Traveling to another country? Watch out for additional credit card fees!
Submitted by Wanderlust Andi
U.S. citizens should be aware of the additional fees their credit cards may rack up when used in another country (including Canada and Mexico). The two major types of fees are foreign transaction fees and currency conversion fees.
A foreign transaction fee is assessed by the credit card issuer and is usually charged as a percentage of each purchase, generally around 3%. A currency conversion fee, on the other hand, is assessed by the card’s payment processor and is, therefore, less obvious. To find out the full currency conversion fee, a traveler might have to compare their store receipt to the transaction cost on their statement.
Fortunately, there are ways to avoid these additional costs. Some credit cards do not charge foreign transaction fees, and some credit card issuers pay the currency conversion fee to the payment processor for the customer. Travelers should consult their credit card company about these fees before making international purchases. And, if you will be in another country for quite a while - be sure to shop around for a "foreign-friendly" credit card before you leave!
Read the full article here:
What Is a Foreign Transaction Fee? #wanderlusting
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