• Last Updated:
  • May 30th, 2008 8:23 pm
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[OP]
Sr. Member
Nov 15, 2005
897 posts
48 upvotes
GTA

SEARS Credit cards

Here is my dilemma, I made a telephone purchase over the phone to a SEARS store in the States, within days I cancelled the order for it was taking too long. Now I have a $70 balance on my card which they are unwilling to remove. The balance is due to the exchange difference within those days. Do I have to pay this? The credit company and store claim they cannot do anything for me.

Surely there is something they can do? I refuse to pay for something I did not get.
13 replies
Deal Fanatic
Sep 10, 2002
5815 posts
243 upvotes
Vancouver
firechkn wrote:
May 28th, 2008 5:24 pm
Here is my dilemma, I made a telephone purchase over the phone to a SEARS store in the States, within days I cancelled the order for it was taking too long. Now I have a $70 balance on my card which they are unwilling to remove. The balance is due to the exchange difference within those days. Do I have to pay this? The credit company and store claim they cannot do anything for me.

Surely there is something they can do? I refuse to pay for something I did not get.
You made a purchase from the states, cancelled after a few days because it took so long??? Couple days is to long?

Yeah..you'd have to pay it.

What did you buy that caused a $70 exchange rate difference in a couple days???
[OP]
Sr. Member
Nov 15, 2005
897 posts
48 upvotes
GTA
I ordered a Plasma TV. After 4 days I called for an update, I was told it would take another week so I cancelled. I wanted my TV sooner so I went elsewhere.

Are you sure I have to pay? I remembering in the past I ran into a similar thing and the store credit me the entire difference. There is a term for it, if I could only remember...
Deal Addict
User avatar
Oct 2, 2003
1507 posts
33 upvotes
I think you are SOL.

If you paid a thousand US and they credited you back a thousand US, what more can they do? Conversion fees are just part of the shopping experience, if you had bought at a different time you may have actually made money on the deal.

Perhaps if you had paid with a visa, visa may have let you charge back the difference.
Deal Addict
Dec 12, 2003
1925 posts
330 upvotes
Often companies skim 2.5% over the market price to keep as profit for themselves during these types of conversions.
[OP]
Sr. Member
Nov 15, 2005
897 posts
48 upvotes
GTA
Unless someone has another way out, lesson learned on my part. Take the loss and move on...
Deal Guru
User avatar
Dec 23, 2003
13509 posts
2098 upvotes
Toronto
Conversion fees are the responsibility of the card holder. Your only recourse, is to look CAREFULLY at your credit card policy to see if this information is listed. If the copy you have does not show it, then you need to check the web site for updates. If that copy does not have any information, then you may be eligible for a return of the conversion fees, based on the fact that they were charge without your knowledge, and without proper disclosure.
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Deal Fanatic
Mar 21, 2002
6241 posts
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Your mistake for not knowing what you were getting in to. You eat it.

You could try complaining to Sears customer service and they might cancel the charge.
Deal Addict
Dec 12, 2003
1925 posts
330 upvotes
personally I wouldn't pay it if I felt that they had mislead me in the length of time for delivery.
Jr. Member
Jun 26, 2006
187 posts
19 upvotes
KITCHENER
best bet is to call your credit card company.

they will be the most reasonable party that you will deal with.
Deal Fanatic
Sep 29, 2005
5220 posts
941 upvotes
Montreal
I had a similar thing happen to me on a car rental once. The rental company originally charged me in US funds and then converted the amount to Cdn funds because of my address. They then charged my US credit card in Cdn funds resulting a double charge for conversion - once from the rental compay and once from the credit card company. On $160, the difference was $6. I then had the rental company credit my US card and charge my Cdn card instead since they insisted on charging me in Cdn funds. The conversion back then cost me another $6 bringing the difference to $12.

Sounds complicated I know but bottom line - I called the credit card company, explained what happened, and they immediately credited my card for the difference.

Maybe you just got a stubborn csr last time. Try again.
Phils
Deal Addict
Mar 11, 2008
1281 posts
39 upvotes
Langley
The problem here is that the credit card company did not make any money on the deal as it is not a conversion fee but a change in the value of the currency that you paid in versus a value of the currency that your card is billed in. The store is not going to pay the money because then they would be giving back more than they originally got and the credit card company is not responsible for a change in the value of currency.
Member
Dec 18, 2007
355 posts
Mississauga
Sounds like you have to pay it. Conversion rate is what it is. They can't absorb those costs for everyone. I buy on my Canadian visa when I go to the states. If I return something, it would be at the current rate not the rate I bought it at. I'm still responsible for the balance.

Lesson learned is correct....
Deal Addict
Dec 12, 2003
1925 posts
330 upvotes
Hunter316 wrote:
May 29th, 2008 11:50 pm
The problem here is that the credit card company did not make any money on the deal as it is not a conversion fee but a change in the value of the currency that you paid in versus a value of the currency that your card is billed in. The store is not going to pay the money because then they would be giving back more than they originally got and the credit card company is not responsible for a change in the value of currency.
As far as I have seen, every time a bank or credit card does a currency conversion they tack on roughly 2.5% over the current market price to keep for themselves. So in this case he is paying them roughly 5% of the total purchase price, even if the market rates were the exact same between the purchase and return transactions.

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