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Old 10.02.2015, 17:39
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Credit Card exchange rate

My coop supercard mastercard, I booked a holiday to it on the 16 January. The Swiss Franc went up on the 15 January. The booking on the statement is for the 16 January, but they gave me the pre 15th January rate.


I will call them in the morning.


But I'm wondering if anyone knows where I stand.
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Old 10.02.2015, 17:45
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Re: Credit Card exchange rate

Bonus card are giving me between 1.02 and 1.09 for Euro spending in France 22 Jan - 8 Feb. The rate is based on the transaction date...
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Old 10.02.2015, 17:46
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Re: Credit Card exchange rate

I believe they should have used the official Mastercard rate on the transaction date (16th). Seems they ripped you off! You're right to complain.

I recently received a letter from PostFinance (or email, I forget) apologising for taking their foreign transfer facility offline for half a day in the panic/confusion, and also apologising for not amending the CHF/EUR exchange rate quickly enough on cashpoint withdrawals and card payments (probably debit - the entire letter didn't really apply to me so I skim-read it) , and saying they would honour the new rate and refund people who were over-charged. Again, as I skim-read it I'm not sure whether this was an automatic refund or you had to apply for it.
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Old 10.02.2015, 18:04
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Re: Credit Card exchange rate

Thanks. I paid it at 6 am in the morning on the 16th June with an Australian company.


Official mastercard rate is 24 hours updated or only during Swiss banking times?


Thanks!
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Old 11.02.2015, 13:34
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Re: Credit Card exchange rate

I should say I paid 6am Swiss time on the 16th January 2015.

I called them.

1. There is a form on the swisscard.ch web site to fill in, print sign and send by post if you have any complaint about the bill from 30 days of getting the bill. After 30 days they consider the bill final.

So I filled that in.

2. Speaking to them the date of purchase is not the date the exchange rate is taken for the exchange it is some time afterwards. In my case this was the 18th January a Sunday.

3. There are some pdf's for each day (on swisscard.ch) including Saturday and Sunday with all the exchange rate information on them. I dug up the one for the 16th of January and the Euro was still worth 1.2 CHF. The day after the Swiss franc had increase in value.

I think they are in a big mess.

I pointed out to them in a letter along with print outs of their exchange rates and the one's from mastercard.

1. Their exchange rates for the 16th January reflect the exchange rates before the CHF rose at least 10%.

2. According to the bill my exchange rate was calculated on Sunday 18th January. The swisscard web site has a much better exchange rate on this day than I was given.

3. Why do they take exchange rates on a Sunday a non banking day. Surely a better day would be Monday for all weekend transactions.

I don't know if anyone has any answers for any of this.
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Old 11.02.2015, 14:09
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Re: Credit Card exchange rate

I am not an expert on this but normally credit card companies take a bit chunk extra on the exchange rate (can be up to 3,5%) so the official daily rate will differ substantially to what you were charged by the credit card company.
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