The Platinum Card ® from American Express Let’s look at our picks for some of the top cards for international travel that have no foreign transaction fees. But, there are so many credit cards in the marketplace without these fees that savvy travelers will want to choose a card that delivers even more benefits. Selecting a credit card that doesn’t charge foreign transaction fees is a real benefit for the traveler. In any case, by selecting a credit card without the fees, you won’t come home to a billing statement full of additional foreign transaction charges on your purchases! The 6 Best Personal Travel Rewards Cards With No Foreign Transaction Fees Access Your Account Online - Sign in to your online credit card account to access your cardholder agreement, which will include a breakdown of all fees and charges.īottom Line: While a 3% foreign transaction fee might not seem like much, it can add up quickly, whether you’re a frequent traveler or just take 1 big trip a year.In the agreement, there’s a chart similar to the ones illustrated above that lists all the fees assessed on your card. Review Your Paper Cardholder Agreement - When you received your new credit card in the mail, a cardholder agreement was included.Call Your Credit Card Company - Contact your credit card company and ask whether your card charges a foreign transaction fee by calling the phone number printed on the back of your card.Here’s an example of a section of the Schumer Box for a credit card that does charge a foreign transaction fee:ĭetermining if your existing credit card charges a foreign transaction fee: Here’s what you’ll see in the Schumer Box if the credit card you’re researching does not charge a foreign transaction fee: It’s named after Charles (Chuck) Schumer, the congressman responsible for the legislation that requires credit card companies to clearly disclose costs and terms associated with each card.Īll credit card companies must use a standard format for the Schumer Box, so comparing cards became much easier after this legislation was passed in 1988.įor a credit card you’re considering, you can review the Schumer Box online for that specific card by clicking on a link titled:Ĭard issuers must disclose rates and fees in a standard format that can be accessed prior to applying. You may need to dig deeper to find out for certain.įortunately, all of the financial information you’ll need can be found in what’s known as a Schumer Box. In some cases, the promotional summary for a credit card doesn’t disclose whether there is a foreign transaction fee charged on the card. How To Find Out if a Credit Card Charges a Foreign Transaction Fee These fees are perfectly legal, but more and more credit card companies are eliminating them since informed travelers choose credit cards that don’t charge foreign transaction fees. The common rate is around 3% of the total foreign purchase amount, and there is no limit as to how much can be charged. What You Should Know About Foreign Transaction Fees What Is a Foreign Transaction Fee?įoreign transaction fees are assessed by your credit card issuer on any transaction processed by a foreign bank. Let’s take a look at these fees and some of the best cards you can use to avoid them. As a result, the list of credit cards that don’t charge these fees is growing as issuers introduce new card products without foreign transaction fees and remove them from some existing cards. For example, if you purchase an airline ticket from a foreign company, you may be charged a foreign transaction fee.įoreign transaction fees are widely unpopular, especially with travelers frequently paying their foreign expenses with credit cards. The fees can also be charged on transactions made with foreign banks, even if you’re making the purchase from the U.S. If you’re a frequent international traveler, you’re probably familiar with foreign transaction fees, those pesky extra fees charged by your credit card company on every purchase you make outside of the U.S.
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