I'm having a lot of trouble figuring out the difference between the Macquarie and Citibank accounts that offer no transaction fee (I believe).
Is the only difference the ATM fee (2.50 vs 5.00)?
I currently have a 28 degrees card, but I'm looking to change to a non-credit option as my purchases in international currency are infrequent, and I already have 2 other credit cards.
Which account is best?
Citibank Plus is also also free at fee free ATMs (aka Citibank doesn't charge any fees to withdraw).
Citibank Plus debit card is pretty much the same as 28 degrees except its free to withdraw from ATMs unlike 28 degrees. And its debit not credit obviously.
"Citibank Plus debit card is pretty much the same as 28 degrees except its free to withdraw from ATMs unlike 28 degrees"
Thanks, that was the info I was looking for :)
I guess I just want to make sure if I were to buy something for $100 US on a US website, or in store in the US, would I pay the same if it was 28 Degrees/Citibank/Macquarie?
I don't normally get cash from ATMs overseas, so ATM fees aren't too important.
yes both would be charged the same - at the mastercard rate for that day with no extra fees. Mastercard rate is pretty close to what you see on xe.com. Can see it here https://www.mastercard.us/en-us/consumers/get-support/conver…
Looks like the main difference between macquarie and citibank is macquarie charges $5 per international withdrawal and citibank charges $0.
Also if you need to send money overseas its $30 on Macquarie or $0 on Citibank.
Citibank wins
One thing that did catch my eye, Macquarie dishonour and overdraft fees are $0 but Citibank are $9/$10 respectively.
I plan to transfer money into this card as needed, prior to purchase. If a purchase came out higher or a merchant charged the card more for any reason, it'd cost me lots on Citibank, but only "overdraft interest" (20% PA calculated daily?) for Macquarie.
@mc11: Not sure where you saw that but if it was from here, https://www.citibank.com.au/global_docs/pdf/Feesandcharges.p… it says it Excludes Citibank Plus. I haven't tried but I would've thought the payment would be declined and you wouldn't be charged a fee if you tried to purchase something without enough funds on citibank plus.
I guess my confusion is from all the fees/costs involved:
Can someone explain in a little more detail?
The link provided by altomic says Macquarie has "No overseas transaction fees on purchases.", while Citibank has "No currency conversion fees with market rates set by MasterCard"
Are these the same thing?
International transaction fee (percent of total ie 3%):
Citibank: 0%
28 degrees: 0%
Macquarie: 0%
Currency conversion fee (percent of total? is this the same as international transaction fee?):
same same as above
Card providers international ATM fee:
Citibank: $0
28 degrees: 3% or $4 (whichever is greater) (plus interest if you card doesn't have a positive balance)
Macquarie: $5 per withdrawal
ATM providers withdrawal fee:
varies by ATM provider
Currency conversion rate:
All 3 are charged at the Mastercard conversion rate https://www.mastercard.us/en-us/consumers/get-support/conver…
Why not just keep your 28 Degrees card? No annual Fee. Just use it for your infrequent purchases.
Citibank is the popular choice, if anything changes you will hear it on OzBargain.
I'm looking to have less credit cards when I apply for a home loan!
And I find the usability of the 28 Degrees abysmal, no app, a crappy online service centre, fees for bpay.
I just applied for the citibank :)
The fees for bpay are annoying. And the cash withdrawal fee makes it no different to a regular old debit card without any special features. Though I've heard the app/online experience is just as bad for citibank too so will be interesting to see haha.
“Pay $0 Citibank fees for any overseas ATM or in-store transactions1. “
Found this on their site. It says instore transaction.
So can anyone confirm whether it is also $0 for online international transaction?
2.5%
The wording is a bit clumsy.
From T & C's
Local & International Payments and Foreign Currency Services (Excludes Citibank Plus Transaction and Citibank Online Saver Accounts) Note: These are not included in your fee-free limit. Fees Amount When is the fee charged? Citibank Debit Card – transactions
International Transaction Fee 2.50%
We charge you an International Transaction Fee of 2.5% on the AUD dollar conversion of any transaction made in foreign currency. This amount includes a service and assessment fee payable by Citibank to the scheme (where applicable).
There is no fee when making online transactions with Citibank Plus.
ATM fee is free for Citibank Plus account. (using Citibank branded ATMs worldwide)