Q: Does Capital One offer the best credit card with no foreign transaction fees?
If you are concerned with foreign transaction fees, then Capital One is one of only two sources that can lower foreign transaction fees.
International fees are added by multiple sources, not just your financial institution, for purchases made overseas. Your bank will probably add 1-3 percent as a "foreign currency-conversion fee." This means they offer the service of converting the local currency cost of an international purchase into the U.S. dollar amount that shows up on your credit card bill. This is in addition to your credit card fee. Likewise a merchant might typically add another 3-6 percent to convert the charge into U.S. dollars. The combination of charges depends on the varying rates from the card you use, the bank that issues the card, and the merchant's policies.
Be aware, however, that none of the nation's credit unions charge the aforementioned fees, nor do most small community banks. But even with surcharges thrown in, paying by credit card is still considered less costly than converting cash overseas. Banks or foreign currency exchange dealers swap your dollars at less-favorable "consumer" rates of exchange--and they charge fees of their own.
Not only do Capital One and most credit unions currently not charge the additional foreign exchange fee, they also do not pass along the 1 percent currency conversion charge. But whichever source you select, read the fine print about foreign transactions before you sign the application.
Disclaimer: The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we can not guarantee the accuracy of the information in this article. Please verify all terms and conditions of any credit card prior to applying. Check our credit card database for updated terms and conditions.
This content is not provided or commissioned by American Express. Opinions expressed here are author’s alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.
Disclaimer: This content is not provided or commissioned by Chase. Opinions expressed here are author’s alone, not those of Chase, and have not been reviewed, approved or otherwise endorsed by Chase. This site may be compensated through the Chase Affiliate Program.
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