November 10, 2009
Avoiding Credit-Card Fees Overseas
Desperately seeking a credit card that charges no currency-conversion fees for foreign transactions? So is reader Susan Gilpin:
"Which credit cards offer the fewest additional fees when being used outside the United States? I was talking to a representative today from Visa who said that they would charge me an additional 3% on purchases, and I had never heard that before."
Many Visa and MasterCards charge an additional 3%, and American Express Cards charge 2.7%. It's been a couple of years since I researched this in depth for a Perrin Report about Overseas Credit Card Fees, but my understanding is that Capital One still charges no currency-exchange fees. When choosing a credit card, however, it's important to consider not only whether a foreign-purchase fee is charged but also what exchange rate is used. You don't want to lose on the exchange rate what you save on the fee.
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We continue to use Capital One for our frequent international trips, incurring no fees and receiving an excellent rate of exchange. We're very happy with the card - just remember to call and notify the company before traveling!
Anne - Music and Markets Tours
www.musicetc.us
Posted by: yavamos | November 11, 2009 at 08:01 AM
I agree. I've had good luck with a Capitol One VISA and, after comparing it with other cards used at the same time on international trips, it's been a better deal.
Posted by: NeilJaeh | November 11, 2009 at 06:02 PM