Suggestions for App - and Foreign Transaction fees

Building Neo
1

I find the pops in these forums challenging. Anyone else miss the good old Yahoo groups days? Because of that, I prefer to just use the ‘provide feedback’ type options when available. Perhaps insiders could have a feature in the app with a ‘provide feedback’ button for immediate feedback on challenges or features they would like to share while actually using the app.

Which brings me to my second recommendation - showing the actual exchange rate used on our foreign transactions. Currently it shows xxx USD - xxx CAD. That’s a good and necessary first step - everyone else shows me the actual rate I was charged (and we require this often for business purchases). Ideally you include that so we don’t have to do the math. Making it frictionless for the user.

In regards to the reversal of the foreign transaction fees - I find this confusing. I don’t see on my original transaction any mention of the fee in the first place. Which leads me to believe that you are charging an exchange rate (unmentioned) AND the transaction fee in that one conversion rate you showed above. None of my other cards have a foreign transaction fee, so this is a bit frustrating to me. I can’t even decide which card to use properly because you have given me no data about what I’m actually being charged. Some of these are recurring charges (for which I am not getting the recurring charge bonus cash back btw). I would rather move these to another card if the fees and extra charges are going to be an issue. Some much needed clarity should be here - break down the exact extra fees and rates under that individual transaction. Given me the ‘fee’ back I still lose money on the exchange rate. Why not simply not charge the fee in the first place? That’s what all my other credit cards do.

I don’t really want to have to call in or email or whatever is the method to reach Neo, just to find out the charges. It’s easier as a user to just switch those recurring charges to a card with more clarity, especially since I’m only getting 1% on them. There is no reason for me to use Neo, as right now it appears it costs me more to do that transaction.

2

Hi @Irmie,

Thanks for the feedback, I’ll try and hit all of your points.

  1. we are currently discussing ways to make it easier for Insiders to provide feedback directly from the app. We are still growing and building Insiders, but that will likely be a priority for phase 2.

  2. That would definitely be a unique feature. None of my credit cards have ever showed the conversion rate. I definitely understand that it would be taxing to do it manually. There is this handy feature on the Mastercard website that allows you to calculate the rate based on the date of transactions: https://www.mastercard.com/global/en/personal/get-support/currency-exchange-rate-converter.html

  3. This is a fee charged by Mastercard on for transactions and is actually wrapped up into the conversion rate. All Mastercard transaction include it but as I said it’s included in the conversion fee, so you won’t see it in your transactions. I didn’t even realize my other cards were charging me the 3% until I looked into it. As Mastercard charges the fee, we aren’t able to simply not charge it. This is part of the rationale for the new FX feature, it’s our way of essentially “not charging” the fee.

  4. The glitch in recurring payment being identified is something we are aware of. It is something we are actively looking to improve the system for identifying recurring payments. If you are interested take a look at this Reddit thread: Reddit - Please wait for verification

Thanks for the feedback - appreciate you being apart of the Insider community.

3

Thanks Jamie! I think because my other cards I use are Visa, maybe that is why I am seeing the exchange rate that I’m being charged? Could be a merchant thing based on Visa vs MasterCard? I don’t know. Thanks for clarifying how it works with MC - this is a learning opportunity for me too!