Credit Card fee! 3%

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Jan 4th, 2011, 01:44 PM
  #1
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Credit Card fee! 3%

I contacted Chase to notify them I will be making international charges on my credit card for my upcoming trip. They told me they charge 3% for use internationally. Anyone know of a bank that charges less or better yet, nothing?
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Jan 4th, 2011, 02:03 PM
  #2
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A little online research and I find that indeed there are banks that charge nothing! So I put dh on the task of opening a new charge card!
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Jan 4th, 2011, 02:39 PM
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I just got a Capital One Venture card. No fees for international transactions! I used it on my recent trip to the UK and couldn't be happier. Goodby and good riddance to my CitiBank card (3% fee)
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Jan 5th, 2011, 02:29 AM
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I think every bank apply international charges. Percentage of charges is depend on bank.
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Jan 5th, 2011, 04:31 AM
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www.capitalone.com Visa 0% foreign fee charge my fav.

www.ba.com Amex card just went to 0% foreign fees

2 best with no fees currently I know of...
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Jan 5th, 2011, 04:36 AM
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Amex will be doing no F/X fees

for all Platinum/Centurion Cards this year...

(Also Schwab) but keep in mind Visa taken far more widely.

American Express has announced their intention to cut the foreign exchange fee – currently almost 3% – from their two premium credit cards lines, the US-based Platinum and Centurion cards. The fee is currently charged on all transactions that are posted in a currency other than US Dollars. The change is expected to be in effect towards the end of Q1 2011.

The foreign exchange fee is essentially pure profit for the credit card companies so they are generally loathe to waive it. In the face of significant competition from other issuers, however, the company felt it necessary to make the move. Chase has removed the f/x fee from their Hyatt and British Airways cards and Citi has removed it from a couple cards as well. There’s also the Schwab card (now serviced by FIA) that has no f/x fees. Considering that acceptance overseas is also lower for the AmEx products, being uncompetitive in costs was simply too much to make it reasonable for many folks to use it on transactions.

The change is still limited – only for the Platinum and Centurion cards – so the benefit will only apply to folks who are already spending a decent amount of cash annually to carry the card. And depending on which other cards you carry the value proposition for the loyalty points might still tend towards the other cards. But it is certainly nice to no longer be faced with paying an extra 3% for no particular reason at all.
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Jan 5th, 2011, 11:22 AM
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But don't the Amex cards carry annual fees? My Capital One cards (Visa and MC) are free. Plus, besides saving the 3%, I get 1% cash back!
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Jan 5th, 2011, 12:12 PM
  #8
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Thanks for all the replies. The apartment rental agency we used for France does not take Amex. We are going to get Capitaol One closer to our trip in May (it would be our luck to get new cards and then have them raise their fees too!)
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Jan 5th, 2011, 02:58 PM
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Check your debit card, too. Most banks now add 3% to ATM withdrawals as well.
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Jan 5th, 2011, 07:18 PM
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Yes, I have a Cap One online checking account too. No fees and it pays a little interest.
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Jan 8th, 2011, 05:45 PM
  #11
 
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We have travelled in Europe at least 4 times in the past six years and have used Capital One with no fees. Recently changed to a Capital One Venture card with more benefits and still no foreign exchange fees; however, now receive 2 points for every $1 charged, and these points can be used for all travel with no blackout dates. Very user friendly.
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Jan 12th, 2011, 02:25 PM
  #12
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I'll check on those things. You've all been great!
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Jan 13th, 2011, 03:15 PM
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I've enjoyed our banking/credit card relationship with USAA for some years with good customer service and previously low fees. When they added the credit card foreign transaction charge I started using the credit card less and the ATM card more when traveling abroad. Now the ATM withdrawls in other currencies are incurring the same foreign transaction charge, so it is back to the credit card that does give me cash back, but not the entire amount of the foreign transaction fee.
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Jan 14th, 2011, 10:29 PM
  #14
 
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Cap One is the best for international travel. No fees.
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Jan 14th, 2011, 10:42 PM
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Kay, is USAA now charging more than just the 1% that they did charge which was the Visa or M/C fee which they had no control over? I missed reading about that. What is USAA now charging? Thanks.
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Jan 15th, 2011, 11:33 AM
  #16
 
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LoveItaly, USAA credit card foreign transaction charge is still 1%, not the 3% that others say they are being charged.

I went back to my December bank statement and online to see how much the foreign conversion charge was on the ATM withdrawal and now I don't see it. Did I imagine it? Get my checking and credit accounts confused? The 1% foreign transaction charge is very clear as a separate charge.

I'll see if I can find out if I am posting incorrect information. The snow/ice days may have frozen my brain.
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Jan 16th, 2011, 11:35 AM
  #17
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Received a Cap One card with no international transaction fee and two points for every $ spent. They're waiving the annual fee so we'll see in a year if that is feasible.
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Jan 17th, 2011, 11:28 AM
  #18
 
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The bank I use (PNC in the US) has different checking account levels. The step up from free checking offers free global ATM usage. So, before my next international trip, I plan on temporarily moving money into my checking account, upgrading from free checking, and enjoying the global ATM usage.

Mike...
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Dec 28th, 2011, 01:00 AM
  #19
 
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Hi, I have noticed a trend in southeast asia (namely Indonesia and Thailand) where, in addition to my credit card company levying a 3% charge, the vendor will attempt to tack on an additional 3% charge. Does a credit card company charge a vendor in addition to a user? Or is this just another scam?
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Dec 28th, 2011, 06:11 AM
  #20
 
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Yes, vendors are charged a fee. In the US the vendor eats the fee, not always the case elsewhere.
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