Credit Card Costs Are Avoidable
Every major U.S. credit card company, with the exception of one, charges a two to three percent foreign transaction fee when you use your credit card abroad. Until recently, many credit card companies did not clearly disclose these fees in their terms and conditions.
Many people received a notice of a class action lawsuit settlement regarding these fees earlier this year.Now that the lawsuit has been settled, credit card companies are required to clearly state foreign and international transaction charges on credit card applications.
If you do not know how much your current credit card company charges for international transactions, contact customer service to find out most will inform you that the fee is three percent. It can end up being quite expensive to pay an extra three percent on every purchase, but you can find away to avoid these charges.
The foreign currency rate you'll get from your bank is often significantly better than what you would get at a foreign currency exchange booth.
ATM withdrawals usually are free from foreign transaction fees, using a debit card as a credit card has some risks. Better fraud protection can come from a credit card than from a debit card and this is a good reason to not use a debit card to make purchases abroad. If some unscrupulous merchant overcharges you or uses you card fraudulently you can contest it and receive a refund. If, on the other hand, you debit card was fraudulently used, you will not only be faced with a depleted bank account, but it often takes a great deal longer to get your money returned.
It seems that the best way to pay no international transaction fees is through credit card use of the ones that charge no fees; these no fee credit cards give you security without the added espense.
It is always great to know just how much you will be spending in your day to day life, but it is even better when you are vacationing; ATM fees are charged for each transaction. Unless you are on a very exacting budget, it is difficult to be able to judge how much to withdraw in one ATM transaction and few people can tell precisely how much cash they will need while traveling. It can also be difficult to find a cash machine in many countries, but you have to be careful to not withdraw an excessive amount of cash, which carries a theft risk. Converting funds back to your local currency also carries fees as well as the fees you paid to convert to the foreign currency.
You can use the safe alternative of traveler's checks instead of cash, but there is a fee charged when they are purchased and they are not accepted everywhere.
If you are applying to get a credit card that will not charge you additional fees for foreign purchases, be sure youunderstand the terms and conditions of the credit card policy to be sure you are getting the card you think you are. Check the terms before using the card and be sure you can pay off the balance quickly if it has a high interest rate...or you're simply paying fees a different way.
Alisdair Cosgrove has been writing finance articles for many years and can find more of his work at the UK site CreditCardsWeb.co.uk, offering credit cards UK for UK residents and also a great selection of 0% credit cards. Visit today to read more of Alisdair's great credit card articles including what makes the 'best credit card'
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