

I have searched several threads and found what seem to be good options:

1) Capital One credit card - the cards have no foreign transaction fees and seem to be highly rated by people on this forum. Any advice on which card (leaning toward quicksilver rewards which looks lilke a great rewards card with many good advantages)?

2) Schwab Online checking - no fees and worldwide ATM fee rebates

The next question is, assuming I am able to open the above with adequate limits on the credit card, how damaging will it be to our credit (though I don't really anticipate having any credit pulled in the next couple of years aside from opening these accounts) if I close down our old WF credit card which has a relatively high limit? We have one other open low-limit Discover card that doesn't work many places here but we keep it active with a monthly Neflix subscription. Please help me with advice on how to pull off the switch.

Thanks,
JL
Last edited by JLJL on Mon Apr 20, 2015 3:49 am, edited 2 times in total.
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BL
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Re: Ashamed - Wells Fargo crushing me on credit/debit cards

Post by BL »

If you are military or even if not, PenFed credit union has one. I have heard Capital One is fine, too.
You don't have to close them, just use them once every 6 months or so. I have some I haven't used in years and they are still active.
DualIncomeNoDebt
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Re: Ashamed - Wells Fargo crushing me on credit/debit cards

Post by DualIncomeNoDebt »

I'd also check out Chase Sapphire Preferred. https://creditcards.chase.com/credit-ca ... -card.aspx. You can get one with both the US swipe and the overseas chip-and-pin system, in one card. Very convenient. No foreign transaction fees on overseas purchases, or at least I've never paid one. And I think this card is one of JP Morgan's higher-end cards, so you should be able to get a large line.
PocketChangePension
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Re: Ashamed - Wells Fargo crushing me on credit/debit cards

Post by PocketChangePension »

DualIncomeNoDebt wrote:I'd also check out Chase Sapphire Preferred. https://creditcards.chase.com/credit-ca ... -card.aspx. You can get one with both the US swipe and the overseas chip-and-pin system, in one card. Very convenient. No foreign transaction fees on overseas purchases, or at least I've never paid one. And I think this card is one of JP Morgan's higher-end cards, so you should be able to get a large line.
+1. Avoid Capital One like the plague. They're one of the worst banks/credit card providers available. Sapphire Preferred has great service too and you immediately get a person on the phone, no nonsense menus.
Professor Emeritus
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Re: Ashamed - Wells Fargo crushing me on credit/debit cards

Post by Professor Emeritus »

I have both Chase and Capitol 1. I have had excellent service from both. Nobody matches American express on the extended warranty however Capitol 1 has always been my foreign no fee card.
dipsylala
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Re: Ashamed - Wells Fargo crushing me on credit/debit cards

Post by dipsylala »

You may also have a look at BOA travel rewards card. no foreign transaction fee, no annual fee, 1.5% everything. it also comes with a chip.
normaldude
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Re: Ashamed - Wells Fargo crushing me on credit/debit cards

Post by normaldude »

DualIncomeNoDebt wrote:I'd also check out Chase Sapphire Preferred. https://creditcards.chase.com/credit-ca ... -card.aspx. You can get one with both the US swipe and the overseas chip-and-pin system, in one card. Very convenient. No foreign transaction fees on overseas purchases, or at least I've never paid one. And I think this card is one of JP Morgan's higher-end cards, so you should be able to get a large line.
Chase Sapphire Preferred has a $95 annual fee (after the first year).

Capital One Quicksilver Rewards has ZERO annual fee.

http://www.capitalone.com/credit-cards/ ... h-rewards/
normaldude
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Re: Ashamed - Wells Fargo crushing me on credit/debit cards

Post by normaldude »

JLJL wrote:The next question is, assuming I am able to open the above with adequate limits on the credit card, how damaging will it be to our credit (though I don't really anticipate having any credit pulled in the next couple of years aside from opening these accounts) if I close down our old WF credit card which has a relatively high limit?
Assuming the WF credit card has no annual fee, why not just keep it around? The credit age and credit limit can help your credit score.
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Raymond
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Re: Ashamed - Wells Fargo crushing me on credit/debit cards

