Credit Cards with no Foreign Conversion Fees

Guest: lwsdt
Post subject: Credit Cards with no Foreign Conversion Fees
Posted: Tue Mar 21, 2006 7:46 pm

I know that mastercard and visa charge a flat 1% to convert your money while making purchases abroad. Are there any credit cards that do not chagne anything on top of that? I can not believe these card companies are charging me an extra 2-3% for nothing!!!


So far the best i ahve found is AMEX (which charges 2% total).

Thanks

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Guest: Alexis Rios
Credit Expert (100+ Posts)
Posted: Tue Mar 21, 2006 7:59 pm

right now MBNA didn't charge foreign fees.

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Guest: lwsdt
Posted: Tue Mar 21, 2006 8:08 pm

They will in May and my trip in later in the summer....

There has to be someone on here who can point me to a link to apply for a credit card with no foreign conversion fees (execpt what via\mastercard charges)


Amex is just not accpeted at enought locations...

Charge card issuer/ Foreign currency transaction fee Does fee apply when foreign purchase made in U.S. dollars?
J.P. Morgan Chase 3% /No
Citi Cards 3%/ No
MBNA America 1% Visa/MasterCard fee now, rising to 3%{+1} / Yes
American Express 2%/ No
Bank of America 3% /No
Capital One 1%{+2}/ Yes
HSBC 1%{+2} / Yes
Providian 1%{+2} /Yes
Wells Fargo 3%/ No
Diners Club 2%-3% /No



1- Additional 2% MBNA fee takes effect in May
2- Visa/MasterCard fees, applied if purchase is made in a foreign currency. Until Oct. 1, MasterCard does not charge a fee if foreign purchases are made in U.S. dollars

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Guest: rapjunkie
Posted: Wed Mar 22, 2006 2:51 am

lwsdt,

Thanks for the informative post. I read somewhere a while back (I think it was on Bankrate.com) that Capital One was actually absorbing the 1% fee from Visa/MC rather than passing it along to cardholders, but I guess that didn't last long.

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Guest: alekski
Posted: Mon Mar 27, 2006 7:34 pm

That's correct about Capital One. I've been using mine for the past few weeks in Europe and the currency is exchanged at around the mid-market rates. There is no 1% fee (they do absorb it - I even called and asked) and the exchange rate is MUCH better than offered at any currency exchange place I've seen.

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Guest: BigDog
Posted: Tue Mar 28, 2006 12:08 am

Yeap, Cap 1 is the only one I found that does not charge a fee.


A little info?
I travel allot in europe and if you going to travel to small towns.
Amex is just not going to cut it.

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Guest: Board Monitor
Board Monitor/ Administrator
Posted: Tue Mar 28, 2006 11:27 am

Cap One does have some redeeming qualities afterall.
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Guest: rapjunkie
Posted: Tue Mar 28, 2006 8:22 pm

Wow, that's excellent news. I had read conflicting reports - some saying that they absorbed the 1%, and others saying they didn't. That's good to know (although I'm still going to call and check with them when the time comes, just in case they happen to change their policy).

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