Credit Card Fees on Purchases Made Overseas
Banks That Charge Customers Exchange Fees Abroad
With the travel season fast approaching travelers need to be aware of the charges some credit card companies are charging when their cards are used abroad. Consumers can be charged a fee up to 3% of their international purchases. Recently some credit card companies have raised the fees they charge. American Express has raised their fee from 2% to 2.7%. The highest rate we found was from Bank of America and Citibank. Both Bank of America and Citibank charge 3% on every foreign purchase. Now most banks charge fees. These fees are an additional source in which banks can increase revenue.
Banks That Do Not Charge Customers Exchange Fees Abroad
Money conscience consumers need not be completely discouraged. At this present moment from the date of this article, Capital one and Charles Schwab do not charge travelers fees. This no fee policy does not only apply to purchases made on vacation. Online purchases made on foreign websites are not subject to a conversion fee. Capital One and Charles Schwab are very popular choices for those who like to travel and for individuals that purchase goods and services online. It is for this reason that these banks see a niche and a loyal customer base.
May 13, 2009
All Categories
All
credit card applications are secured with SSL technology.