Post by Raymond »

normaldude wrote:
JLJL wrote:The next question is, assuming I am able to open the above with adequate limits on the credit card, how damaging will it be to our credit (though I don't really anticipate having any credit pulled in the next couple of years aside from opening these accounts) if I close down our old WF credit card which has a relatively high limit?
Assuming the WF credit card has no annual fee, why not just keep it around? The credit age and credit limit can help your credit score.
Just use it every so often to buy an ice cream cone or a cup of coffee :happy

I've had the Capital One card for two years without any problems.
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Jerrybaby
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Re: Ashamed - Wells Fargo crushing me on credit/debit card f

Post by Jerrybaby »

I've been looking for the perfect card for Europe for a while and I can't find one that hits on all cylinders for me.

I've had the Charles Schwab High Yield Investor Checking for six years now and it has been great for the ATM reimbursements. Don't expect any interest rate worth bragging about, though. I *think* there may have been a hard credit pull for that one, at that time. Still very worth it.

I would make certain about chip and pin requirements where you live. You could end up being very frustrated if you go with the Cap One and find out chip and pin is everywhere.

Just anecdotal evidence, but I think each hard pull on your credit results in a 5 point drop, and takes 3-5 months to regain. But also the increased total credit available will end up helping your score.

I would not recommend canceling your other card, if it is a credit card. Just figure out a way to use it occasionally. That said, I had an AMEX that I didn't use for two years and had no problems with that.
livesoft
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Re: Ashamed - Wells Fargo crushing me on credit/debit card f

Post by livesoft »

I just went to Europe. I did not use an ATM at all and changed no money, so I did not have to use my WellsFargo ATM card at all. I have never ever used the WF credit card associated with my WF checking account and I've had a WF checking account started 20 years ago.

I used 3 different credit cards and none of them were chip-and-pin. I had no issues with any of these cards. Some exchange rates I got a few days ago:

1. Corporate Chase MasterCard. Probably the worst of the bunch with fees, but hey, I'm not paying them.
2. Fidelity Amex card with 2% cash-back. Not accepted everywhere, but $1.673/GBP on 3/21
3. Chase Mileage Plus MasterCard, $1.649/GBP on 3/22

I see the mid-market rate was $1.649 on those days: http://www.xe.com/currencytables/?from= ... 2014-03-22

Here is what Credit Karma thinks my credit score did when I opened the Fidelity Amex card last fall:
Image
That's an initial 6 point hit and then a net 9 point gain because of the extra credit card.
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dickenjb
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Re: Ashamed - Wells Fargo crushing me on credit/debit card f

Post by dickenjb »

Capital One Quicksilver gives 1.5% back with no annual fee. Venture gives 2% back with $59 annual fee. If you charge more than $11,800 a year the extra rewards on the Venture pays for the annual fee. I have been very pleased with my Venture card and the customer service.

kcarter609 bashes Cap One on another thread without stating any facts either, just wild assertions that they are a terrible company. Would be nice if he/she actually stated some facts backing the assertions.

http://www.bogleheads.org/forum/viewtop ... 4#p2006144
SRenaeP
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Re: Ashamed - Wells Fargo crushing me on credit/debit cards

Post by SRenaeP »

Professor Emeritus wrote:I have both Chase and Capitol 1. I have had excellent service from both. Nobody matches American express on the extended warranty however Capitol 1 has always been my foreign no fee card.
I have/had Chase, CapOne and AmEx. I haven't had problems with any of them but AmEx is the best for customer service, etc. CapOne used to be my foreign card but starting May 1, AmEx is eliminating their foreign fees so I cancelled the CapOne.

-Steph
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jackpistachio
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Re: Ashamed - Wells Fargo crushing me on credit/debit cards

Post by jackpistachio »

kcarter609 wrote:+1. Avoid Capital One like the plague. They're one of the worst banks/credit card providers available. Sapphire Preferred has great service too and you immediately get a person on the phone, no nonsense menus.
Why do you feel this way? Its ironic that your two comments in this and another thread have only served to elicit testimonials from long-time active bogleheads discounting your assertion. If there is something concrete you can point to, that would be more helpful.

