Posted by bobnone | Posted in Credit Card | Posted on 21-05-2010
Credit Card Fees International Transactions ~~Financial Matters of Life ~~
Looking for the best credit card for international travel?
Like many of us have learned from personal experience, your card company Credit can make a killing off of their purchases abroad. What do I mean? When using your international credit card, the network (MasterCard, Visa, Discover and American Express) will add a 1% conversion rate of foreign currency for all transactions carried out. Add the 2% rate that many U.S. banks tactics and you have a nice charge 3% on all purchases made outside the U.S.. Want to know what your network is charging? Keep reading.
What it is charging?
Here are the current rates foreign transaction for some of the largest U.S. card issuers:
Transmitter Fee Foreign Transaction
American Express 2.7%
Bank of America 3%
Barclays 3%
Capital One 0%
Chase 3% *
Citibank 3%
Discover 2%
Fifth Third Bank 3%
HSBC 3% *
U.S. Bank 3%
USAA 1%
Wells Fargo 3%
Tired of paying these foreign transaction fees? There is a solution: target = "_blank" title = "Capital One Credit Cards"> Capital One Our research indicates that Capital One is the largest card issuer in terms generous of the international transaction fees, offering no transaction costs abroad and eat the 1% fee charged by Visa or Mastercard. While we are not suggesting we all go out and register for a new card now if you're a frequent traveler abroad, you may want to consider getting a nil or low rate foreign card transaction before your next trip.
The exchange rate matters too
Keep in mind, your company credit card also has the freedom to charge an unfavorable exchange rate, plus the transaction fee overseas. American Express has a reputation for giving cardholders favorable exchange rates, although the rate of 2.7%, so that, in theory, may actually end up paying more NerdWallet Capital One is working on an "Around the World" report, which charge the same subject using several different cards in different countries see where things really shake.
Go to the local currency
One one last tip. When buying abroad, make sure that is loaded in the local currency. Often, foreign traders offer cash in U.S. dollars instead of the local currency. While this may seem easier, Some merchants have been known to wait for three or four days to the highest rate of change.
* While HSBC and Chase offers a lower price small number of "first class" customers, most cards charge 3%.
About the Author
Stephanie Neruda
Stephanie@NerdWallet.com
President
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