I have a CapitalOne Quicksilver (Visa) credit card (US-based, in US$) which is advertised as 0% foreign transaction fees.
However, I am not sure how the exchange rates are calculated.
According to this 2013 blog post, the exchange rates for CapitalOne Visa credit cards should exactly follow the Visa Exchange Rate calculator. However, what I find is that there is a small markup (perhaps 0.2%?) when I compare the exchange rate (which is given to 10 significant figures) that appears on my credit card statement with that calculator.
So, how precisely and exactly are the CapitalOne credit card exchange rates calculated?
Below are a few data points from my recent transactions (Google Spreadsheets link). I am using the card in Singapore (in SGD) and the amounts are then converted to USD which I have to pay.
For example, the first row of data says that on Oct 12th (date of transaction according to CapitalOne CC statement), I spent 43.00 SGD, which was converted at a rate of 1.372924649 to 31.32 USD that I had to pay. However, according to the Visa Calculator, I should have paid only 31.255969 USD which rounded off to the nearest cent would be 31.26 USD.
It looks like I was mistaken about there possibly being a 0.2% markup -- this turns out to be true only for the Oct 12th transaction and it otherwise seems to be a little random. It would appear then that CapitalOne doesn't seem to be following Visa's exchange rate calculator? What then is it using?
Please also explain why the three transactions on Nov 2nd have slightly different exchange rates even on my credit card statement.
One possible consideration is that Singapore is +8 GMT, which is 12 hours ahead US Eastern Summer Time (-4 GMT) or 13 hours ahead of US Eastern Standard Time (-5 GMT).