Swipe & Save Will Cost Canadians More, Not Less?
I just spoke to the Pilot/FlyingJ RV Card people on the phone as I was curious about a term used in the Terms and Conditions of the RV plus Card Program. In the section on currency exchange it states;
The currency conversion rate used by us to determine the transaction amount is generally the daily noon exchange rate for conversion of Canadian dollars to U.S. dollars, or U.S. dollars to Canadian dollars, as applicable, as posted by the Bank of Canada each business day, plus two currency basis points.
I wanted to know what they meant by two currency basis points and she told me that it was 2%. That means if I have a basic Good Sam membership, (Which I don't need), and use this card to buy fuel at say $3.70 a gallon, my $0.06 discount would bring it down to $3.64, but the two basis points will take it back up to $3.7128, which is 1.28 cents a gallon more than if I just used my credit card alone.
I was told that if I have a U.S. bank account I could pay in U.S. dollars to get around the charge but most Canadian banks charge a 2.5% fee over the exchange rate to deposit Canadian dollars into a U.S. dollar account, so that answer does not work either.
The currency conversion rate used by us to determine the transaction amount is generally the daily noon exchange rate for conversion of Canadian dollars to U.S. dollars, or U.S. dollars to Canadian dollars, as applicable, as posted by the Bank of Canada each business day, plus two currency basis points.
I wanted to know what they meant by two currency basis points and she told me that it was 2%. That means if I have a basic Good Sam membership, (Which I don't need), and use this card to buy fuel at say $3.70 a gallon, my $0.06 discount would bring it down to $3.64, but the two basis points will take it back up to $3.7128, which is 1.28 cents a gallon more than if I just used my credit card alone.
I was told that if I have a U.S. bank account I could pay in U.S. dollars to get around the charge but most Canadian banks charge a 2.5% fee over the exchange rate to deposit Canadian dollars into a U.S. dollar account, so that answer does not work either.
