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Added April 15, 2010 from: Beverly Blair Harzog
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Answered By Beverly Blair Harzog:

American Express is a CardRatings.com advertiser.

  Foreign transaction fees on credit cards often range from 1 percent to 3 percent. These fees are charged to consumers when they make purchases overseas. The purpose of the fee is to offset the bank's expenses when they have to deal with another bank that uses a different currency.

If you travel a lot, foreign transaction fees can add up quickly. Here are a few cards that don't currently charge foreign transaction fees:

PenFed Premium Travel Rewards American Express Cards: No annual fee. Redeem reward points for travel, gift cards and brand-named merchandise. To be considered for this card you will need excellent credit and membership with Pentagon Federal (PenFed) Credit Union, among other requirements. Although PenFed Credit Union is designed for military members and employees of the U.S. government anyone can establish membership status by joining either the National Military Family Association or Voices for America's Troops with a low one time fee. Check PenFed's website for details.

PenFed Promise Visa Card: While this card does not carry a rewards program there are plenty of other features that may interest you. In addition to having no foreign transaction fee this card also has no annual fee, no balance transfer fee, no cash advance fee, no late fee, no over the credit limit fee and no penalty APR. PenFed will often offer promotional introductory APR's with this card. To be considered for this card you will need excellent credit and Pentagon Federal (PenFed) Credit Union membership, among other requirements as determined by PenFed.

This question is about:  Credit Card Rates / Fees
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