Friday, July 11th, 2008
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Do all credit cards charge fees for international transactions?
When using credit cards outside of the U.S., a credit card user is likely to incur transaction fees for any purchases made while out of the country. Purchases made by cardholders in foreign countries can be subject to various transaction fees.
Unfortunately, there is no standard international transaction fee. The amounts of these foreign transaction fees vary between different credit card issuers. Also, as with many rates associated with credit cards, these fees are subject to change.
We recently published an article — Credit Cards And Foreign Transaction Fees — that discussed this topic in detail. Despite the overall fee variances between different credit card issuers, there are commonalities as to how these foreign transaction fees are charged. It can be helpful to understand the basics of how these fees are charged before inquiring with your current credit card company.
So, which credit card company currently has the lowest transaction fees for purchases made overseas? Finding the answer to this question takes a bit of research, but if you are planning to use your card overseas it is time well spent.
As of today (July 11, 2008) some Capital One credit cards do not charge a transaction fee for using your credit card for foreign currency transactions (read the official FAQ here). But rate policies with all credit card issuers are always subject to change, so be sure to read over the most current terms and conditions of a specific credit card offers before applying.
Do you have another question regarding the subtleties of credit cards or topics associated with using credit cards? Visit our credit card tips and advice center for tons of information presented in a simple question-and-answer format.
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