Been through several credit cards through the years, and my experience with CapitalOne has been positive. Its been my go to card for years. I've had a Chase Sapphire card for longer than the Capital One, but its in second place. The American Express sits idle. A dozen other cards never leave the safe.
We're all nuts, but Pistachios are my favorite.
Topic Author
JLJL
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Re: Ashamed - Wells Fargo crushing me on credit/debit card f

Post by JLJL »

Great advice everyone, thanks.

Livesoft nice analytics great post. Turned me on to credit karma also and you substantiated Jerrybaby and normaldude's positions.

Kurplunk feel free to chime in at any time!

I'll make the switches and keep the WF card active. No final choice yet on the new CC but Amex is off the table; haven't seen many places where this is accepted (APAC). I'm leaning CapitalOne (chip and pin not needed here). Definitely moving the checking to Schwab. WF was good for awhile but isn't working for me now.
takeshi
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Re: Ashamed - Wells Fargo crushing me on credit/debit card f

Post by takeshi »

JLJL wrote:The next question is, assuming I am able to open the above with adequate limits on the credit card, how damaging will it be to our credit (though I don't really anticipate having any credit pulled in the next couple of years aside from opening these accounts) if I close down our old WF credit card which has a relatively high limit?
Impossible to tell you the damage in terms of points but the damage due to closure is with utilization since you're losing available credit. AAoA isn't immediately affected as closed accounts in good standing continue to report and factor in for 10 years. Unless the AF's are a problem I'd suggest keeping it open -- at least until you can build credit limits elsewhere. Request an increase from Discover if it's useful to you. See if you can change to a different credit card product with Wells Fargo that might be better suited to you.
JLJL wrote:Capital One credit card - the cards have no foreign transaction fees and seem to be highly rated by people on this forum. Any advice on which card (leaning toward quicksilver rewards which looks lilke a great rewards card with many good advantages)?
We know you want no FTF but other criteria would help. Many use rewards. What are you major spend categories? Might as well look into earning as much back as possible on what you spend the most on. Are you looking for just one card to handle it all? Or are you willing to take on more than one to maximize rewards?

If you're considering points/miles cards then make sure that the redemptions work for you. For example, I won't consider Membership Rewards since they don't transfer to the travel companies that I tend to use. Utimate Rewards, on the other hand, does.
livesoft wrote:I used 3 different credit cards and none of them were chip-and-pin.
Depends on how and where you travel. There are definitely unmanned terminals out there that require chip & PIN.
kcarter609 wrote:Avoid Capital One like the plague. They're one of the worst banks/credit card providers available.
Based on? All we're getting is your evangelicism on this matter in various threads. CO has happy customers so you can't just extrapolate such a broad trend based solely on your experience. Their builder card don't tend to grow but that doesn't seem to be relevant to the OP.
JLJL wrote:Livesoft nice analytics great post.
Just be careful relying on the analytics of others as an indicator of what you can expect. The impact and recovery will vary along with one's credit.
dotnet
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Re: Ashamed - Wells Fargo crushing me on credit/debit card f

Post by dotnet »

I use the chase saphire preferred and Schwab checking. Works good for me.
Jerrybaby
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Re: Ashamed - Wells Fargo crushing me on credit/debit card f

Post by Jerrybaby »

dotnet wrote:I use the chase saphire preferred and Schwab checking. Works good for me.
Looks like this will be my setup as well when I leave for Europe next month.
sls239
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Re: Ashamed - Wells Fargo crushing me on credit/debit card f

Post by sls239 »

I like the Quicksilver card. I like Chase too in general, but most years we don't charge enough for the Sapphire card to be worth it.

What I like about Cap One is the simplicity and consistency. I started with a "no hassles" card 10 years ago or so and they never tried to reduce or dilute rewards or add any extra hassle. In fact, their website has improved over the years. I had a chat with their customer service because they were sending me a new card because of the Target breech and they answered all my questions - and they answered them all correctly. (Yes, the statements for the old card will still be online, no the payment date won't change, no I won't have to create a new log-in, etc.)
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