|
|
Which Credit Cards have no Foreign Transaction Fees?
Traveling overseas is complicated enough with language barriers, unfamiliar cities and the ins and outs of customs and schedules, without adding to it the stress of exchanging currency and carrying around a lot of cash or travelers checks. For this reason many travelers opt to use their credit cards to pay for things when they are abroad.
The credit card companies, however, understand the ease of swiping a card (rather than heading to a bank, making an exchange, and carrying a lot of money that you don't perhaps fully understand around with you in your too-easily pick pocketed wallet), and tend to charge heavily for this convenience.
Most credit cards charge what is called a Foreign Transaction Fee. This is comprised of two parts. First there is the fee charged by the card payment network (such as Visa, MasterCard, American Express, etc.). This is generally a standard fee of 1% added to all foreign charges to cover the cost of the conversion of foreign currency into U.S. dollars. The payment networks charge this fee to the card issuing institution (the credit card company). These card issuing companies (Chase, Bank of America, Wells Fargo, etc.) generally pass this expense on to you the consumer, while also tacking on an additional percent or two of their own.
These small percentages can quickly add up, making an already expensive trip even more of a financial burden. 'Which credit cards have no foreign transaction fees?' You might ask. Or, even, 'are there any that don't have any?' Fortunately for you the traveler, Capital One, with an eye toward garnering new customers, has chosen to pay the card payment network fees themselves, and not charge the customer any additional fees at all. The Capital One Venture Rewards credit card, also offers a number of travel based rewards that could prove beneficial to travelers in general.
It is also important to realize that you don't always have to be overseas to incur foreign transaction fees. You can be sitting in your living room making an online purchase, and if that purchase happens to be directed through a foreign bank, the foreign transaction fees will apply just as much as if you were physically there.
For all of these reasons, it is of supreme importance when you apply for a credit card of any kind that you look into all of the terms and conditions. APR isn't the only thing to take into consideration; especially for the frequent traveler. Getting a credit card with no foreign transaction fees tacked on can save you both money and worry.
It is also, always a good idea to notify your credit card company if you are planning a trip. Otherwise the company, seeing that your charges are generally made in and around the Boston area, and that suddenly there are many purchases charged from Barbados, may sense fraudulent activity and put a hold on your card.
About the Author:
Paul Basco Provides Expert opinions and reviews to help you Compare and Apply for a Credit Card Offers online. At GettintingaCreditCard.com, we offer gas credit cards, low apr credit cards, travel rewards credit cards and much more.
This article may be reprinted in accordance with the GettingaCreditCard.com Reprint Requirements
Information in these articles is brought to you by www.GettingACreditCard.com. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.
|
.gif)
.gif)
