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I researched this for my Chase Saphhire Reserve card, which uses Visa as its bank. They lock in exchange rates for the whole day, based on rates yesterday. Do
by gameshot911 4y ago
I researched this for my Chase Saphhire Reserve card, which uses Visa as its bank.
They lock in exchange rates for the whole day, based on rates yesterday. Don't know precisely what hour it's locked in, or if it's an average for the whole day, or some other calculation.
I think I calculated that they are charging ~1-2% premium on top of the market rate. CSR has no fees beyond that for foreign currency purchases.
- pinko 4y agoJust out of curiosity, I wonder what if any liquid EUR-denominated good or services a US borrower could profitably buy with a credit card (if they had a huge, say, $1M credit limit), in the event the Euro ever dropped >5% in one day against the dollar, to exploit this delay. I can't think of anything offhand but I bet someone clever could, and make some money doing it.