![]() Credit cards offer consumers a range of protections: if your card is compromised, you aren’t responsible for fraudulent charges. There are a number of excellent reasons to travel with a credit card, or to use one when you’re buying online. These fees are simply more cash out of your pocket. There’s another downside to foreign transaction fees, too: even though they’re added to your credit card statement and you’ll pay them alongside your original transaction, you won’t earn cash back or rewards on them. If your network and issuer fees add up to 3% and you make a $250 purchase abroad, you’re spending an extra $7.50 just to pay. If you’re traveling for an extended period of time and using your card daily for the purchase of tickets, food, transportation, and souvenirs, that could result in tens or even hundreds of dollars in added expense. Then, a second fee is often added by the actual issuer of the card (Chase, Citibank, etc.), which can be anywhere from 1% – 3% more. ![]() First is the fee charged by the credit card network (MasterCard, Visa, American Express, Discover), which usually runs 1%. And they can add up quickly.įoreign transaction fees cost cardholders, on average, 3% on top of their actual purchase amount. dollars instead of the local currency–those fees are fair game. If the transaction passes through a foreign bank on its way to your bank–even if you request to be charged in U.S. It is, after all, a fee for a foreign transaction. These can also crop up when you buy something online from another country, even if you’re sitting in your own living room. If you’ve ever bought something with a credit or debit card while abroad, you likely encountered the dreaded foreign transaction fee, sometimes referred to as an FX fee.
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